Talent Acquisition Newswatch - Issue 1.24
TOP STORY
Companies that fall behind in their market are not necessarily failing to innovate, but rather, they have built static organizations that are resistant to change. The highest performing companies are those that are dynamic by design, focusing on internal mobility, cross-functional teams, and investing in training and development. These dynamic organizations are seven times more likely to be market leaders, have higher employee retention and engagement scores, and are more inclusive in their hiring. To be dynamic, companies need to empower teams to come up with new ideas, build skills and capabilities everywhere, and establish reward systems that promote a skills meritocracy.
COMPENSATION & BENEFITS
A survey of 600 business leaders by ResumeBuilder.com found that only 74% will offer employees a raise in 2024, including 14% of them who said everyone will be getting an increase. According to the report, half of those planning to offer a raise said up to 50% of employees will get one. Although more business leaders believe it was more important to give raises to mid-, senior-, and executive-level employees than those who are at the entry-level, Stacie Haller, chief career advisor, warned employers of the potential backlash from this move. The survey found that 69% of employers planning to give raises will be for cost-of-living adjustments, with 27% of them saying the increase will be five per cent or more and 28% saying the adjustment will be four per cent. The International Labour Organisation since 2022 has called on organizations to make appropriate adjustments to employee wages amid the cost-of-living crisis across the world.
Prof. Claudia Goldin, the recipient of the latest Nobel Prize in Economics, has found that the gender pay gap can be attributed to childcare responsibilities, which are often borne by women due to traditional gender roles. A four-day workweek can encourage fathers to participate more equitably in childcare duties and help close the gender pay gap. The extra day off provided by a four-day workweek allows women to spend more quality time with their children, leading to immeasurable emotional benefits. A shorter workweek can reduce stress levels, improve mental health, and increase productivity, benefiting women with childcare responsibilities and supporting their career advancement.
DIVERISTY, EQUITY & INCLUSION
Neil Barnett, Director of Inclusivity at Microsoft, discusses the challenges of neurodiverse job applicants and the importance of creating an alternate front door for them. He created Microsoft's Autism Hiring Program pilot program in 2015, which has since spawned other initiatives such as the Neurodiversity @ Work Employer Roundtable. This program focuses on "screening in" instead of screening out, and creating an environment where applicants don't have to disclose their conditions. However, there is still a focus on STEM-related jobs in neurodiversity programs, and the main challenge going forward is scaling up these programs.
Research discusses how gender bias in job advertisements can lead to fewer female applicants, and how this can be addressed by completely removing gender-loaded wording from job ads. The research also found that removing such wording can also increase interest among potential male job candidates who are not as rigidly tied to stereotypical male attributes. The research also found that gender identification is not a binary choice, and that men with less intense level of masculine identity are more likely to respond positively to de-biased ads. The findings suggest that removing gender-laden language in job advertisements can be a win-win situation, increasing interest among both genders.
Diversity and inclusion have become important social issues in the wake of the George Floyd and Breonna Taylor murders of 2020, and have been proven to provide organizations with many benefits, including better financial results, access to talent, innovation, and improved problem solving. This research goes on to show seven ways that diversity makes teams better, including stronger financial returns, increased access to talent, smarter decisions, more effective problem solving, enhanced innovation, better retention, and more relevant products.
HR INSIGHTS
Laura Selig, Chief People Officer of software development company Model N, predicts a bright future for AI in HR. AI could reduce the manual administrative components of HR and increase the speed and quality of work. Potential uses for AI in HR include performance management and talent attraction, career development for early-stage professionals, and internal promotions. Selig stresses that human judgment will still be necessary to prevent bias in HR processes.
Emotional intelligence and empathy are key for HR leaders to support employees struggling with the conflict in Israel and Palestine. It's important to engage in conversations and check in with colleagues who may be impacted, displaying humanity and humility. Role modeling healthy communication and offering support and counseling are also crucial. Additionally, flexible working arrangements can help employees process the events. HR should take the lead in addressing employee concerns and publicize policies and procedures for tackling harassment related to the conflict.
The Gartner annual HR Priorities survey indicates that HR leaders will focus on "leader and manager development" in 2024. Other priorities include organizational culture, HR technology, change management and career management, and internal mobility.
