Talent Acquisition Newswatch - Issue 1.19
TOP STORY
Companies are increasingly using role reassignments as a cost-saving measure to avoid layoffs, but experts argue it is short-sighted and can do more harm than good as it can lead to disengagement and damage an organisation's employer brand. The concept of 'quiet cutting' is likely not real, and companies should instead create and exploit "internal talent markets" to transfer employees from mature business units to growing ones. To properly reassign or reorganise employees, it is important to be transparent and ensure their strengths align with their new roles, supported by clear criteria and training. Employees should also be open and constructive with their managers and maintain a professional demeanor throughout the process.
COMPENSATION & BENEFITS
Ron Gura is the co-founder and CEO of Empathy, a platform dedicated to supporting employees who have lost a loved one. The platform helps users navigate administrative hurdles such as funeral planning, the probate process and property and debt management, while providing daily check-ins and audio episodes to help them process their grief. Gura's goal is to ensure that no one has to face death alone. The average employee only gets three days of bereavement leave when they lose an immediate family member, and employers lose billions of dollars annually due to grief and its effects. To prove to employers that providing bereavement benefits is worthwhile, Empathy published its first annual "The Cost of Dying" report, which includes data and infographics exploring the financial and emotional costs of death. Empathy is partnering with life insurance carriers to provide its services for free to beneficiaries, and Gura hopes to continue to expand its user base.
Perks and benefits offered by companies like Google are being scaled back as businesses aim to reduce costs and discretionary spending. Employee priorities are shifting towards more meaningful benefits as organisations compete for talent in a tight labour market. A wide range of benefits are now being offered, including pension contributions, private healthcare, education and training assistance, and flexible working arrangements. Top benefits sought by job applicants include health insurance, extra annual leave, and flexible working options.
A new report by Fiverr found that 76% of respondents felt their current work arrangement did not meet their ideal preferences, with many citing a desire for more flexibility and remote work. Baby boomers were most likely to prefer flexible or remote work, while millennial and Gen X respondents preferred working in a private or shared office. Younger generations still prioritise flexibility, with millennials valuing it for managing childcare responsibilities and Gen Z for creativity and inspiration. Employers should focus on skills and output rather than working hours, as workers have a wide range of preferences for working schedules.
The gender pay gap in the UK has remained unchanged at 8.3% in 2022, despite regulations requiring firms to disclose pay-gap data. Resignations in 2021 led to panicked decisions by managers, resulting in ad hoc retention bonuses and pay raises, typically given to men. To reduce the pay gap, experts urge firms to place more women in larger roles and create internal pipelines for future top positions.
DEI
A Report from DeVry University and Reputation Leaders found that many U.S. workers, especially women and people of color, face significant barriers to upskilling and lack access to the tools they need to advance in their careers. A “say/do gap” exists between employers who say they offer company-paid upskilling benefits and the estimated 51% of workers who use them. Bias and structural barriers may be responsible for this discrepancy. Workers are highly interested in upskilling and professional development opportunities, but often lack access or understanding of them. Employers and workers both agree that upskilling is essential for professional success, but only a third of workers believe employers are doing enough to prepare employees for the future of work.
The transition to hybrid working models has companies focusing on supporting all workers, including those who are neurodivergent. Neurodivergent employees offer distinct perspectives and can exhibit higher productivity in certain technology-related positions. To create a positive work environment for neurodiverse employees, transparency, intentional team connection, working in iterations, setting clear finish lines, communicating results, and identifying specific successes and struggles are key. By embracing neurodiversity, organizations can attract and retain talent with neuro-differences and become a great place to work for everyone.
HR INSIGHTS
Remote, a platform founded in 2019 to help companies hire and manage remote workers, has announced a new Global HR Platform designed for employers with workers in multiple countries. The platform consolidates different tools to make it easier for companies to make their workforces global and includes features like payroll, benefits, taxes and local compliance (including Employer of Record) services, talent management, time and attendance tracking, integrated payroll, remote API, and a personal time-off module. The platform is designed to reduce the amount of time it takes to onboard a candidate in another country from weeks to days. Remote has quickly scaled up in recent years and has customers including GitLab, Loom, DoorDash, Aston Martin, Burger King and HelloFresh.
Crystal Williams, CHRO at Fleetcor Technologies, provides insight into the unique strategies and best practices for successful mergers and acquisitions. She emphasises communication, early engagement, and adaptability. Fleetcor uses town halls and a "buddy" system to introduce the acquired company to Fleetcor's culture and values. Challenges such as communication can be addressed with over-communication and flexibility. HR is now an integral part of the acquisition process, from reviewing contracts to ensuring a seamless transition for employees.
领英推荐
PagerDuty, a digital operations management platform, held a successful hackathon to explore the potential benefits of generative AI in HR. The hackathon engaged 72% of the team, including employees from five countries, and generated innovative ideas for using AI to make work more productive and efficient. The winning ideas included a new portal and development platform for career growth, and an AI-powered tool for feedback, performance review, and succession planning.
LEADERSHIP & TALENT MANAGEMENT
Good leaders tell their people, “I've got your back”—and mean it. They make good on that promise. They protect their team, in the process building loyalty and trust. Throwing someone under the bus is an act of disloyalty, betrayal, dishonor, and cowardice. It undermines trust and belief, and it shows that leaders care more about themselves than their team. Having someone's back involves standing up for them, supporting them, and taking responsibility for their actions and mistakes. It creates a culture of trust and unity within a team. Having people's backs leads to increased loyalty, motivation, and retention, as well as a willingness to innovate and take risks.
The accelerating and colliding forces of disruption and change put pressure on existing business models and require organisations to constantly adapt. A transformation mindset involves curiosity and sensitivity to external forces, reflection on existing assumptions, and a willingness to reimagine industries. Embracing transformation as a positive renewal process, focusing on key priorities, fostering teamwork, and managing oneself through challenges are essential for successful transformation.
RECRUITING & RETENTION
UK manufacturers are cutting back their recruitment plans due to a slowdown in orders from domestic and overseas customers. Make UK, the industry lobby group, has predicted that manufacturing output will fall by 0.5% this year. This comes as a result of a "potent cocktail" of rising interest rates, cost of living and slowing overseas markets.
TALENT TRENDS
While social media platforms like TikTok have billions of views on career advice content, a survey found that only 37% of respondents trust career advice found on social media. Younger individuals, especially those aged 18-24, are more likely to trust career advice on social media and prefer it over a real-life career mentor. Many people turn to family and friends, job search websites, industry professionals, and colleagues for career advice rather than social media platforms. Businesses can benefit from actively engaging in and understanding where people seek career advice to attract top talent and create internal processes for career development.
Generative AI technology is not likely to displace jobs in a widespread manner but may impact wage differentials, productivity, and strike action. The upper limits of AI technology's abilities have been reached due to issues with perception, creativity, novelty of output, social ability, and hallucinations. AI has helped boost productivity in roles such as copy editing and software development, but there is a backlash against its use in certain sectors.
QUOTE OF THE WEEK
“The role of a creative leader is not to have all the ideas, it’s to create a culture where everyone can have ideas and feel that they’re valued.” – Ken Robinson
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