Talent Acquisition Newswatch - Issue 1.30
TOP STORY
Western Australia is offering a £6,000 incentive to attract British workers to help with its booming construction industry. The Construction Visa Subsidy Programme will cover the costs of applying and relocating for those who decide to move. The roles in highest demand are civil engineers, structural engineers, plumbers, carpenters, air conditioning and refrigeration mechanics, and electricians. Western Australia's housing and planning minister is visiting the UK to promote the attractions of Perth, which has more than double the amount of sunlight hours London gets, lower energy bills, higher wages, and bigger houses.
COMPENSATION & BENEFITS
Employers are trying to find the best way to make use of their benefits offerings while balancing costs. To do this, they are rebranding and repackaging existing benefits to better engage workers. This includes rebranding employee assistance programs to remove the stigma associated with them and offering more control over professional development by allowing employees to access a set fund for training and seminars. These strategies are intended to improve recruitment and retention.
DIVERSITY, EQUITY & INCLUSION
A recent survey found that one in three diversity programs in the tech industry were cut by the end of 2022, indicating a drop-off in DEI efforts after a surge in the wake of the George Floyd killing. Internal challenges to DEI integration include telework due to the pandemic, lack of buy-in across all levels of the organization, limited staff capacity, and organizational culture. External challenges include the political environment creating backlash against equity as a core value. To overcome these challenges, employers must frame DEI efforts as a means to fixing systemic issues, create a culture of belonging, ensure equitable policies and practices, and foster growth and learning at the organizational level.
Religious inclusion in the workplace is becoming more common as employers encourage employees to bring their whole selves to work. Recent U.S. Supreme Court rulings have set new standards for religious accommodations, leading to potential conflicts and lawsuits in the workplace. Creating religiously inclusive workplaces can involve initiatives such as employee resource groups, transparent accommodation procedures, and multi-faith calendars. Employers can also consider employing industrial chaplains to foster bonds with employees and provide support for their personal and professional needs.
HR INSIGHTS
A new survey of 10,000 desk workers globally from Slack Technologies found that spending more than two hours a day in meetings can hurt productivity. The survey showed that executives and rank-and-file workers alike thought they had too many meetings, and that the effects were the same whether the meetings were virtual or in person. Companies have been trying to combat the effects of too many or unproductive meetings with varying degrees of success. The survey also found that a small slice of the workforce thought they spent too little time in meetings.
The workplace gratitude gap refers to the disconnect between how much appreciation leaders think they're showing and how much their teams actually perceive. Organizations that effectively show gratitude have higher retention rates, while those lacking in gratitude see voluntary turnover rates spike. Fostering a culture rich in gratitude requires authenticity and personalized appreciation, as well as making it a regular part of daily routines. Three key strategies for expressing gratitude include offering personalized gestures, providing professional opportunities, and engaging in community work.
A new report from TELUS Health's Mental Health Index has revealed that workers with depression or anxiety lose an average of 58 and 57 working days respectively, which is equivalent to 24% of the working year. The survey of 2,000 employees also found that 11% and 15% of the workforce have been diagnosed with depression and anxiety respectively. Mental health experts agree that mental health and productivity are linked, and that workplace environment, culture, and workloads can have a significant negative impact on workers' mental health. The survey also found that a quarter of workers would value better mental well-being support from their employer over a 10% pay rise. There has been almost no improvement in the overall mental well-being of workers in the UK since TELUS's last calculation of the Mental Health Index in April 2023.
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A survey of 302 HR directors and C-suite professionals found that 22% of them were feeling 'very stressed', and almost three in ten (28%) felt there were too many demands on their time. The survey found that employee demands for higher pay, greater working flexibility, stronger value and purpose, and more hybrid working flexibility were among the top-rated concerns for businesses. HR leaders are feeling increasingly burnt out and stressed due to the growing amount of work they are expected to do, and many are moving into the freelance and interim market to gain greater flexibility. Half of respondents said that they often felt employee demands were unrealistic, and HR directors and C-suite leaders also said they felt the balance of power in the workplace often sits in favour of employees. HR professionals need to be more involved in decision-making, and should be supported in their role to help employees manage their own stress and productivity.
LEADERSHIP & TALENT MANAGEMENT
A white paper from WGU Labs identifies the challenges and possible solutions to better equip college students for their future careers. The primary challenges include a lack of communication between employers and students about the skills needed for certain jobs, an ineffective use of career centers, a one-way learning model, and an unsupported transition between education and the workforce. Possible solutions include addressing local needs with scalable solutions, modernizing existing services and leveraging latent capacity, redesigning the internship model, and making learning continuous.
RECRUITING & RETENTION
A survey conducted by Monster found that half of workers left their previous job due to feeling underappreciated, and having a salary that was “too low” was a close second. Different methods were used to inform their employers of their decision, such as in-person delivery, a formal letter, or email. In addition, 16% of respondents said they had not provided a full two weeks' notice, and 46% said they would provide less than two weeks' notice if their new role wouldn't allow for two. Most workers said they informed their direct manager or supervisor first when leaving their job, and 51% were most nervous to tell them. Finally, HR professionals should consider implementing stay interviews to help encourage retention and better understand what employees enjoy about their job and what may lead them to leave.
Companies are facing a tight and competitive job market, and it can be difficult to find and hire the right candidate for a given position. To ensure that they are hiring candidates who are looking for a long-term or permanent job, Forbes Business Council members share 12 strategies including prioritizing cultural fit and value alignment, creating a filtering process, spending time with candidates, assessing their attitudes, outlining professional development opportunities, looking for a genuine interest in upskilling, examining candidate achievements, conducting behavioral interviews, seeking core value alignment, avoiding pigeonholing candidates, and determining each candidate's level of commitment.
LABOR MARKET INSIGHTS
The Engineering Construction Industry Training Board (ECITB) estimated last year that around 25,000 additional workers would be needed for major projects, including those related to net zero by 2026. However, new research reveals that there will be an estimated shortfall of 40,000 workers by 2028. The ECITB's new Labour Forecasting Tool (LFT) provides insights into workforce numbers across regions and sectors up to 2035, predicting trends and potential future demand for workers. It shows that there could be a 28% increase in demand for workers in the industry between 2023 and 2028, with nearly 8,000 additional workers potentially needed to meet demand in 2024 alone if planned projects go ahead on time. The tool is designed to help with discussions and decisions around key skills, and with the support of a technical reference group, the LFT will enable a much better understanding of future labour needs.
According to a Glassdoor trend report, Gen Z will overtake Baby Boomers in the US workforce in 2024. This change in demographics has "sweeping implications" says Glassdoor's chief economist Aaron Terrazas. Gen Z values different things than Boomers, such as social impact, upward mobility, and flexible jobs to help with work-life balance. They are also more likely to want to get political at work and expect leadership to be vocal about issues they care about. Gen Z also prefers regular feedback and in-person work interactions. This shift in generations will prompt executives to search for ways to retain and motivate their youngest employees.
QUOTE OF THE WEEK
"AI is a tool - it replaces repetitive work, not creative work." - @naval
So many valuable insights in this week's newsletter! 🌟 Remember, as Nelson Mandela said - Education is the most powerful weapon which you can use to change the world. The sections on Education-Workforce Pathway and Gen Z Workforce Growth highlight the crucial role education and understanding generational dynamics play in shaping the future of work. Keep inspiring and innovating! 💡🚀 #futureofwork #educationmatters #genzprofessionals