by admin | Jan 16, 2023 | Hot Topics, Human Resources
The new year is on the horizon, and everyone is predicting what 2023 HR trends to anticipate. Recently, HR Exchange Network posted a question on Terkel.io to discover what Human Resources and business leaders will be navigating, challenging, and experiencing in the year ahead. Here are the answers:
Bring It with Gamification
“Gamification is one of the biggest HR trends of 2023. It’s the use of game-like elements in non-game contexts, such as using points, badges, and leaderboards to encourage employees to achieve their goals. Gamification can also be used to engage employees in learning new skills or knowledge. There are many ways to gamify your HR program, but one of the most important things to keep in mind is that you need to make sure the games you create are fun and challenging.” -Antreas Koutis, Administrative Manager, Financer
Become the Great Communicator
“Many employers face an uncertain future in 2023. Rising inflation, utilities prices, and the possibility of economic recessions are all combining to introduce doubt about the next 12 months. One of the biggest questions for HR and senior leaders is going to be what they do on staff pay in response. Raise salaries to keep people afloat or hold back because the possibility of a recession may erode profitability? For those companies who can’t raise salaries to match inflation, benefits are going to become even more important.
Crucially though, employers may not need to introduce new benefits, just to communicate better about existing ones…2023 may be the year that HR seeks to make benefits communications louder through a multichannel communications strategy that reaches every worker, no matter where they are.” -Scott Hitchins, CMO, Interact Software
Meet in the Metaverse
“The biggest HR trend is Metaverse. According to Gartner, 25% of people will spend at least one hour daily in the metaverse by 2026. This suggests that some of these initiatives, such as virtual events, employee onboarding, career fairs, and meetings, will be launched by the biggest companies in this field in 2023. The metaverse makes it possible to reimagine a creative, collaborative, and productive world without being restricted by physical conventions.
The small number of companies that have begun to take advantage of the metaverse’s possibilities will have more modern employer brands, more exciting interactions with remote applicants, and even be able to increase productivity. To employ technology effectively, our HR ensures healthy metaverse working procedures by creating new hybrid working policies and training leaders through sessions on how to lead in this unique, upcoming setting.” -Shaun Connell, Founder, Writing Tips Institute
Put Out the Fire to End Burnout
“One of the biggest HR trends of 2023 will be the initiatives to counter or avoid employee burnout. Employee wellness will be emphasized more because it’s one of the factors that applicants prioritize when looking for a job. If you want to hire quality talent, you must attract them with quality compensation, which is why wellness programs that prioritize employee health, happiness, and contentment will be a big deal in the future.
To prepare for this, we have already slowly implemented a few programs. A part of our employee benefits includes a health care plan that encompasses mental health services. They may not be open to seeking help from peers and their manager, but at least you made it known that you have provided it for their use at any time in case they need counseling and therapy.” -Debbie Meeuws, Owner and CEO, Nature’s Arc Organic
Get Your People to Stay
“I think one of the biggest HR trends of 2023 will be a focus on employee retention. With the economy slowly recovering from the pandemic, companies will be more worried about losing their top talent to competitors. Companies will increasingly recognize that it is more cost-effective to invest in retaining existing employees than to constantly recruit and train new ones.
They’ll therefore invest more in employee development and engagement programs. I’m preparing for this trend by ensuring that our HR policies and practices are aligned with our company’s strategy and goals. We’ll also need to focus on creating a positive work environment and offering competitive benefits packages.” -Johannes Larsson, Founder and CEO, JohannesLarsson.com
Make It the Year of Flexibility
“One of the biggest HR trends of 2023 will be the continued rise of remote work. With more and more companies embracing flexible work arrangements, it’s likely that even more employees will be working from home in the next few years. To prepare for this trend, my HR team and I are focusing on creating policies and procedures that will make it easy for employees to work remotely. We’re also working on ensuring that our communication and collaboration tools are up to date so that everyone can stay connected no matter where they are.” -Erik Pham, CEO, Health Canal
Invest in Self-Care
“A subtle problem is affecting organizations. According to the American Psychological Association (APA), the pandemic’s effects on workplace stress were felt by more than three out of five employees. Eighty-seven percent of Americans are concerned about inflation, and seven in 10 workers are worried that their income hasn’t grown to reflect increases in purchasing power. In order to address the burnout dilemma, HR must first address its own.
