ReportWire

Tag: retention

  • Here’s How Corporate Social Responsibility Can Create a Great Workplace

    Talent doesn’t just follow the money—it responds to new opportunities and improved quality of life offered by new positions. In today’s competitive job market (despite recent softening), companies aren’t just promoting open roles; they’re also selling and promoting the communities where those roles exist. If housing is unaffordable, schools are under-resourced, or the communities feel unsafe, top candidates will look elsewhere—no matter how strong the salary or brand. Investing to ensure thriving communities is not just a social good strategy; it’s a strategic business strategy.

    Boston Consulting Group reported that 52 percent of job candidates would decline an attractive job offer if the location didn’t meet their expectations. And with Paychex reporting that 57 percent of business leaders list attracting and retaining talent as top priorities, sustaining healthy, livable communities and building a homegrown talent pool are imperatives.

    Despite recent news narratives and political rhetoric, this points to a greater understanding of the connections between corporate social impact programs and long-term success in strengthening employee recruitment and retention, brand loyalty, and profit margins.

    Companies no longer view investing in their communities as philanthropy.  Rather, it’s an investment in future business success.  Companies have significant opportunities to be bold and adapt to this new reality. And if they don’t, their competitors will.

    Successful corporate social responsibility (CSR) programs are aligned with business strategies, especially efforts to develop tomorrow’s workforce and strengthen communities. According to the latest CSR Insights Survey, conducted by the Association of Corporate Citizenship Professionals (ACCP) and Your Cause from Blackbaud, 51 percent of corporate social impact professionals report increased demand for linking their programs to business value. In the same survey, respondents noted the top issue areas for social impact investments are job training/workforce development, K-12 education, and food insecurity (each scoring at 43 percent of respondents ranking as a top priority issue area for their company), followed by community revitalization (up 2 points to 36 percent) and STEM education (up 3 points to 35 percent).

    What’s behind this concentration on education and workforce issues?

    Companies are recognizing that the pipeline of future talent is at risk without their own efforts. Success depends on hooking every minnow in the pool and preparing them for a job market that is continuing to be radically reshaped by disruptive technologies. The dwindling supply of future workers and the incredibly fluid work environment reflects several widespread trends:

    First, the population is aging. As people live longer, the overall demographic is shifting towards older age groups, with younger generations making up a smaller portion of the population. And a new Baby Boom isn’t on the horizon to balance this trend. National fertility rates are at an all-time low, far below the level needed to maintain a stable population. Many young people, facing financial insecurity and a pessimistic outlook on the future, are less inclined to have children.

    Second, even if elected officials manage to bring a significant number of manufacturing jobs back to the United States — which is by no means certain — young people are neither interested in nor prepared for these positions. Despite a broader interest in trade jobs, manufacturing remains an exception. Recent news articles have noted that surveys show Gen-Z respondents have little desire for industrial roles, citing concerns over poor pay and safety.

    Third, companies are rapidly turning to machine-learning-powered applications to automate many types of work, including a large swathe of entry-level jobs.  Entry-level candidates will need to possess higher-order skills that machine-learning applications cannot handle. Job training and upskilling programs need to prepare job candidates for this future.

    In a world where disruptive technologies are redefining the workplace at lightning speed, investing in education and workforce development is no longer optional—it’s a business imperative. Companies that fail to prepare their people for this new reality risk being left behind.

    Trane Technologies, an ACCP member company, shows what it looks like to lead. For decades, the company has embedded corporate social responsibility into its long-term strategy. Today, it is doubling down with a bold approach to prepare both the workforce of today and the talent of tomorrow with the skills needed to thrive.

    Through its Sustainable Futures initiative, Trane made a $100 million investment and committed 500,000 employee volunteer hours by 2030. The initiative empowers young people and communities by expanding access to STEM and sustainability education, with a particular focus on green careers. This isn’t charity—it’s foresight. By equipping students and young learners with the skills and pathways into high-demand careers, Trane is ensuring a more resilient workforce while addressing one of society’s greatest challenges: building a sustainable future.

