Talent Acquisition Newswatch - Issue 1.21
TOP STORY
CEOs from various industries believe that there are signs of a new, technology-driven unlock in business productivity after years of sluggish growth. Generative AI is seen as a catalyst for change and has already demonstrated its potential in improving efficiency and effectiveness. The integration of investment management tools, financial planning tools, and practice management tools is expected to unlock productivity and enable organizations to become knowledge-enabled.
COMPENSATION & BENEFITS
Nearly three-quarters of Gen Z workers surveyed by Adobe are comfortable giving upward feedback to their supervisors and almost 90% are comfortable giving feedback to their peers. The majority of respondents also said they were comfortable discussing typically sensitive topics such as wages and job satisfaction at the workplace. This survey adds to prior research that shows how comfortable Gen Z is with changing long-held workplace norms.
Hybrid workers are more engaged than on-site workers, leading to better employee retention, larger talent pools, and reduced office costs. However, hybrid work can present challenges and unintended consequences in the long term, including increased stress and burnout for remote and hybrid workers. Women, who want and use flexible work options more than men, may experience higher levels of stress and burnout despite being more engaged. Organizations need to address the challenges and risks of hybrid work, such as limited employee development and gender disparities, to ensure it works for everyone.
Despite economic uncertainty, 63% of workers plan to ask for a raise by the end of the year. Companies are responding to the pressure by increasing starting salaries, offering signing and retention bonuses, and being transparent about salary in job postings. Employers are also adjusting to employee expectations by benchmarking salaries and offering hybrid work options.
DEI
Delegates at a debate hosted by Generation UK were told that businesses should invest in supporting candidates from lower socio-economic backgrounds in order to create more socially diverse workforces. The event coincided with the launch of a social impact report which provides skills bootcamps to people from disadvantaged backgrounds, which Michael Houlihan, CEO of Generation UK said was "sobering". It was suggested that businesses should be willing to invest more time and money in diverse candidates, look beyond education and qualifications in job adverts, and provide support and training for new employees. Eunice Olumide added that it is important that diversity is represented at all levels of the organization, and that developing government-funded training courses can increase accessibility and drive social mobility.
HR leaders must recognize the importance of unseen disabilities in the workplace and destigmatize disabled workers to create a more inclusive environment. This October, during National Disability Employment Awareness Month, organizations should offer training and workshops to employees and managers to increase awareness and understanding of unseen disabilities, implement flexible accommodation policies, foster a culture of acceptance, establish employee resource groups, and review existing policies to ensure they address the needs of employees with disabilities. These steps can help build a stronger, more inclusive, and compassionate workforce for the future.
A new study of 2,185 women aged 40-60 in employment found that 67% of women who experience menopausal symptoms have a mostly negative experience in the workplace, with 27% saying it had a negative impact on their career progression. Those with disabilities or long-term health problems, as well as those who identify as an ethnic minority, are even more likely to have a negative experience. Symptoms such as difficulty concentrating and increased stress levels were reported, and experts advocate a change in culture, support packages and government intervention to ensure menopausal women are properly supported in the workplace.
HR INSIGHTS
Recognition is a powerful resource that can help foster a strong workplace culture, yet only 34% of employees say their employer has a recognition program, and only 13% rate it as excellent. To leverage recognition in building culture, leaders should establish workplace culture goals and values aligned with the business strategy and use recognition to reflect these goals and values. Continuous evaluation and refinement of the recognition strategy is crucial to ensure it promotes the desired workplace culture. Promoting quality recognition throughout the organization at all levels is necessary for recognition to become an embedded part of the culture.
Remote employers need to find ways to effectively conduct brainstorming sessions, mentoring relationships, and socializing activities. Virtual brainstorms can be effective by setting an agenda, using the right collaboration tools, and utilizing creative icebreakers. Strong mentoring relationships can be nurtured by offering mentors to new hires, building rapport and trust, and holding virtual coworking sessions. Social ties can be strengthened by organizing virtual coffee breaks or lunches, creating employee chatrooms, and occasionally meeting in-person.
Kimberly-Clark has shifted to an integrated wellbeing strategy that involves open and honest conversations, de-stigmatizing feelings around wellbeing, and addressing root causes of work situations that impact wellbeing. They have also focused on building strong connections and a sense of purpose, introducing initiatives such as Family Tours and Bring Your Kids To Work Day. Flexibility has also been a focus, with Kimberly-Clark introducing K-C Flex Fridays, where employees can use the afternoon to support their own wellbeing. Leadership buy-in is crucial, and it helps to explain the importance of an initiative and listen to what people are saying.