领英推荐
LEADERSHIP & TALENT MANAGEMENT
C-suite succession planning is a top priority for leaders, but only 43% of chief people officers (CPOs) believe their organizations have a successful strategy for leadership succession at the C-level. Creating a more strategic and systematic approach to C-suite succession is a challenge for CPOs in a rapidly changing environment and workforce. A healthy C-suite talent pipeline minimizes risk and disruption, enhances business continuity, and increases employee morale.
RECRUITING & RETENTION
Employers are giving Gen Z employees more senior-sounding job titles to keep them placated, even though they may not have the experience or salary to match. This trend of title inflation has seen a 50% increase in the US in the last year. It is a common practice in smaller businesses and startups to upskill on the job and give employees recognizable titles, but it can backfire if not done properly. Employers need to ensure they understand the maturity and exposure of applicants beyond the job title, and Gen Z's perseverance and entrepreneurial mindset often impress employers.
IT leaders are proactively addressing the diversity problem in the tech industry by broadening talent pipelines and creating a sense of belonging. Companies like Burberry prioritize diversity, equity, and inclusion, making sure that vendors also share these values. Fannie Mae focuses on engaging diverse talent through campus programs, partnerships with affinity groups and nonprofits, and sourcing nontraditional candidates. The Oregon State Treasury upskills nontraditional candidates and positions roles as launching pads for their careers, attracting a broader talent pool.
Lawmakers in the United States are working to regulate the use of AI in labour hiring and guard against algorithmic bias. Around 85% of large US employers now use some form of automated tool or AI to screen or rank job candidates. The Equal Employment Opportunity Commission (EEOC) has released new guidelines to help employers prevent discrimination when using automated hiring processes. Several states, including New York City, have implemented or are considering legislation to regulate algorithms in hiring.
Companies are making employee retention a priority as older employees are set to retire within the next decade. One way to retain employees is to offer opportunities to employees to continue their education, training or certifications. The facilities management industry is facing a challenging workforce outlook and continuing education is an effective way to enhance the skills of the next generation. Training and educating staff is a strong tool for employee retention, as it helps employees stay current in the industry and learn new ideas to benefit the organization and their team. Employers can help employees continue their education by offering opportunities to earn education credentials, attend conferences, webinars, programs and events, earn degrees and licenses, participate in training, get access to resources, and more. This is a relatively inexpensive way to invest in employees and is also a strong recruiting tool. Retaining employees saves money and helps build stronger relationships.
LABOUR MARKET INSIGHTS
A new study by Checkatrade has revealed bias in AI algorithms towards people in traditional trades, with 98% of the results depicting a white man when prompted to show 'a builder' or 'an electrician'. The research follows the publication of Checkatrade’s Trade Skills Index 2023, which found that nine out of 10 trade apprenticeships are occupied by young men, with males making up the majority of the main workforce too. In addition, it found that the vast majority of construction apprentices are white. Checkatrade has therefore launched the Get In programme to encourage more young people, including girls and those from ethnic minorities, into trades careers.
A survey by Cpl's Talent Evolution Group has revealed that more than half (55%) of UK employees who resigned from their last job post were not invited to a formal leaving interview. The survey found that one third of employees were not asked for feedback, missing out on a valuable opportunity for employee engagement. With the rise of public review platforms, organisations risk employee comments being posted online, and they are missing out on the chance to resolve issues and concerns of their workforce internally. The majority of survey respondents would have felt comfortable discussing their views with their employer if requested. Experts suggest the offboarding process should be more thoughtful, and companies should get feedback from exiting employees to learn from their mistakes and avoid losing other employees for similar reasons in the future.
The CIPD's Devolution and evolution in UK skills policy report has revealed that the number of people starting apprenticeships in England has fallen by 31% since the introduction of the apprenticeship levy in 2017, with even steeper drops for small businesses. Critics have claimed that the levy has led to employers putting existing staff on to professional or managerial apprenticeships rather than taking on new apprentices, and is inflexible and complex to navigate. The CIPD is calling for reform of the levy into a flexible skills levy to help address the decline in training investment and labour shortages in the UK, as well as the introduction of fast-track apprenticeship qualifications and financial incentives for businesses that hire apprentices.
QUOTE OF THE WEEK
“A company’s employer brand will exist whether they invest in it or not, so it’s critical that you invest in it and help shape the narrative.” – Des Caballero, Director of Employer Brand at Gem
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