    Corporate social impact works best when it is aligned with business goals and community needs. Trane’s example makes the case clearly: preparing people for the jobs of tomorrow is not just good for business—it’s good for everyone.

    At its core, corporate social impact work reflects the belief that a vital society and widespread prosperity are not only ends in themselves, but also important contributors to a healthy bottom line. With a shrinking population and skills gaps looming in the future, it makes perfect sense that firms will leverage social impact programs to not only address societal problems, but also business challenges. The smartest companies won’t just respond to these challenges—they’ll lead, using social impact as a strategic tool to build stronger communities, a future-ready workforce, and long-term business value.

    The final deadline for the 2026 Inc. Regionals Awards is Friday, December 12, at 11:59 p.m. PT. Apply now.

    Andrea Wood

    Source link

  • Want to Promote the Right Person? Science Says Promote From Within

    Matters of style aside, Steve Jobs was an exceptionally effective leader at both Apple and Pixar. But would he have been as effective at, say, General Motors? Or Pepsi?

    While the old saw says a great leader can lead anywhere, still: hard skills definitely matter. A study published in Industrial and Labor Relations Review found that having a highly competent boss (defined as a person who excels at “ability to get the job done” and “employee development) has by far the largest positive influence on employee job satisfaction.

    As the researchers write, “If your boss could do your job, you’re more likely to be happy at work.”

    You’re also more likely to be happy if your boss was promoted from within, rather than hired from the outside.  A Joblist study found that nearly 70 percent of respondents preferred to be managed by a seasoned company vet who “climbed the ranks” rather than an external hire.

    Even if the external hire brought “proven talent” to the role. 

    Not only did respondents think hiring from within was the better path to growth, they also took outside hires personally: 35 percent had quit, or at least considered quitting, when passed over for someone outside the organization. 

    But wait, there’s more: internal promotions led employees to report higher productivity, greater loyalty to the organization, and that they had a better relationship with their (internally hired) manager.

    Internally hired leaders agree: they reported feeling more supported and respected by their teams, and more likely to describe their teams as high-performing. (Granted, which may have more to do with their tendency to embrace “this is how we do it around here” expectations than with objective, measurable outcomes.) 

    Keep in mind there were situations where respondents felt external hires made better sense. Like when an essential employee with specific, not internally replaceable, skills leaves the company.

    Or, although this wasn’t included in the study, if you as the employer are unhappy with your company’s culture.

    Culture isn’t what you say it is; culture is what you and your employees do. Bringing in people who embody the culture you hope to build may be the best way to effect long-term change. 

    But otherwise, you’re likely to be more successful when you promote from within, because when you get those promotions right, the effect on productivity, job satisfaction, and employee retention can be dramatic.

    A survey of over 400,000 people across the U.S. found that when employees believe promotions are managed effectively, they are more than twice as likely to give extra effort at work and to plan for having a long-term future with their company.

    Plus, when employees believe promotions are managed effectively, they are more than five times as likely to believe their leaders act with integrity.

    At those companies, employee turnover rates are half that of other companies in the same industry. Productivity, innovation, and growth metrics outperform the competition. (For public companies, stock returns are almost 3X times the market average.)

    So before you reflexively look outside your business to “bring in new talent” or “benefit from outside perspectives” or “inject fresh blood into the company,” take a step back and look at the criteria you will use to make the promotion or hiring decision.

    Instead of focusing on “qualifications,” determine what the perfect person in the job will actually do.

    If teamwork matters most, promote the best team player. If productivity matters most, promote your most effective employee. Getting the right things done — whatever those outcomes may be for the open position — matters most.

    If you truly can’t find that person within your organization, then feel free to look outside. In that case, your employees will understand, and will realize that your goal is always to find the best possible person for the job. 

    And because that person knows their stuff, and uses that knowledge to get things done, they will fit in just fine.

