Talent Acquisition Newswatch - Issue 1.33

TOP STORY

How Gen Z challenges traditional management styles to the benefit of the organization

Gen Z is starting to take up managerial positions, and there is some concern about their effectiveness in leading. However, a survey by HR company Culture Amp found that 81% of direct reports under Gen Z managers agreed that the youngest generation is good at giving useful feedback on how their workforce is performing, and they were rated more favorably than their millennial and Gen X counterparts. Gen Z is also the most motivated generation in the workplace, and employers need to take action to ensure that their professional development training is up to par for those in managerial roles. To address motivation, leadership should create communication channels and share their mission and vision for the company.

COMPENSATION & BENEFITS

How will salary increases fare this year? Survey reveals historical highs are expected to continue

Pearl Meyer's annual executive pay practices survey found that while two-thirds of companies expect similar year-over-year salary increases, there are signs that wage growth may be slowing. Additionally, 20% of companies are including environmental, social, and governance-related issues as a stand-alone metric in their incentive plans, but only 5% are expecting to add new ESG metrics in 2024. The survey also found that slightly more than 40% of companies are considering changing their short-term incentive plans for senior executives. Median salary increases are expected to be 3.7% for broad-based employees and 3.5% for senior executives, down from 4% expectations from last year. Companies should take data into account when making compensation decisions, but should also base decisions on their talent management strategies and business goals.

DIVERSITY, EQUITY & INCLUSION

How can we Advance DEI in 2024? 3 Areas to Focus On

Diversity, Equity, and Inclusion (DEI) should be built-in, rather than 'bolted on,' to organizations in order to avoid legal contention and ensure maximum impact for all groups. DEI should be connected to business outcomes, allowing organizations to identify how it can enable market growth, customer activation, community engagement, talent attraction and retention. DEI needs to be treated as a governance issue, with boards having the necessary subject matter knowledge to effectively govern DEI and manage risk. Despite challenges, leaders are optimistic about the future of DEI and the benefits it can bring to organizations.

HR INSIGHTS

Employers encouraged to make mental health a priority in 2024

The HSE has released figures showing that 875,000 workers in Great Britain experienced work-related stress, depression, or anxiety in 2022/23, making up 49% of all cases of work-related ill health. Veriforce CHAS is encouraging employers to prioritize mental health in 2024, and have launched a dedicated mental health accreditation to set benchmarks for how businesses and their supply chains address mental health in the workplace. CIOB is also offering mental health support and advice to members, past members and related family through CIOB Assist.

LEADERSHIP & TALENT MANAGEMENT

Building Capacity Through Competency-Based Training and Development Programs

Competency-based training and development programs help organizations identify and develop competent individuals, improve overall organizational performance, and provide clear growth opportunities for employees. Key components of competency-based programs include identifying core competencies, establishing a competency framework, designing learning objectives and assessment criteria, developing learning content and resources, implementing the program, and evaluating program effectiveness. Tips for creating a successful program include engaging stakeholders, using a blended learning approach, and continuously updating and refining the program.

RECRUITING & RETENTION

How Smart Interviewers Can Pose Challenges

Highly intelligent interviewers can sometimes spend too much time unpacking a single story, resulting in knowing too much about too little. This pattern of over-analyzing and over-squeezing the lemon can lead to chasing irrelevant side stories and losing sight of the main idea. To break this habit, interviewers should remember the main point of the conversation and keep the conversation moving forward rather than sideways. While it's important to dig deep, it's crucial to focus on relevant details and be mindful of time constraints.

LABOUR MARKET INSIGHTS

Nearly a Third of Workers Ready to Make a Change in Employment

According to a survey from the Boston Consulting Group, more than a quarter of employees globally don't see themselves at their current employer in the next year. Pay and hours are the top concerns, however emotional needs such as fair treatment, respect and fulfillment are also important. Managers have the most influence over these factors, and strong dissatisfaction with managers leads to a doubling of attrition risk. People are looking for a holistic package of well-being, meaningful work and customizable benefits, including flexible work options, increased communication and employee development programs. Employers can foster these needs by increasing voice and agency, skills development and the hybrid work experience, while leaders can lead with listening and giving daily feedback.

Over Half of Employees Report Burnout in 2023

A report from isolved revealed that 65% of employees experienced burnout in 2023, which is a slight decrease from the previous year. However, employee burnout is still having a negative impact on their job performance as 72% of employees said it affected their performance. Employees want their employers to prioritize their well-being and mental health and provide more opportunities for skill development, flexibility, and improved internal communications. HR professionals should pay attention to burnout among their staff, offer mental health tools and work-life balance perks, and listen to and give feedback to employees on a regular basis in order to help reduce burnout.

What Leaders Should Look for in Workplace Trends in 2024

Employers and employees are heading for a relationship reset in 2024, as changes in where and how people work lead to significant shifts in workplace dynamics. Global worker stress levels remain high, impacting employee well being, productivity, and longevity. Employee engagement is slowly recovering but there is a decrease in employees feeling connected to their organization's mission and purpose. Trust in organizational leadership has declined and only 23% of US employees strongly agree that they trust their leaders. Managers are facing increased responsibilities and struggling with work-life balance, which negatively impacts team collaboration and effectiveness. Organizations need to develop long-term hybrid work strategies and optimize the hybrid workplace to ensure effective communication, collaboration, and culture-building.

QUOTE OF THE WEEK

"The quality of the personal connections we make have a huge impact on the quality and size of our achievements." - Sully Sullenberger, Safety Advocate, Author, Speaker, Pilot