Even though it may go against the basic requirement of their profession to prioritize helping others, human resources specialists should put on their own oxygen masks first. If not, the department won’t have the resources to help the rest of the business. The next thing we expect HR to do is to take a more proactive approach to resilience and well-being. This requires developing a more comprehensive employee welfare strategy that gives priority to their financial, physical, and mental well-being.” -Brad Burnie, Founder, Starships
Promote from Within
“One potential HR trend in 2023 is the prioritization of internal mobility to boost employee morale and foster career development. Companies will invest in reskilling and upskilling their existing employees to prepare them for more extensive and technical roles. Doing so will allow these employees to progress in their chosen fields, which equates to team growth and professional satisfaction.
As early as now, we’re slowly diverting our efforts to internal mobility, which financially benefits our company and accelerates our recruitment process. Since we no longer need to outsource talents, we can focus more on our current employees, allowing us to assess better who deserves to get promoted based on their running performances. It also lets us save on future financial expenses, as spending to retain existing talents is more budget-friendly than acquiring new ones.” -Sam Tabak, Board Member, RMBH Charities
Be More Transparent about Pay
“Given the new laws that have gone into effect recently (New York’s Pay Transparency and Colorado’s Equal Pay) along with the new laws going into effect in Washington and California, keeping pay behind closed doors is going to become increasingly difficult. There are many different approaches to this, but I am in favor of first making sure all employees within the company are within the band and then making all bands public. While it may be a bit radical, I’ll tell you why.
First, it increases transparency and equitability for your employee population, which I’ve seen often results in more buy-in than less. Second, it wastes less time for the company and candidates during the recruiting process. Lastly, attracting more talent within range, which long-term is better ROI. While this sort of transparency can be very hard for companies, in my experience it’s a ton harder to deal with the potential ramifications of not posting them, both from a compliance perspective and as a talent retention tool.” -Cheyenne Horvat, Manager, People Ops, Carta
Rely More on Advanced HR Tech
“Algorithmic HR is already gaining ground in the gig economy. Experts are anticipating that by 2023, the majority of HR departments across the industry will start relying on it as well for HR management. The prediction is there will be vast incorporation of AI for HR functions such as hiring and firing candidates, growing the candidate pool, and facilitating employee engagement in the workplace.
In our company, we’re preparing to incorporate algorithmic HR in our operations by slowly integrating AI and machine learning into our recruitment process. We’re conducting A/B testing to find the best AI tools that work best for us. We want to take ownership of this new system so that we can ensure that there is fairness and inclusion in this process.” -Stacie Tyler, CFO, Walk Big Media
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Nov 8, 2022 | Hot Topics, Human Resources
“What gets recognized gets reinforced, and what gets reinforced gets repeated.”
-Unknown
In today’s ultra-competitive work environment, the companies with the winning edge are the ones that have the best-trained and well-skilled staff. However, even the best employees cannot perform well (or may even jump ship) when they are not motivated enough. Praise and recognition provide the kind of positive experience that can increase employees’ morale, motivation and engagement, and renew their commitment to their organization. This is why employee praise and recognition in the workplace has to be an innate part of any company’s culture.
What is Employee Recognition?
Employee recognition is the acknowledgment of a company’s staff for exemplary performance. It is the timely informal or formal acknowledgement of a person’s behavior, effort, or business result that supports the organization’s goals and values and exceeds normal expectations.
Why Employee Recognition Matters
One of the biggest motivators for employees is to be held in high esteem by their peers. The best way of earning this respect is to be acknowledged for being good at what they do.
An increasing number of businesses are becoming proponents of mutual recognition, claiming that asking colleagues to praise each other helps to create a genuine atmosphere of positivity and fuels a sense of belonging and purpose. Employees thrive off acknowledgement and praise. Especially in the age of hybrid and remote work, it is not uncommon to experience feelings of isolation, so knowing that your co-workers appreciate you and value your input can help to effectively combat this.