    But then take a look at how you’re developing people: unless you’re hiring someone to fill a role new to your company, you clearly need to work harder to help the people you already have learn new skills.

    The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

    Jeff Haden

    Source link

  • Job Hugging Replaced Quiet Quitting, but it Won’t Last. Here’s How to Retain Talent

    As companies reduce recruiting to a bare minimum, employees have increasingly responded by holding tightly to the relatively secure jobs they already have, and forgetting about trying to jump to better professional or salary opportunities elsewhere. The upshot of that job hugging is that managers should benefit from increased staff stability, especially with a majority of those workers now saying they’re strapping themselves in for at least two more years — whether they want to or not.

    Remember the heady, indeed headache-y Great Resignation of 2021-2023, when the post-pandemic abundance of job openings and rising wages led workers to swap employers at dizzying paces? Job hugging is creating an opposite situation you might call the Grand Retention. That’s happening as employees hold tight to secure and comfortable positions, and banish any thoughts about facing today’s cold and inhospitable employment market. According to a new survey by work opportunity platform Monster, nearly 50 percent of the 1,004 U.S. workers it surveyed said they’d joined the current job hugging trend, with 63 percent predicting its spread across workplaces will accelerate in 2026.

    As a result, employers may finally be rid of cold-sweat flashbacks of Great Resignation era scrambling to fill jobs.

    According to Monster, nearly half of all workers it questioned said they’re not only holding tight to their existing jobs, but in doing so are sticking with them longer than they had planned to. That stay-put strategy looks set to be in place long–term, too. Fully 75 percent of respondents said they intend on sticking with their current employers for at least two more years, by which time today’s anemic hiring rates may have rebounded.

    In other words, the unofficial motto for the workforce facing today’s miserly job market is to move slow and break nothing — especially anything affecting employment security.

    “Workers are holding on tighter than ever, but not because they’re complacent but because they’re cautious,” said Monster career expert Vicki Salemi in comments on the findings. “Job security and stability have become emotional safety nets. The new loyalty is about survival, not necessarily satisfaction.” 

    It’s also not entirely about loyalty, but also about sticking solidly with stable work. That’s why the job hugging trend winds up being a two-way street for both employers and their clingy workers.

    On the one hand, companies can rely on rock solid staff stability, which may allow them to optimize their workforce through assignment changes or other potentially disruptive moves at minimal risk of affected employees quitting. At the same time, business owners Monster also surveyed said they appreciated the employee commitment, institutional knowledge, and lower turnover costs that job hugging affords.

    On the other hand, employees benefit from the comfort of safeguarding their pay and benefits, as well as their employment security — the reasons most cited for their job hugging decision. The fact that three-quarters of respondents said they plan to stay put for at least two more years is also in part due to that defensive clinginess being viewed either neutrally, or in a positive fashion by a combined 93 percent of survey participants. Who’d fault a colleague from refusing to jump ship in a raging typhoon?

    So what could go wrong with staffs putting headlocks on their jobs?

    On the employee side, 94 percent of respondents said defensively digging into their current roles increased the risk they’ll eventually regret missed chances of higher pay. Other potentially negative consequences participants cited included burning out from lack of change, or feeling their career advancement had become stuck.

    That last concern may also create problems for business owners. Minimal turnover may result in many employees feeling they’ve stagnated while waiting out the labor market freeze. That’s especially true of higher performers, who in a less dire employment scenario would likely look for better outside possibilities — or demand internal opportunities.

    According to a recent blog post by management consultancy Korn Ferry — which initially coined the term “job hugging” — those risks mean businesses should act now to minimize their consequences in the future. In doing so, the company advises companies to identify their most talented and productive workers, and offer them additional training and advancement opportunities.

    Doing that should keep more valued employees satisfied as long as national hiring rates remain flat, and give them additional reasons to stay put when the job market opens up again.

