Talent Acquisition Newswatch - Issue 1.40
TOP STORY
Reaching the midpoint of one's career is a pivotal moment, often coinciding with middle age, where introspection and reassessment of life's path become central. This phase can bring feelings of unmet expectations and reflect on missed opportunities, but it also presents a chance for significant growth and realignment of goals. With accumulated experience, individuals gain insight into their true passions and strengths, enabling them to set more realistic and fulfilling objectives for the future. It's a time to embrace change, seek guidance, and leverage past experiences to carve a path that resonates with their evolving personal and professional aspirations.
COMPENSATION & BENEFITS
Return-to-work mandates threaten the work-life balance that many working parents have achieved during the pandemic, according to Dave Jacobs, CEO of Homethrive. Flexible work schedules have allowed parents to be more involved in their children's lives and maintain their career growth. To maintain work-life balance, employers should consider offering specific flexible days, allowing employees to choose which days to come into the office, and providing concierge services. Supporting working parents not only alleviates stress but also benefits the bottom line
DIVERSITY, EQUITY & INCLUSION
A deaf woman wins a $1.6M lawsuit against a company that refused to hire her, citing discrimination. The jury found the company in violation of the Americans with Disabilities Act and awarded the woman back pay and damages. The company refused to interview and hire a qualified deaf job applicant, leading to a federal lawsuit.
According to a global survey by Catalyst, 76% of employees find it crucial for organizations to promote workplace diversity and inclusivity. Yet, 24% observe a lack of engagement in diversity discussions by their senior leaders. The importance of adopting both a business and fairness approach to DEI is underlined, with a preference among most employees for a combined strategy. Additionally, it is pointed out that employers who take a clear stance on social issues positively influence employee trust and loyalty.
In today's business world, organizations are expanding their diversity, equity, and inclusion (DE&I) initiatives beyond their internal workforce to include the growing independent workforce, currently numbering 64.6 million. The latest Contingent Labor Report from MBO Partners reveals 82% of companies rely heavily on skilled contingent workers. Yet, many corporate DEI programs overlook the importance of equity and inclusion in their broader workforce strategies. As industries increasingly depend on independent contractors, particularly in uncertain economic times, it's crucial to extend DE&I efforts to all worker types, including small businesses and independent contractors. This shift not only addresses a widening labour gap but also enhances product and service quality through diverse talent pools. MBO Partners suggests a three-pronged approach for organizations to reassess and adapt their DE&I strategies, ensuring inclusivity across their entire work ecosystem.
HR INSIGHTS
Employees are now under the watchful eye of AI technology, as major companies like Walmart, Delta, Chevron, and Starbucks are using it to scrutinize employee messages. This AI isn't just reading; it's analyzing for sentiment, risk, and compliance. Think about the implications: it can spot bullying, harassment, or even inappropriate content. However, individual names aren't flagged by Aware's analytics tool unless its separate eDiscovery tool kicks in for severe threats or risks. This surveillance trend is skyrocketing, with Aware's revenue jumping 150% annually over the past five years, mainly targeting companies with around 30,000 employees like yours. Amidst this, employee privacy hangs in the balance, as concerns grow over whether anonymization truly shields one’s identity.
In a Unison study of 44,000 UK public sector workers, 30% of women reported denied flexible work requests. Critics label employers as rigid, harming talent retention. Executive Coaching's Geraldine Gallacher stresses flexible work's importance for balance and mental health. Yet, 20-42% face denials citing service quality or staffing concerns.
BlueCat, a network infrastructure solutions provider, developed a culture code through crowd sourcing its employees' input to shape the organization's culture. The company holds an annual kick-off event where employees are celebrated for embracing the culture code. The culture code is also used as a basis for evaluating potential acquisitions and determining if they align with the company's cultural values. The culture code has driven employee engagement and influenced the company's acquisition strategy.
LEADERSHIP & TALENT MANAGEMENT
领英推荐
The U.S. manufacturing industry is grappling with a significant challenge, with an expected 2.1 million jobs unfilled by 2030, including 547,000 already vacant as of November 2023. The sector urgently requires hands-on training in skills such as Industry 4.0, IoT, 3D printing, and robotics, emphasizing physical skills over digital abilities. Apprentice programs are crucial in replacing retiring skilled workers and bridging the widening skills gap, ensuring that the workforce is equipped with diverse, journey-level skills essential for smart manufacturing.
