IT Factor - January 2023
Here's what happened in January:
For Better Financial Outcomes, Look to Your Human Capital Management Strategy
In our current post covid workforce environment and economic situation, every organization is searching for new efficiencies to cut costs, boost revenues or both. The natural tendency is to first focus on the ‘nuts and bolts’ of operations: reducing overhead, streamlining production or any number of other things. But many organizations overlook the value of their own workforce and its impact on the bottom line. While every company values its employees (or says it does), far fewer recognize the direct link between human capital and better financial outcomes.
Human Capital Management (HCM) strategies attempt to bridge this gap.?Oracle?says, “HCM considers the workforce as more than just a cost of doing business; it is a core business asset whose value can be maximized through strategic investment and management – just like any other asset.”
Think Team Profile: Kelsey Champion
Think’s Recruiting and Delivery Manager Kelsey Champion doesn’t like to be comfortable. She savors a good challenge. This makes Champion the perfect person to take Think’s HR support services to the next level.
From her home outside Tampa, FL, Champion is working to expand Think’s human resource training support beyond simply recruiting talent. Her vision is to provide clients with comprehensive human capital support and strategies that compliments Think’s other consulting support to help clients evaluate past, current, and future staffing needs as a component of broader business goals.
Innovating Recruiting and Retention to Navigate the Tight Labor Market
Innovating talent recruiting and retention strategies to secure top talent in the tight labor market was a common topic for presenters at Think’s Inaugural Innovate 2022.
Dr. Daraius Irani, Vice President of Strategic Partnerships and Applied Research at Towson University, delivered a keynote packed with data about the tight job market and the changing demographics of the workforce. The data highlights the challenges companies face when recruiting and retaining employees.
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The workforce has been difficult for both employers and employees. Some have decided to sell their houses, cash out their savings, and no longer work while others struggle to find any job. Dr. Irani highlights the number of people working in the current job market is less than pre-pandemic. Many companies are facing a tough employment market and it is having a direct impact on the economy. Even with record-high employment shortages and an abundance of opportunity, many indicate it has been very difficult to find a job that offers reasonable pay and long-term stability.
In addition, Dr. Irani alludes to a possible recession in 2023, even if all indications point to it being mild in nature, the economic slowdown and curb in consumer spending will still take its toll. Many businesses would argue we are already knee deep in recession with the rising interest rates and slowed growth potential going into Q1.
Rachel Mushahwar, Director of Americas Partner and Channel Sales at Amazon Web Services, described how Generation Z is different from previous generations, making it crucial for companies to rethink their recruitment strategies. Mushahwar also noted that job hopping is considered the norm for those entering the workforce, raising new challenges for companies to retain top talent and increasing the importance of employee engagement.
According to Rachel, younger generations are expected to jump jobs 134% higher than any other generation. Younger generations are also willing to change career paths if they don’t like the company’s vision, mission, and values. In addition, younger generations have the power to change the way businesses market themselves across social media. Rachel also talks about the power of the new platform TikTok, which has brought a lot of success.
For the Third Year Running Think Systems, Inc Named to Baltimore Sun's Top Workplaces
What makes a great workplace? The culture? The people? The space — physical or virtual — itself? There are some common denominators, but the 150 The Baltimore Sun is honoring this year illustrate that any kind of employer can be one. A handful have served customers within three different centuries. A couple are just approaching or just passed three years. They build factories, protect computer networks, care for the sick and mentor the young. They employ from a few dozen people in the Baltimore area to a few thousand. Based on confidential surveys of workers, they are 2022′s?Top Workplaces
5 Keys to Drive Employee Engagement
Kimberly Prescott, President of Prescott HR who helps clients align people strategies with business strategies, provided five keys that drive staff engagement. She stressed that staff engagement at work is critical to retaining top talent and drives better business outcomes.
CEO, Chairman, Author, Guest Speaker
2 年It's not good enough, in 2023, to just share Think news each month. We are in a recession, and you should expect more of us. Yes, cool stuff continues to happen at Think. But this year, we're going to share, in each issue, how we bring real improvement to our friends and clients in a tough economy: the "It Factor." Use our It Factors to keep your businesses strong and growing. Let's get to it.