    “Show your employees that you care about them reaching their personal objectives,” said Alan Guarino, Korn Ferry’s vice chairman of board and CEO services practice, in comments on managing the job hugging craze. “(G)ive them a safe, fair, working environment, and you will win the long game.”

    Indeed, while Monster’s survey indicates respondents believe job hugging will likely accelerate into 2026, Salemi says employers should remain mindful that the trend will weaken once job markets pick up again. Preparing for that, businesses should start making moves now to retain people they’ll want to keep when the current labor market freeze starts thawing.

    “Staying put doesn’t mean standing still,” she said. “Workers can continue to explore new opportunities passively and evaluate them carefully. The bar for making a move may be higher right now, but it’s not closed.”

    Bruce Crumley

    Source link

  • Should you give job applicants an assignment during the interview process? Be thoughtful about the ask

    Should you give job applicants an assignment during the interview process? Be thoughtful about the ask

    Hiring is a time-consuming and expensive endeavor. Companies need candidates who offer the right skills and experience for a given role, and who align with their organization’s vision and mission.

    To find the best fit, many companies still lean on a strategy that continues to generate debate: the assignment. Some candidates believe their experience and interviews should give prospective employers enough information to determine whether they will fit the role. Employers have to ask themselves whether they are willing to turn off a strong candidate by asking them to do additional work.

    Is the assignment valuable enough to the evaluation process that they cannot move someone forward without it? Sometimes it is—sometimes they help an employer decide between two strong candidates. And if they are necessary, how can employers make assignments fair and equitable for the candidate or candidates?

    When done right, assignments help assess practical skills and problem-solving abilities, giving a clearer picture of a candidate beyond what their resume or interview reveals. But employers should be thoughtful about the ask. While it may make sense for roles that require specific technical expertise or creative thinking, it isn’t appropriate for all roles—so assignments should always be given with a clear reason for why they are needed.

    Plus, they don’t just benefit the employer. For job seekers, an assignment during the interview process might also help them stand out from the competition. It can also offer a window into what their day-to-day in the new role might entail. Remember that the candidate should be interviewing the company, too. Having a test run of the work they’d be asked to do is a great way to see whether they believe the role is a fit.

    However, there is a rift in how people perceive the assignment as part of the interview process. Workers today span many generations, each with unique values and expectations. Whereas older workers often prioritize stability and loyalty, younger millennials and Gen Zers are more focused on flexibility and work well-being, Indeed data shows.

    This mindset impacts the amount of time and energy a candidate is willing to devote to each application. After multiple rounds of interviews and prep, taking on an in-depth assignment may feel like a bridge too far—especially if the expectations for the assignment are not clearly communicated ahead of time.

    Some candidates are wary of providing free labor to a company that may use their work and not hire them. Hiring managers should be clear about how the work will be used. They may also consider offering compensation if the assignment requires more than a couple hours of someone’s time, or if they plan to use the work without hiring the candidate.

    The key for early career candidates in particular is to ensure their time and efforts are respected. This is a win-win for employers: By providing clarity and transparency, they not only elicit the additional information they want from candidates, but they demonstrate that the organization is transparent and fair.

    Equity is also imperative: Which candidates are being asked to complete assignments? Is the hiring team consistent in giving out assignments across ages, experience levels, and roles? There should always be a process and clear evaluation criteria in place to ensure fairness.

    As we adapt to the rapidly evolving world of work, we must continue to think critically about each step in the hiring process. Candidate assignments can be a valuable tool, but only with appropriate respect for job seekers’ time and contributions.

    With the right strategy, we can bridge the gap between generations in the workplace and build a hiring culture that values efficiency, talent, and integrity.

    Eoin Driver is the global vice president of talent at Indeed.

    More must-read commentary:

    The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

    Eoin Driver

    Source link

  • Entry-level workers haven’t been this anxious about the job market in almost a decade

    Entry-level workers haven’t been this anxious about the job market in almost a decade

    All things considered, most employees are slightly more confident these days. Just don’t look down, or compare it to how they felt last year … or ask entry-level workers how they feel. 

