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Here are the top news stories in talent & organization from this week.
Brokers need to up benefits game to attract young talent
The struggle to attract younger generations to insurance is not a new subject, but brokers need to take a new approach to the war on talent, argue John Ludley and Matthew Reed. “Some have been proactive in setting up apprenticeships or graduate schemes, or creating defined training programs, but is this enough?” they ask in a blog post for Insurance Age. “There is abundant research out there which demonstrates how important perks and benefits are to potential employees before accepting a new job, and the positive impact these benefits have when it comes to staff retention.” The authors cite key findings of a new survey: Less than two thirds of employees (60 percent) have a benefits package, while of those who do, 86 percent said it made them feel valued. Yet, among the owners and managers surveyed, only a third said they offered some form of benefits package, and only 10 percent of those who provide a benefits package said they offered health coverage. “We found this particularly odd given that of all the perks, surely health insurance should be the one that an insurance broker should feel the most confident about buying even if they don’t have an HR professional in their business?” the authors write. “Brokers need to wake up to the fact that well-designed employment packages that go beyond the basic salary, holiday and pension offer will play a massive part in helping them compete effectively to attract and retain that talent.”
Treat job candidates as customers with these three tools
As job seekers have become more technologically savvy, companies need to interact with them in an engaging way using digital tools, Sarah Lambert asserts. In this Oracle blog post, she identifies the top three tools companies can utilize to make their candidate experience more like a customer experience. 1. A career website and the ability to create multiple custom websites to connect with different candidates. “Oh, and each of these sites filled with great content must be mobile-responsive. That’s a given,” Lambert writes. 2. Multiple platforms for candidates to interact with the company, including social media, email and chatbots. 3. A simple application process that is mobile-friendly and makes it easy to upload a resume from the cloud or via LinkedIn. “Working with a technology partner who has the tools you need to interact with talent in an engaging way will help your company stand out and let you focus on the candidates, not the technology,” Lambert writes.
The founders’ effect on gender parity in tech
Tech companies founded by men rarely achieve gender parity in the workforce, while a balanced workforce is the norm among companies started by women, according to a new analysis by recruiter Stellares. At companies with all-male founders, about 14 percent of leadership positions are held by women, while at those started by all-women founders, the split is about even. “So what’s a committed male founder to do? One way to counter the trend is to put women in charge of the HR department. Roi Chobadi, founder and CEO of San Francisco-based Stellares, told Bloomberg. When women make up at least half of the human resources positions, a higher proportion of the company leadership—about 20 percent—will also be women, the analysis found. The same improvements were found in HR departments with increased levels of minority staff.
Millennials face barriers to retirement savings
Millennials are behind in accumulating wealth and are facing retirement savings barriers their parents and grandparents didn’t, according to a new report from the Brookings Institution. In a Forbes blog post, Ted Knutson highlights the key findings: median wealth among millennials in 2016 was lower than among similarly aged workers in any year from 1989 to 2007, creating retirement savings obstacles. “Having to take more responsibility for their own retirement plans and marrying and bearing children at later ages will be barriers to retirement security past generations didn’t have to contend with,” he writes.
However, the report also reveals that millennials have less credit-card debt and are better educated (60 percent vs. 46 percent have attended some college) than previous generations.
For more news on generations in the workforce, see our page here.
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