Talent Acquisition Newswatch - Issue 1.46
TOP STORY
A mid-career crisis typically occurs between the ages of 35 and 54, when individuals may start experiencing anxiety, dissatisfaction, restlessness, and burnout in their jobs. Common causes of mid-career crises include stalled career progression, loss of interest in one's current career path, financial concerns, family or health issues, company restructuring or layoffs, feeling underappreciated or undervalued, and changed career values. To overcome a mid-career crisis, individuals can reframe their emotions, point to possibilities and new opportunities, remind themselves of their accomplishments and worth, and seek support and advice from peers and mentors. It's important to recognize that change and evolution are normal in both personal and professional lives, and there are always possibilities for growth and success.
COMPENSATION & BENEFITS
Cash, stock options, and benefits incentives for CEOs no longer carry as much weight as they used to, according to a study by researchers at Carnegie Mellon University and Seoul National University. Results and impact, a competitive mindset, career fulfillment, making a mark and being an agent for change are the real drivers for senior executives. Companies can improve management performance incentive programs by considering factors such as engagement, customer satisfaction, career journey, reputation, ethical factors, and broader impact beyond financial outcomes.
DIVERSITY, EQUITY & INCLUSION
Businesses are retracting from DEI programs in corporate America due to attacks from lawmakers, rich individuals, and conservative activists, causing a decline in DEI initiatives. Some companies are reducing DEI funding, cutting staff, and reconsidering support programs for women and people of colour due to concerns about lawsuits and litigation. Some companies are making changes to DEI programs, like expanding programs to include everyone and avoiding explicit references to race, signalling a shift in the approach to diversity and inclusion. Despite challenges, some companies remain committed to diversity and inclusion principles but may avoid using DEI terminology to ensure inclusivity and avoid triggering negative reactions.
About 68% of U.S. employees are unfamiliar with the term 'neurodiversity' and only 22% have worked with a neurodivergent colleague, according to a report from Eagle Hill Consulting. Despite 72% saying they would hire a neurodivergent employee, few receive formal training on working with or managing neurodivergent workers. Neurodivergent employees can provide a competitive advantage with unique talents such as innovative problem-solving, attention to detail, math and data analytics skills, reliability, and perseverance. Employers can create more awareness by providing training, developing support networks, and using inclusion technology tools to support neurodivergent employees.
HR INSIGHTS
CHROs are increasingly relying on talent analytics to make critical business and talent decisions. However, organizations are struggling to maximize the impact of talent analytics, with many reporting that their current structure and capabilities are limiting their effectiveness. To address this, CHROs should focus on developing talent analytics professionals who can play three key roles: the analytics expert, decision enabler, and strategic consultant. By following this guidance, talent analytics can have a significant influence on HR decisions, enable innovation, and increase the credibility of the CHRO throughout the organization.
Workplace conflict is on the rise, with an increase in the nature, volume, and intensity of conflicts. Factors contributing to this rise include people staying in unsatisfactory working situations due to economic hardship, conflicts arising from beliefs about hybrid working, increased polarization in society, and a culture that encourages speaking up about injustices. Employers can address workplace conflict by facilitating conversations between employees, allowing them to listen to each other and resolve issues before they escalate. Building a culture of open communication and providing employees with tools to speak up can help prevent larger issues or scandals.
The number of companies with a 'Head of AI' position has tripled in the last five years, and is up 13% since 2022. Chief AI Officers (CAIOs) are responsible for aligning an organization's AI strategy and goals, overseeing AI governance, mitigating AI deployment risks, and ensuring transparency in AI use. The role of a CAIO requires knowledge of AI, along with the ability to work cross-functionally, stay up to date with the evolving AI landscape, and bring in executive leadership. Not every company needs a CAIO at the C-suite level, and some may opt for a vice president or senior vice president of AI instead.
LEADERSHIP & TALENT MANAGEMENT
Increased expectations of CEOs are creating a burnout epidemic, impacting senior leaders and relationships. Lack of role models and abstract leadership concepts make it difficult for leaders to navigate challenges. The leadership pipeline faces uncertainty as succession planning struggles and younger generations have different leadership visions. Ongoing challenges such as remote work, hybrid offices, and AI are reshaping the leadership landscape.
领英推荐
AI can improve employees' productivity by automating routine tasks and processes, leading to greater job satisfaction and work-life balance. AI can transform the 'recruit-to-retire' life cycle by speeding up time-consuming HR processes, allowing HR leaders to focus on improving employee experience and productivity. Efforts to promote diversity and inclusion in software development teams and the development cycle can ensure ethical AI algorithms that reflect a diverse range of perspectives. Organizations should view AI as a tool that can transform and expand human possibilities, leading to advancements and new opportunities in various industries and work environments.