    Entry-level workers are losing confidence at a rapid clip. In March, their rate of a positive outlook dropped to 46.1%, the lowest it’s been since 2016, owing to a depressed hiring market and minimal turnover. That data comes from the latest Employee Confidence Index installment from anonymous job-review site Glassdoor, published on Tuesday. 

    A slow hiring market hurts entry-level workers the most, leaving them fewer opportunities to break into new industries, much less climb the corporate ladder when no one above them quits for a new gig. 

    Of course, one major reason for the glass-half-empty outlook is the spate of layoffs hitting nearly every industry indiscriminately. Many bosses have blamed the unfortunate job cuts on over-hiring following strong pandemic-era performance, which, naturally, hasn’t gone over well with their workers or boosted morale. The share of Glassdoor reviews that mention overhiring jumped 24% from last year, and more than tripled from March 2022, before the layoff flood really began.

    It’s really no wonder entry-level workers are stressed. Career consulting firm Challenger, Grey & Christmas recently reported that this year kicked off with 82,307 job cuts—a 136% increase month-to-month increase. (Save for January 2023, the January 2024 figure represents the highest number of cuts since January 2009.) Add that to the fact that there are fewer jobs to apply to if you happen to get laid off; by late 2023, total listings were down 15% year-over-year, Indeed found.

    Ever since late 2022, when layoffs “really began to grab headlines,” employee confidence has been dropping sharply, and it’s stayed subdued despite economic data showing that layoffs are actually low by historical standards, Glassdoor’s lead economist, Daniel Zhao, told Fortune on Tuesday. “The share of Glassdoor reviews mentioning layoffs continues to rise even as layoff waves come and go, signaling that this economic anxiety about layoffs is sticky.” 

    The company has even seen that effect in reviews written by workers who were unaffected by layoffs, but still reported stress and burnout from layoffs in their industry. As Zhao wrote in the report, “economic anxiety about job security does not necessarily match actual layoffs one-to-one and the impacts on morale and employee sentiment may last longer than employers realize.”

    But despite the monthslong lows, a revitalized job market could stand to boost employee confidence. As Zhao pointed out, rates of hires and quits are both low, because both bosses and workers are sitting tight. He compared that job market freeze to the current housing market. “where interest rate lock-in has reduced the number of buyers and sellers.” 

    “If the economy thaws and hiring opens up, that can get workers back to moving up the career ladder,” Zhao added.

    Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

    Jane Thier

    Source link

  • Economy be damned: Your workers still expect a hefty raise this year

    Economy be damned: Your workers still expect a hefty raise this year

    Sixty percent of organizations are now sharing salary ranges on their job listings, according to the 2024 Compensation Best Practices Report from compensation software firm Payscale. That’s a 15% year-over-year jump. The biggest challenge for companies today, per the Seattle-based firm’s report, is compensation. Namely: Despite a tight job market and record-high inflation, workers are still gunning for better and better pay. That concern comes ahead of recruiting, retention and engagement for their employers. 

    “While the economy may be in flux, employee expectations have not swayed,” Payscale’s chief people officer Lexi Clarke wrote in the report, which surveyed nearly 6,000 HR company managers. “Transparent pay practices and meaningful raises are now table stakes to attract and retain top talent, but many organizations are falling behind as legislation is only accelerating.” 

    Half of companies lack a compensation strategy or firm messaging on the reasoning behind their pay, which is a problem, because employee engagement “hinges on workers understanding the ‘what’ and ‘why’” behind their salaries, Clarke said. 

    Even worse, despite the pronounced desire for better compensation, fewer organizations are planning on shelling out. (Seventy-nine percent said they plan on giving raises, against last year’s 86%.) On average, companies are planning for a 4.5% base pay increase; last year’s average was 4.8%.  

    Maybe companies have reason not to sweat: Last year’s rate of reported voluntary turnover was 21%, Payscale found, a 4% year-over-year drop. That’s all the evidence bosses need that it’s an employer’s market, and they can probably get away with being less generous.

