Talent Acquisition Newswatch - Issue 1.31
TOP STORY
Research from survey explores the qualities that set companies apart as top talent incubators. The authors identified four qualities that these companies have in common: they take a strategic approach to attracting, developing, and retaining talent; they heavily invest in training and development; they have strong cultures and internal operations; and they are respected in the broader environment. The example of General Electric (GE) was used to illustrate the concept of an “academy company”— an elite company that produces more talent than it holds on to, exporting effective leaders to other organizations and even industries.
COMPENSATION & BENEFITS
According to Karan Singh, Chief Operating Officer and Chief People Officer of Headspace, and Frank Giampietro, Chief Well-Being Officer for the Americas at EY, flexible, hybrid work policies, company-wide mandated vacation times, and mental health benefits will be key in creating a great place to work in 2024. Other benefits that will be important in 2024 include the ability to customize benefits packages, subsidized childcare, and employer-provided financial wellness programs.
Many companies in 2023 prioritized expanding their employee benefits to support diverse workforces with varying needs. Listening tours, lunch-and-learns, pilot programs, and employee surveys were used by savvy businesses to determine the most desired benefits for their employees. Notable companies that expanded employee benefits in 2023 include Kickstarter, Nvidia, Chobani, and Bank of America. Despite the challenges of the year, organizations were committed to maintaining robust benefits for their employees.
DIVERSITY, EQUITY & INCLUSION
A study has found that lower-income working moms have a similar desire for career progression as their middle- and high-income counterparts, but face obstacles that make it difficult for them to achieve. The study found that they were more likely to switch jobs for a more flexible schedule and were more likely to need organizational, rather than managerial, support for flexibility. The report suggests employers recognize the skills these women bring to the workplace and connect them with mentors and role models and with continuing education opportunities in order for them to have a successful career.
Nic Girvan discusses how artificial intelligence (AI) can enhance diversity, equity, and inclusion (DEI) training efforts when partnered with the power of people. AI can write session plans, analyze survey data, and boost learning accessibility, but it is important to remember that AI should not be used as a replacement for people. AI can facilitate learning in a judgment-free environment through the use of platforms that provide constructive feedback, represent diversity, and revitalize the learning experience. AI can also be used to create personalized learning paths with on-demand resources. However, AI-generated content should always be validated by human experts to ensure accuracy, inclusiveness, and cultural sensitivity.
HR INSIGHTS
HR leaders report declining optimism in employee retention and engagement. The Conference Board's CHRO Confidence Index dropped to 53 in the fourth quarter, down from 55 in the third quarter this year. Despite this, 75% of CHROs said their main human capital management priorities for 2024 are employee experience and organizational culture, and 74% said they plan to develop leadership and workforce capabilities. The survey found that 44% of CHROs expect to increase their hiring during the next six months, while 22% expect employee retention to decrease and 31% expect engagement levels to decrease. Companies are focusing on employee experience to help with retention, but employees have expressed concerns about return-to-work policies and desire more pay for in-person work.
According to Deloitte's Dec. 12 private company outlook report, private companies plan to prioritize reskilling and skills-based hiring in the next 12 months to increase productivity and digital transformation. Companies will also focus on hybrid work and new compensation strategies. A survey of 100 executives revealed that cash flow may limit their ability to hire, and the top skills companies are looking for include IT, sales and marketing, and supply chain. Companies plan to rely on training and reskilling, hiring, contract workers, and automation to meet their talent needs. To compete for talent, companies are looking to increase skills-based hiring, offer hybrid work, and implement a new compensation strategy. Additionally, companies are looking to focus on employee experience, organizational culture, and developing leadership and workforce capabilities.
Strategic HR functions prioritize the use of new technologies to make smarter talent decisions that drive competitive advantage, while compliance-based HR functions focus on regulatory compliance and efficiency. Change management is a key differentiator, with strategic HR functions using dedicated management teams, robust change management communications, and employee engagement activities. When IT leads HR technology, HR is more likely to be viewed as compliance-based and not strategic. Strategic HR functions have proactive data management processes, track more metrics, and have transformational processes in areas like skills management and employee absence and leave. Strategic HR functions also prioritize ethical use of AI, adhering to codes of conduct and ensuring transparency, bias control, and employee privacy protection.
LEADERSHIP & TALENT MANAGEMENT
领英推荐
Companies need to change their approach to work in order to foster creativity and growth, moving away from fixating solely on numbers and results. Co-creative cultures inspire purpose and create a brave space for magic to happen, unlocking lasting joy and freeing individuals from feeling alone. The book highlights the importance of Meta Principles, which are higher-level truths that give direction to the art of co-creation, and provides six principles to guide co-creative direction. The future of work lies in the co-creator mindset, where leaders embrace their creative identity and empower people to connect, collaborate, and build new ideas. Brave leaders are needed to create cultures people love, and they can do this by reimagining meetings, fostering brave conversations, and putting building blocks on the table rather than egos.