RECRUITING & RETENTION
Job search and recruitment site Indeed has announced a suite of AI-powered tools called Smart Sourcing, aimed at making the hiring process faster and more efficient. The tools include AI-powered summaries that provide recruiters with detailed insights into the suitability of applicants, as well as automation of messages and interview scheduling. Indeed hopes that its extensive user base, which includes almost 300 million workers, will boost the efficiency of the recruitment process. Smart Sourcing is now available on Indeed's website, and recruiters can sign up for a free 14-day trial.
The construction industry is facing a skills gap and struggling to attract top talent. Reverse mentoring, where younger professionals become mentors to more senior colleagues, can help bridge the gap. By engaging a more diverse workforce and learning from the next generation, construction professionals can drive collaboration and innovation. Setting up a successful reverse mentoring scheme involves defining goals, recruiting participants, pairing the right people, and getting senior leaders on board.
According to a survey conducted by ManpowerGroup, 75% of organisations worldwide are facing challenges in recruiting skilled talent. The survey, which gathered data from 40,077 employers across 41 countries, found that organizations with 1,000 to 4,999 employees are most likely to struggle with talent shortages. Japan reported the highest rate of talent shortages, with 85% of organizations facing difficulties, followed by Germany, Israel, and Greece, which all reported 82%. These findings highlight the growing global issue of a talent shortage, posing significant challenges for businesses across various industries.
LABOUR MARKET INSIGHTS
Workers are turning to independent HR consulting firms to address workplace issues they don't feel comfortable sharing with their employers' HR departments. These firms provide guidance, draft documents, and offer support to employees dealing with discrimination, harassment, or other job-related problems. The lack of trust in traditional HR departments and the desire for a confidant and advocate have created a demand for these independent HR services.
More than half of workers feel easily replaceable in their jobs according to a new survey 64% of workers said their company doesn't offer opportunities for internal mobility 90% of employers said their company provides workers with opportunities for career development, but only 69% of workers agreed.
Employees who changed jobs in March saw a 10% increase in their salaries, indicating companies' efforts to attract workers in a job-rich labour market. Workers who stayed in their current positions experienced wage gains of just over 5%. The construction, financial services, and manufacturing sectors showed the largest increases in pay for job-changers.
McKinsey is offering its employees nine months of pay to leave the firm and search for work elsewhere, as it attempts to decrease headcount amid a downturn in the consulting market. The move includes career coaching, assistance with updating CVs, and continued access to IT systems and email accounts. Experts have highlighted the ethical considerations and long-term sustainability of this approach, while acknowledging the potential benefits for employees.
Hiring for entry-level positions is expected to remain active in the second quarter of 2024 as new graduates enter the job market, according to a report from Robert Half. A survey conducted in November 2023 found that 65% of companies planned to hire entry-level professionals in early 2024, recognizing the value of fresh ideas and new skills. The survey included managers from various industries, with 56% to 76% of managers in different fields indicating their intention to hire entry-level professionals. Employers are encouraged to invest in AI, offer employee development opportunities, and provide clear leadership direction to attract and retain entry-level talent.
QUOTE OF THE WEEK
"Hire character. Train skill." - Peter Schutz, Former President & CEO of Porsche
In mid-career, we seek anew, A path that's fresh, a journey true. Emotions rise, and questions sway, Reframed thoughts clear the cloudy way. The C-suite calls for purpose bright, Fulfillment’s quest in morning light. But challenges, both large and wide, Demand we face them, not just hide. Diversity calls from distant shore, Awareness sought forevermore. HR analytics, strategic gaze, Leading the charge through modern maze. Burnout creeps, a silent foe, New solutions, we must bestow. AI unlocks a bright frontier, In workplaces far, and even near. Communication’s key in strife, Resolving tensions, easing life. Together we rise, as one unite, Through challenges, we find the light. So let’s journey with purpose, bold, And seek fulfillment in careers untold. Through all the change and shifting stream, The heart knows where to find its dream.
Head of Tech Talent @ ProMatch GmbH | We're Recruiting Tech Talents for Business
11 个月Great article! Zabe Khan The breadth of topics covered underscores the complexity and dynamism of today's business landscape, highlighting both challenges and opportunities for organizations and individuals (like us maybe). Below are highlights for me: 1. HR Insights: The increasing importance of talent analytics in decision-making and strategies for addressing workplace conflicts, alongside the rising role of Chief AI Officers in shaping organizational AI strategies. 2. Leadership & Talent Management: The challenges of leader burnout and the transformative potential of AI in reshaping workforce dynamics and enhancing productivity. 3. Labour Market Insights: Trends in worker empowerment, job insecurity, job switching, and the ethical considerations surrounding company initiatives like McKinsey's pay-to-leave offer. Thanks for sharing!