But don’t just take our word for it – there’s plenty of data to back up the value of employee recognition programs.
One of the benefits of recognition and praise is that it helps create employee engagement. Workers won’t be engaged if they feel like nobody cares. A manager who praises is one who’s paying attention to the work and the worker. That personalized attention is crucial for the creation of an emotional bond between employees and the organization. And the strength of that bond, in turn, is behind higher productivity, lower turnover, fewer mistakes and accidents, and ultimately, higher profits.
Another benefit of employee recognition and praise in the workplace is that it can be the foundation of cultivating a culture of self-improvement. One of the best methods for staff recognition is to provide them with opportunities to learn and make themselves better at what they do. To take it a step further, it is also ideal to incentivize learning – reward those who have taken the time to focus on self-improvement.
There are countless ways to put employee recognition in the workplace into action; however, it all begins with company culture. A winning employee recognition program starts with having a company culture that advocates appreciation for top performers. This can be the foundation for solid staff engagement, continuous employee development, and an integral part of the company’s retention strategy for the future.
by admin | Sep 20, 2022 | Hot Topics, Human Resources
By all accounts, the United States is likely heading into a recession. Already, the country experienced two consecutive quarters of declining gross domestic product (GDP), which is a red flag.
Other signs include inflation, the cooling down of venture capitalist’s investment, a declining stock market, and varying interest rates. However, a strong job market persists, which throws off the usual domino effect, according to CNBC. Still, how people feel about their financial prospects matters, too.
Most Human Resources leaders are preparing for the worst. A recession is marked by an extended downturn in the economy, layoffs, unemployment, and lower consumer spending. For HR, recessions are magnified because they usually face the downsizing of their own department and the need to layoff talent, make due with less, and face the obvious consequences, which include having to constrict budget and lose talent pipelines for succession.
Therefore, Human Resources is usually keen on recession-proofing their business, and many have begun to do just that. Here are some ways to prepare for the coming storm:
Stick to the Budget
The pandemic made employees rethink their lives and shift their priorities. As a result, many were willing to leave the workforce unless employers transformed how they worked. The consequence was the Great Resignation. Whether one likes or hates that title, there is no question that the phenomenon of people quitting and a resulting labor shortage, which is also dependent on changing demographics, are real.
HR responded with signing bonuses and hefty pay raises. They plussed perks and benefits. With an oncoming recession, however, some of these tools for attracting talent must be curtailed or flat out stopped. Those with the future in mind are cutting back and avoiding risk when developing budgets.
Prioritize Employee Engagement and Experience
Smart Human Resources leaders recognize that the pandemic earned them their seat among C-suite executives. Business leaders are well aware that the talent churning out the work is vital to their success.
In many ways, employee engagement and experience is even more important in a recession. If there are layoffs, the people who remain become paramount. At the same time, they are likely overworked and stressed by the economy, not to mention the prospects of their organization. HR should step in and show gratitude and do what it can to keep up morale. Writing thank you cards and lending an ear are affordable ways to connect with workers.
Be Transparent
Transparency is of the utmost importance during a recession. Obviously, organizations keep their plans for layoffs under wraps until the last minute. However, they should be able to offer honesty to the employees who remain.
Obviously, they are going to be concerned for their own future, what these layoffs mean for the future of the company, and how their work life will change from this point on. Will they be doing more work to fill in for those who had been let go? Are there going to be freezes on annual raises? How grave is the situation?
Human Resources is the conduit for communication with workers. HR leaders can communicate forthrightly and encourage executives to do the same. They can set up town halls, similar to the ones they planned during the pandemic, with business leaders in their organization. This kind of approach is crisis management 101.
Be Prepared for Layoffs
Layoffs are already happening at a number of companies, including Peloton, Netflix, and Ford. Google announced a hiring freeze. So, realistic HR leaders will prepare themselves for the possibility of stalemate at best and layoffs at worst. Also, they will avoid layoff mistakes, like informing people they are being let go in a cruel way like, for example, over a group Zoom meeting. While no one wants a recession to happen, smart HR leaders are getting ready for the worst case scenarios.