Leaders' attitudes towards flexible work greatly influence the decisions made about remote, hybrid, or office-based work strategies. CHROs who reported negative attitudes towards flexible work were more likely to require their workforce to spend more time in the office, have punitive policies in place, and reduce flexibility further in the future. Most CHROs plan to keep the same degree of flexibility in the future, emphasizing consistency and sustainability. Leaders can enhance employee engagement and well-being through strategies such as understanding employees' preferred ways of working, focusing on conversations rather than programs for well-being, and providing support for managers leading remote and hybrid teams.
A marketing firm based in New York City has developed a successful formula for growing their organization's bottom line. The formula includes investing in deep recruitment efforts, prioritizing remote and hybrid work, offering competitive compensation, and taking the time to ensure cultural fit during the hiring process. The firm's training programs have evolved during the pandemic, incorporating a mix of in-person and virtual tools. This approach has resulted in training 900 people in 2022 and expanding the firm's book of business to 25 brands.
RECRUITING & RETENTION
Australian technical recruiting consultancy Interpro used LinkedIn Talent Insights to help a client assemble a large team of engineers and other niche technical roles to deliver a systems integration project. They identified opportunities to shift tasks and responsibilities between roles based on market data and skills availability, and used LinkedIn Recruiter to contact potential candidates and review their profiles. They also used Talent Insights to present a strong business case to the finance team to revise certain salary bands. In the end, they were able to meet their hiring goals and shave a month off the three-month hiring process.
CEO departures have hit record highs according to a recent report, and research has found that senior leaders' wellbeing is suffering from the pressures and demands of their roles. To better support their top bosses, organizations should strive to create psychologically safe spaces for sharing feelings and concerns, invest in mentoring, coaching and support networks, offer tailored wellbeing programs, and take a strengths-based approach. These methods will help to build leaders' resilience and protect them from burnout and disengagement.
45% of companies are planning to eliminate bachelor's degree requirements for some positions in 2024 in order to create a more diverse workforce, increase the number of applicants for open positions and because there are other ways to gain skills. 80% of employers said they are likely to favor work experience over education when assessing job candidate applications. 95% of respondents said their companies still require bachelor's degrees for some roles, however, many state and local governments have dropped degree requirements for most jobs. Numerous corporations have also announced plans to eliminate degree requirements and rewrite job descriptions to emphasize skills and work experience.
LABOR MARKET INSIGHTS
The UK is heavily reliant on a small group of high-performing companies to drive productivity growth, revealing the fragile foundation of the country's economic future. The top 10% of businesses accounted for 63% of the annual growth in UK labor productivity from 2011 to 2019, up from 49% from 1998 to 2007. The slowdown in UK productivity is largely due to companies with average levels of output per worker, highlighting a 'middle malaise. The concentration of market power and profit margins among the top-performing companies is hindering business dynamism and limiting the spread of productivity benefits across the economy.
Many employees are expressing concerns about returning to the office, with over 25% considering quitting their jobs due to return-to-office (RTO) mandates. Concerns include decreases in productivity, flexibility, and socialization. Employees are also worried about the financial implications of returning to the office, such as increased expenses for transportation, office attire, and child care. While some employees are ready for the shift in routine and excited about office perks and improved productivity, others fear proximity bias and the potential favouritism towards those who have face-to-face interactions in the office.
The latest labour market data from the Office for National Statistics (ONS) has revealed that wage growth has slowed and the estimated number of vacancies has fallen. This is seen as a sign that pressures on the labour market are cooling. Other surveys have shown a "weak economic outlook" and hiring conditions are likely to continue to ease in 2024. There is a shortage of people to fill jobs, but pay growth remains high. There were 131,000 working days lost because of labour disputes in October 2023, with three fifths of those in the health and social work sector. Pay growth in real terms rose by 1.3 per cent year on year in August to October.
According to a survey from Robert Half, companies intend to maintain hiring in 2024, with 57% of managers surveyed saying they plan to add new permanent positions in the first half of the year. Retention is the top concern among managers, however, and other reports are predicting a possible “employee experience recession” in 2024. Job postings have fallen since their peak in 2021, but layoffs remain low. The outlook for 2024's job market depends on the state of worker demand.
QUOTE OF THE WEEK
"Once a candidate engages with a company, they then become a brand ambassador so we need to make sure they have a great experience regardless of whether or not they are hired." - Jennifer Bloom, SHRM-SCP
???? "Innovation distinguishes between a leader and a follower." - Steve Jobs. It's fascinating to see how these insights, especially the focus on flexible work, employee benefits, and abandoning traditional degree requirements, reflect a much-needed shift towards inclusive, innovative workplace practices. Embracing this change could truly differentiate the pioneers from the rest. Keep the updates coming! ???? #InnovationInWorkplace