    In direct response to the pay-transparency boom, more and more workers are asking questions about their pay, companies told Payscale. That’s led, predictably, to some unrest. 

    Fourteen percent of companies say some of their workers have left because they saw an ad for a similar position offering higher pay elsewhere—and 11% saw higher paying roles listed within the company itself. Indeed, pay transparency can be a double-edged sword, but the risks of bad feelings are considerably lower if companies prioritize fairness to begin with.

    The best of the rest

    When it comes to the three pillars of workplace future-proofing—artificial intelligence, skills-based hiring, and flexible work—trying to stave off the inevitable is never a sustainable approach, and Payscale’s findings confirm it. (“If we were to capture how to approach 2024 in one phrase, it might be ‘cautious optimism,’” Payscale’s research team wrote.)

    Each of those three pillars come back to fairness and equity, and each, when executed correctly, can make workplaces fairer places to be. 

    “Fair pay is the bedrock of compensation strategy, yet alarmingly, more than a quarter of employers are not proactive about correcting pay disparities,” Ruth Thomas, a pay equity strategist at Payscale, wrote in the report. “We’re seeing forward-thinking companies, on the other hand, make adjustments for external and internal pay equity, pay compression, and competitive skills—while diversifying their workforce by removing barriers to entry like degree requirements.”

    Just shy of half (49%) of HR leaders are optimistic about AI in their workplace; their top concern is that AI would stand to worsen existing biases rather than mitigate them. Just 7% of HR leaders would feel completely comfortable letting AI carry out pay-related decisions.

    On the skills front, over a third (34%) have removed college-degree requirements from their salaried job postings. Just 22% of firms say a college degree is a requirement for all of their salaried positions this year—a sizable improvement, and part of a rapidly building skills-first wave.

    Then there’s remote work, which is considerably less of a threat than most bosses may fear. Just 11% of the employers Payscale surveyed are fully remote—the same share as last year. But there’s still lessons to be learned among that small group: The voluntary turnover rate at fully remote companies is 13%, compared to 16% at hybrid workplaces and 30% for fully in-person companies. 

    It’s well known that replacing a strong performer is harder (and costlier) work than paying them what they want, so the Payscale report takeaway for employers might be two-fold: Pay your workers above market rate, and if they want to, let them work from home.

    Subscribe to the CEO Daily newsletter to get the CEO perspective on the biggest headlines in business. Sign up for free.

    Jane Thier

    Source link

  • The laid-off masses have a message for Mark Zuckerberg and Marc Benioff: We’ll never come back

    The laid-off masses have a message for Mark Zuckerberg and Marc Benioff: We’ll never come back

    For some workers, it doesn’t matter how grim the economy is, how dismal the job market, or how thankless their current job. If they were laid off—especially during the pandemic—many workers would never dream of returning to the place that dropped them. 

    Tech companies have laid off nearly 245,000 workers this year alone, per tracker Layoffs.fyi, and Silicon Valley heavyweights like Meta and Salesforce have led the pack, each culling thousands of jobs apiece.

    But workers weren’t losers for long. Now, as the job market shifts once again, companies are scrambling for talent, and some are angling for the very kinds of workers they just cut. The real question is what will happen when those workers decide they don’t want them back? 

    Over half (58%) of 6,000 professionals who responded to a recent Glassdoor poll said they’d never return to a company who laid them off. In the tech sector specifically, just 46% of workers said they’d boomerang. Men were slightly more likely to consider boomeranging than women, and older workers were more open-minded than younger ones.  

    “As the labor market has softened over the past year….some regrets are inevitable,” Aaron Terrazas, chief economist at Glassdoor, tells Fortune. A few sectors have begun “cautiously” ramping up their hiring as their fears of a recession recede, but “corporate reputation casts a long shadow.” 