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Sep 13, 2022 | Hot Topics, Human Resources, Workplace
Many young employees from Gen Z are taking to TikTok to express their frustration about the workplace and profess their practice of quiet quitting. Essentially, they are remaining at their jobs and still receiving paychecks and benefits, but they are sticking strictly to their the job descriptions and maintaining precise schedules.
On social media, some are bragging about doing the bare minimum because of their disappointment in their employer or simply as a lifestyle choice. Some older workers are suggesting this is a result of laziness or lack of ambition. Many in Gen Z argue that they are simply doing what is expected of them contractually, and nothing more, to maintain work-life balance.
The Phenomenon of Quiet Quitting
More than 3.9 million TikTok posts (and presumably counting) have addressed this phenomenon. Many explain that quiet quitting is really about setting boundaries and improving work-life balance or fighting the proverbial man.
“You’re not quiet quitting,” says Claudia Alick in a TikTok video. “You’re just resisting being stolen from. Unfortunately, that’s how capitalism works. That’s how they make a profit. The profit comes from you not getting paid your full value.”
But some career experts and even other TikTok users suggest that young employees are playing with fire. By never going above and beyond, they are making themselves vulnerable to layoffs at a time when budget is a concern. In addition, they might rule themselves out of promotions down the road.
Emily Smith, a TikTok user, reminds people that their boss might not know all their tasks or how long it takes for them to get everything done. She suggests having a conversation about what to prioritize and how to spread out the deadlines is a better route than quiet quitting. Others suggest this practice is bad news for employers.
“Experts say any lack of motivation among a company’s youngest workers can become a troubling sign. ‘Organizations are dependent on employees doing more than a minimum,'” says Mark Royal, senior director for Korn Ferry Advisory, according to a Korn Ferry blog.
What Should HR Do?
HR leaders should investigate the phenomenon of quiet quitting to determine whether it is happening at their organization. After all, a lack of employee engagement is top of mind in Human Resources. Thirty percent of those who responded to the latest State of HR report said employee engagement and experience is their top priority.
The pandemic forced people to rethink their lifestyle and reprioritize work. For many, family, friends, and personal pursuits have replaced work in the top spot. Some say that quiet quitting is the new checking out. Regardless, the Great Resignation has shown that employers, who do not take these shifts in culture seriously, will pay in a loss of talent.
At the same time, the top consequence of the pandemic, according to the respondents of State of HR, was burnout. That may be why TikTok users are leading the charge to demand better working conditions. Certainly, HR leaders are responding with different benefits, such as unlimited PTO and zen rooms, and policies like devising rules that limit calls and emails outside of work hours.
Even Goldman Sachs, famous for its 100-hour work weeks for associates, is requiring employees to take paid time off. Salesforce is testing work weeks with no meetings. Others are experimenting with four-day work weeks, flexibility in when and where employees work, and company-wide vacation days. This experimentation is part of the transformation of work that everyone is witnessing post pandemic.
The question becomes whether quiet quitting is an afront to employers that will degrade their ability to serve customers and innovate or is simply a new way of working that puts people’s personal lives and wellbeing above everything else. Perhaps, this is just part of the cultural shift and workplace transformation the country has been experiencing since the start of the pandemic.
By Francesca Di Meglio
Originally posted on HR Exchange Network
by admin | Sep 5, 2022 | Hot Topics, Human Resources
“Financial Wellness” is getting a lot of buzz these days — and for good reason! After all, today’s workforce is overwhelmed by mounting student debt and other rising expenses.
Financial wellness refers to a person’s overall financial health and is one of many factors that makes up employee wellbeing. We often think of wellbeing as related to physical and mental health, but financial stress impacts a person’s health as well. When employees are stressed about their financial situation it effects their productivity, attendance and engagement in the workplace.
Organizations are continually looking for ways to stay competitive and have an advantage in attracting and retaining qualified employees. With the current economic conditions, people are looking for jobs that offer more than just paid time off and health insurance. Therefore, many businesses have turned their focus to employee financial wellness programs to add value to their compensation packages. More than 51% of organizations offer financial wellness initiatives and 29% of companies are interested in launching financial wellness programs. Offered as a voluntary benefit, financial wellness programs send employees a valuable message, letting them know their company cares about them and is ready to extend a helping hand to those in need.