CEOs and CHROs are facing numerous challenges in managing modern workforces, including a weakening economy, a tight labour market, inflation, banking instability, war, and dispersed global talent. To navigate these challenges, leaders should consider reorganizing and deploying solutions to address headcount cost structure, embracing remote work and part-time workers, regularly re-evaluating hiring and workforce plans, instituting a performance measurement-oriented culture, and training leadership teams to be resilient and navigate uncertainty. Building adaptable leaders with self-sufficient teams, increasing transparency and communication with employees, and leveraging values to build trust are also important steps for CEOs and CHROs to take. By taking these proactive steps, companies can emerge from uncertainty in a position of strength and better navigate the dynamic and risky environment.
RECRUITING & RETENTION
Hiring managers need to adopt a new approach when evaluating candidates in the hiring process, prioritizing learning potential over experience in recruitment. In the dynamic and complex world of business, it's essential for to value qualities like adaptability, creativity, and a growth mindset. This approach addresses the limitations of relying solely on experience, which can be a shortsighted and risky strategy. To spot and evaluate candidates with high learning potential, hiring managers should look beyond CVs and resumes, engage them in real-world scenarios, and value diversity and complementary skills. It's crucial to change the hiring mindset, acknowledging the necessity to alter recruitment processes and dedicate resources to the development and growth of your employees.
A Symphony Talent report reveals that 48% of organizations prioritize building a talent pipeline for 2024. The survey of 450 HR professionals highlights challenges in targeting the right recruitment audience and reliance on manual processes. C-level executives find talent assessments valuable for quality hires, yet they can complicate hiring. The report emphasizes the importance of multifaceted retention strategies, including employee referral programs and internal career sites. Additionally, Gem's survey suggests talent teams are preparing for economic recovery by leveraging technology and data. Transparency in internal hiring is crucial to address employees' concerns about fairness, as per a Gartner report.
Experts emphasize the importance of combining "inside-out" and "outside-in" development for career progression. Inside-out development focuses on personal traits and motivations, while outside-in aligns with organizational goals. Key positions in companies act as crucial milestones for career advancement. Challenges and achievements in these roles can propel or hinder one's career. Companies are urged to provide clear pathways and support for potential leaders, especially in diversifying leadership by including women in non-traditional roles. A focus on effective feedback and transparent communication is vital, as highlighted by Stevenson. Additionally, integrating leader development into company culture is essential to address succession gaps and retain talent.
LABOUR MARKET INSIGHTS
To boost pay in the tech industry, candidates must focus on achieving a merit increase, which is a key driver for salary growth according to 41% of respondents in Dice's Tech Salary Report. Although the average tech salary dipped slightly in 2023, those with more experience and specialized skills, particularly in emerging tech hubs, saw pay increases. When switching jobs, effective interviewing and resume writing are crucial. Negotiate not just for salary but possibly for better benefits as well. Also, keep in mind that mastering advanced technologies like DevSecOps and A.I. can lead to higher compensation. Be aware, however, that job switching and layoffs were common reasons for salary decreases.
A recent survey has revealed a concerning trend among front-line workers. Findings show that these essential workers are significantly more susceptible to mental health issues, with a staggering 61% more likely to suffer from depression and 33% more prone to anxiety compared to their non-front-line counterparts. Alarmingly, despite the increased risk, front-line workers are 30% less likely to seek professional mental health support. Factors contributing to this heightened risk include regular interactions with frustrated customers, unpredictable work shifts, and limited control over their job responsibilities, leading to increased burnout rates. Additionally, a lack of awareness about available well-being resources further exacerbates the mental health challenges faced by front-line workers. This report sheds light on the urgent need for better support systems and mental health awareness for those on the front lines.
Generation Z is increasingly seeking AI-driven advice over traditional managerial input, highlighting a need for companies to revamp their learning and development strategies. Despite concerns over high employee turnover, experts like Greenland stress the importance of investing in young talent. She advocates for a collective approach to learning, which benefits the broader professional community, urging companies to view these programs as integral to overall industry growth, rather than as a cost tied to individual employee retention.
A paradox is emerging in today’s labour market. Despite a surge in job creation and record low unemployment, job seekers face unprecedented challenges. A recent Insight Global survey reveals that 50% of applicants feel "completely burned out" by the job-hunting process. Experts attribute this to a complex mix of factors. Employers, no longer as desperate as during the Great Resignation, are more selective, often eschewing substantial salary increases or flexible work arrangements. Additionally, technological advancements, while simplifying application processes, have led to an overwhelming number of applicants for each role, resulting in numerous rejections. Furthermore, the rapid evolution of job requirements necessitates continual reskilling, posing additional hurdles for candidates. This environment tests the resilience of job seekers, as they navigate prolonged and often fruitless hiring processes.
QUOTE OF THE WEEK
"Recruiting should be viewed as a business partner, someone who is critical to the success of the business." - Matthew Caldwell, Ex-VP of People, Instacart