领英推荐
LEADERSHIP & TALENT MANAGEMENT
In a speech at the annual Talent Connect conference, LinkedIn CEO Ryan Roslansky noted that talent leaders have the power to shape the future of the world of work as generative AI tools become more prevalent. He discussed the stories of several companies that have implemented skills-first approaches to talent, including Genpact, Siemens, IBM, and Canva. These companies have seen improved engagement, personalized learning recommendations, successful apprenticeship programs, and the restructuring of HR departments. Ryan ultimately concluded that the companies that succeed in the coming years will be those that have started to figure out how to incorporate AI into their talent strategies.
Gartner conducted a survey of 1,400 executive leaders and found that more than half (55%) of organizations have increased investment in generative AI since it emerged recently. It revealed that the main focus for generative AI investment is growth goals, followed by cost optimization and customer experience. Some have questioned whether there is a generative AI bubble, and 57% identified incorrect outputs and model bias as points for particular concern. However, 78% of respondents believed the benefits of generative AI are greater than its risks.
Layoffs can be a painful and often unsuccessful way to respond to economic turbulence, and there are hidden costs that make companies less profitable, innovative, and productive. Sandra Sucher, an MBA professor at Harvard Business School, outlines five strategies for companies that want to get workforce change right, including understanding legal obligations, reducing costs without cutting people, developing a fair process, apologizing and meaning it, and investing in laid-off employees. Companies should consider cutting operational costs without cutting staff, and make sure to engage with labor unions and factor in legal differences between countries, states, and federal law. If layoffs are unavoidable, companies can mitigate the hidden costs by developing specific policies to follow in downsizing and making everyone aware of the company’s approach and commitment. Finally, companies should apologize and invest in laid-off employees to build bridges and restore trust.
RECRUITING & RETENTION
A report by the British Standards Institution (BSI) has highlighted the phenomenon of women leaving the workforce early, known as the 'second glass ceiling', citing caring responsibilities as a barrier to continuing in work. The right to request flexible working was first introduced in 2003 and has gradually expanded to include all employees with 26 weeks' service. Refusal of flexible working requests without proper justification can lead to claims of indirect discrimination from female staff with childcare responsibilities. Employers who do not embrace flexible working may be at increasing risk of successful claims and may struggle to attract informed candidates in a competitive job market.
Mott MacDonald, a global engineering firm, is launching a new return-to-work program in partnership with STEM Returners to help engineers who have had career breaks get back into the field. This program is part of the firm's Re:Connectors initiative, which offers opportunities for experienced professionals. Stephanie Barber, a graduate of a previous STEM Returners program, was able to find success after struggling to get through initial recruitment channels. STEM Returners has helped more than 400 candidates since 2017, and their population of experienced professionals attempting to return to work is 46% female and 44% from ethnic minority groups. Successful candidates may be offered full-time positions at Mott MacDonald.
LinkedIn’s Jennifer Shappley and Hari Srinivasan at announced major advancements at Talent Connect 2023 to LinkedIn Recruiter and LinkedIn Learning, as well as a reconfiguration of LinkedIn’s talent team to help employers hire qualified candidates and develop workers’ skills faster. These new tools include AI-powered chatbots and generative AI to help recruiters find the best candidates from diverse talent pools. The chatbot also provides personalized real-time career advice and content recommendations. The goal of these changes is to “transform the way the world works”.
TALENT TRENDS
According to Glassdoor's Employee Confidence Index, less than half of workers in the information sector have a positive outlook of their employer, which is the lowest level since 2016. This is likely due to the mass layoffs that occurred in the tech sector at the beginning of 2023. Analysts and executives have stated that morale is critical to talent retention, and CIOs should pay close attention to how employees are feeling in order to help bolster team confidence.
LinkedIn's report suggests that companies who prioritize career development have a 15% higher internal mobility rate than those who don't, and that job seekers are more active than ever, with AI-related jobs receiving 17% more applications. LinkedIn also announced two AI-based tools to help talent leaders and job seekers, Recruiter 2024 and AI-powered coaching. These tools are meant to help recruiters find candidates through generative AI, offer personalized learning advice, and assess talent more efficiently.
QUOTE OF THE WEEK
“To make recruiting more of a business imperative instead of a cost center, TA leaders need to bring data to the conversations regarding where they can bring value—and the cost of doing nothing.” – Paul Lesser
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1 年Insightful Newsletter Zabe Khan. You're always share good tips, news and information about things happening at global HR scene. In current newsletter, I love the news piece on what CEOs have to say about AI and the benefits and challenges of a Hybrid Culture. Awaiting more exciting, anxious and not-so-fearful news ??