The goal of implementing a financial wellness program is to support and improve the financial health of employees by providing tools and resources to help them manage their current finances, protect against unforeseen financial hardships, and plan for a financially secure future.
Let’s take a look at some of the financial wellness solutions available:
- Educational Programs – An education-focused program that equips employees with the information they need to plan for emergencies using current employer benefits. Financial guidance sessions and financial education workshops are available via live chat that teach employees about budgeting, credit scores, retirement savings and savings accounts.
- Employer Matching Programs – A matching program involves an employer matching a certain percentage of contributions that employees make to their 401k, student loan repayment or a 529 (college savings) fund.
- Financial Assistance Programs – These programs focus on alternative stressors employees might not have considered as a factor in their financial health. These include medical bill zero-interest financing, medical bill negotiation, relocation assistance and stock options.
- Insurance Options – Employers can consider including alternative insurance programs such as long-term care insurance, pet insurance, adoption and fertility insurance, accident insurance, critical illness insurance, and life and disability insurance.
Over the past year, employee financial distress has intensified, which means it’s the perfect opportunity to bring financial education into your workplace. It won’t be easy. Reducing financial stress and improving financial health for your employees takes a comprehensive plan, but it will be worth the investment. Your commitment to prioritizing financial health will help improve the lives of your employees. Financially healthy employees are healthier and happier; they are better for the company’s bottom line.
by admin | Aug 23, 2022 | Hot Topics, Human Resources
Today’s offices potentially span five full generations ranging from Generation Z to the Silent Generation. A coworker could just as easily be raised with a smart phone in hand as they could have used a typewriter at their first job. Some see differences between generational colleagues as an annoyance (“kids these days!”) and many rely on generational stereotypes as fact. Current research questions the validity of generational stereotypes. This series uncovers top generational myths as a strategy to support a diverse and healthy employee population.
The U.S. population soared following World War II and this surge created the aptly named Baby Boomer generation. This generation was born between 1946 and 1964 and represents the eldest colleagues at work. The top three myths of Baby Boomers include:
- Baby Boomers don’t understand technology.
This stereotype has been overplayed in popular media. (The older colleague scared of Excel who needs to call the helpdesk to send a Slack message.) The truth is that a member of this generation (Tim Berners-Lee, to be exact) invented the internet. And while their zeal for new apps will likely not match your fresh college graduates, they are still more than capable. Between 76% and 81% of Boomers go online regularly. Give them a chance.
- Boomers are traditionalists.
The real question is, how are you defining tradition? Because Baby Boomers were the firsts in a lot of meaningful areas that can hardly be called traditional. Many Baby Boomers were idealists and had no problem taking action to support their social and political visions. This same vigor is seen in the workplace. For example, more Boomer women entered the job force than prior generations, increasing representation in the workplace. Just because this generation doesn’t share some of the same proclivities as younger generations, don’t assume they won’t speak up for what they want or will accept the status quo.
- Boomers are ready to exit the workforce.
With the older members of this generation approaching 80 years old, many assume this group is on its way out the door. The facts tell a different story. A 2018 Pew Research Study showed that close to 30% of Boomers in the 65-to-72-year age range were engaged in looking for a job or working. Baby Boomers aren’t sitting back on their heels (nor can they with the additional income needed to support the longer lives they lead in comparison to their parents’ generation). They want to stay connected with the workforce whether this is staying on staff in a full-time capacity or finding a part-time job where they can explore their hobbies. Boomers make great mentors as well so don’t pass up this opportunity to learn from your elders.
Baby Boomers had, and still have, a heavy pull in corporate America. This is a result of their group’s size, as well as their plans to stick around the office longer than expected. They may be more technology savvy than assumed and can’t be boxed into the traditionalist category. Finally, Baby Boomers are full of institutional knowledge that other generations should soak up.
This is the last article in the multi-generational myths series and can serve as a warning to not judge a book by its cover. While generations are affected by similar political, social, and economic events, they also develop in nuanced ways.
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