    The legacy of layoffs—and how they were carried out—could “come back to haunt companies when the pendulum of the labor market inevitably swings back,” Terrazas adds. “Former employees can be a company’s most loyal advocates, or they can be the most piercing critics.” The result depends on the nature of the company. 

    Salesforce laid off about 10% of its workforce earlier this year, but now CEO Marc Benioff is encouraging those people to apply to fill its 3,000-plus open roles. “Our job is to grow the company and to continue to achieve great margins,” Benioff said in September. “We know we have to hire thousands of people.” He’s hoping a good portion of those people will be boomerangs. Benioff admitted to attempting to lure workers back in with an “alumni event for people who are employed in other companies to say—it’s okay, come back.”

    As for Meta, after laying off about a quarter of its workforce, jobs are open again, and the company has even constructed a specialty “alumni portal” for boomerangs looking to cut the line. 

    Why boomeranging makes workers cringe

    Leaving a job is fraught, especially when it’s the worker’s call. Eighty percent of employees who left their jobs during the so-called Great Resignation came to regret it. That would make boomeranging, for them, a bit less conflicted—and explains why boomeranging is on the rise across the board. But for workers who had no say in the matter, it’s no doubt a rocky call to make, with minimal precedent.

    On Blind, an anonymous employee forum, one Stripe worker recently asked whether layoff boomerangs are common. “I know if you get PIPed out or fired you are basically added to a ‘do not hire’ list but what happens with a layoff?” the poster wrote, referring to performance improvement plans. “Has anyone ever returned back after being laid off? I’ve surprisingly never seen it happen in my career.”

    A Microsoft employee said they’d seen it with “multiple engineers,” particularly those who were laid off during the Great Recession, only to rejoin a year or so later. Some were re-interviewed, but it was a “mere formality.”

    Granted, boomeranging—if an employee can withstand the early awkwardness—could be a strong move. A worker likely already knows the ropes, can skip the interview process entirely, and won’t need to prove themselves or forge new relationships with managers. 

    Naturally, it would help the company too. “Re-hiring employees means saving on recruitment costs, onboarding and training, and they bring the benefit of newfound knowledge from their most recent employment experience,” Ryan Wong, CEO of software firm Visier, wrote on LinkedIn last year. But, after a year, workers are significantly less likely to consider boomeranging. And if they do come back, they’re likely expecting an average pay bump of 25%, Wong added. That leaves employers with the question: How much are your boomerangs worth?

    Jane Thier

    Source link

  • American workers can expect bigger raises next year, despite a looming recession

    American workers can expect bigger raises next year, despite a looming recession

    It’s the most wonderful time of the year: corporate budget season. Or in some cases, budget re-adjustment season. 

    It’s the time when companies start to get realistic about what’s ahead for the coming year, particularly during the first quarter. And while that’s already playing out for some companies in the form of layoffs and hiring freezes, there is some good news for some employees heading into 2023. 

    Next year’s raises should be even higher than 2022 payouts, according to WTW’s annual salary budget planning report, based on survey responses from 1,550 U.S. organizations fielded in October. Despite the threat of an impending economic downturn, companies estimate they’ll be increasing their average workers’ salary 4.6% next year, up from the 4.2% the average worker received in 2022. 

    “As inflation continues to rise and the threat of an economic downturn looms, companies are using a range of measures to support their staff during this time,” Hatti Johansson, research director of reward data intelligence at WTW, said in a statement. 

    Boosting salary budgets is proving especially critical as companies continue to struggle to attract and retain employees. Three-quarters of organizations admitted to hiring and staffing issues—a number that’s nearly tripled since 2020. The continued tight labor market is the primary reason about 68% of companies opted to increase salary budgets. 

    But that pressure to pay well is a balancing act. About seven in 10 companies said they spent more than they’d planned to on salary increases and compensation adjustments over the last year. In order to fund pay increases, one in five are planning to raise prices on their products while 12% expect they will need to restructure and reduce staff headcounts. 

    And yet, despite the historic pay increases that organizations have doled out in recent years, compensation has not kept pace with inflation. National wage growth during the third quarter of 2022 increased 4.7% year over year, according to the PayScale Index. Yet, as of the end of September, real wages—which factor in the effect of inflation—are actually down 3% year over year. 

    For organizations struggling to make the math work if workers keep playing musical chairs with jobs and employers, WTW’s Lesli Jennings recommends focusing on the overall employee experience, not just providing pay increases. Two-thirds of companies surveyed have already provided workers with more flexibility and 61% have sharpened their focus on diversity, equity, and inclusion policies and programs. 

    “By focusing on health and wellness benefits, workplace flexibility, careers and DEI, organizations can position themselves as the employer of choice for their current and prospective employees,” Jennings says.

    Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s executives—and how they can best navigate those challenges. Subscribe here.

    Megan Leonhardt

    Source link

  • Discovery Senior Living Earns Coveted Great Place to Work Certification for 2022-2023

    Discovery Senior Living Earns Coveted Great Place to Work Certification for 2022-2023

    More than 4,500 completed surveys from across the senior living provider organization reflected high marks for team member trust and overall experience, which surpassed the certification benchmarks and helped secure the high-profile honor.

    Press Release
    –

    May 24, 2022


    BONITA SPRINGS, Fla., May 24, 2022 (Newswire.com)
    –
    Discovery Senior Living (“Discovery”) has been awarded its first-ever Great Place to Work Certification™, company leadership announced today. Great Place to Work Institute and Activated Insights issued the certification following in-depth analysis of survey data measuring more than 60 elements of team members’ experiences on the job. These included team members’ pride in the organization’s community impact and belief that their work makes a difference and has special meaning. 

    In recent years, Discovery and its executive leadership have been at the forefront of broader, seniors housing industry-wide efforts to improve talent acquisition and retention as the industry scales up to meet the unique needs of an incoming Baby Boomer generation whose members are reaching retirement age at a rate of about 10,000 per day.   

    The company has also increasingly emphasized volunteerism and giving back and, through its Discovery Makes a Difference charitable initiative, provides financial and other backing in support of 100% team-member-selected causes and beneficiaries. Since 2021, Discovery Makes a Difference has built homes for Habitat for Humanity, rallied food and supplies for Hurricane Ida victims in Louisiana, given to local food banks, animal rescues and veterans organizations, and raised more than $50,000 for Alzheimer’s research.       

    “Being awarded a Great Place to Work Certification™ is a prestigious honor, but it’s also indicative of a much larger and longer-lasting commitment by our organization to be a steward and champion for its people,” said Lisa Lacy, Senior Vice President of Human Resources for Discovery Senior Living. “This distinction has been born from meticulous, multi-year efforts to make Discovery a haven for attracting and retaining the industry’s top talent and preserving and protecting the culture of excellence and innovation that’s long been a pillar of the company’s identity.” 

    With headquarters in Southwest Florida and a national, multi-branded portfolio of 110 communities spread across 19 states, Discovery last year became a top-10 senior living provider organization and has now posted 30% annual growth for eight (8) consecutive years.

    About Discovery Senior Living

    Discovery Senior Living is a family of companies that includes Discovery Management Group, Morada Senior Living, TerraBella Senior Living, Discovery Development Group, Discovery Design Concepts, Discovery Marketing Group, and Discovery At Home, a Medicare-certified home healthcare company. With almost three decades of experience, the award-winning management group has been developing, building, marketing, and operating upscale senior-living communities across the United States. By leveraging its innovative “Experiential Living” philosophy across a growing portfolio of more than 13,000 existing homes or homes under development, Discovery Senior Living is a recognized industry leader for lifestyle customization and, today, ranks among the 10 largest U.S. senior living operators and providers. 

    Media Inquiries: 

    Heidi LaVanway, Vice President of Marketing

    HLaVanway@DiscoveryMGT.com| 239.301.5330

    Source: Discovery Senior Living

    Source link