Other parts of this series:
- California Mandates Women on Boards & Intelligent Bots in Finance – Talent & Organization Weekly News Update
- High-tech Banks Need People-savvy Workers & Millennials Boost Employee Well-being – Talent & Organization Weekly News Update
- Brexit’s Impact on Digital Skills Gap & Generation Z’s Tendency to Job-hop – Talent & Organization Weekly News Update
- Future Leaders of Insurance & The Race to an Agile Workforce – Talent & Organization Weekly News Update
- Creating a Workplace for Women & Leadership in the Age of AI – Talent & Organization Weekly News Update
Here are the top news stories in talent & organization from this week.
Will Brexit widen the digital skills gap for British banks?
Will Brexit make Britain’s digital skills gap worse? Vishal Marria, CEO of Quantexa, thinks it’s possible. In a guest column for Forbes Innovation, he writes about the rise of the fintech sector in London and the growing skills gap that hampers the digitalization efforts of key players in financial services. “For many decades, and particularly since London has turned its focus to fintech, Britain has been able to attract top digital talent to the UK to work for some of the world’s leading financial institutions,” he writes. “Depending on the outcome of Britain’s deal with the EU, it could become much more difficult for UK banks to attract European talent, because of changing restrictions on the movement of labor.” Marria is particularly concerned about major banks moving their headquarters to destinations such as Dublin and Frankfurt. “The unfortunate potential outcome here is that all the best European candidates will be able to move freely among member states. This could put Britain at a competitive disadvantage, particularly compared to the prestige it enjoyed before the referendum that made it a magnet for top talent,” he writes. On the up side, Marria believes Britain may end up focusing more on domestic talent, improving education and awareness about careers in technology. “In the long run, this could be greatly beneficial not only to the financial sector, but to Britain’s labor force and, eventually, its economy,” he concludes.
Generation Z more likely to switch jobs at a faster pace
According to a new survey from LinkedIn, Generation Z (employees aged 24 and younger) is three times more likely than Baby Boomers to change jobs, with 20 percent averaging four or more full-time jobs within a few short years. What motivates Generation Z to move around? “There’s no doubt that salary and benefits are an important part of a job, but when it comes to Millennials and Gen Z, they’re not everything. In fact, personal relationships, learning and growth opportunities, and simply enjoying the work they’re doing, were all important—signaling that culture is increasingly becoming one of the most important things for young professionals,” writes Blair Decembrele in a LinkedIn blog post. The research shows 70 percent of all professionals believe that their support system is one of the top factors for their success at work. Thirty-six percent of those under 24 told LinkedIn they would speak to their manager when thinking about a career change. They’re overwhelmingly (65 percent) looking for honest advice about what to do next, and for additional learning opportunities (35 percent). Decembrele also highlights the young professionals’ openness to relocating. “Half of professionals under 24 would consider moving for a new role, and nearly 20 percent said they would welcome the opportunity to travel,” she writes. “Gen Z is taking the cake as the most mobile professional generation.”
How to build a data-driven team
In this Harvard Business Review article, Tomas Chamorro-Premuzic outlines three key talent management recommendations to help your team become more data-driven: 1. Foster critical thinking. “As organizations turbocharge their ability to gather more and more data—and it’s not so much about size, but rather about quality—what matters most is having people who can ask the right questions to the data,” he writes. “Human curiosity and critical thinking are needed to identify the main problems that AI and data can help to solve, and this process starts with you.” 2. Invest in training. “This does not mean turning everyone into a data scientist, but leveraging the vast universe of virtual resources that exist within and outside of organizations,” Chamorro-Premuzic writes. He cites the free online courses offered by many top universities and Google on AI, data visualization and data science, and encourages company leaders to take advantage of them. 3. Hire the right people. “Individuals with higher quantitative or numerical ability levels will find it much easier to pick up any training related to data analytics,” he writes. “There are also other psychological qualities determining whether individuals will learn to think more empirically and quantitatively: being high on openness to experience, curiosity and learnability will enhance people’s willingness to learn and think more rationally, as will their general level of motivation and conscientiousness.”
Treat employees as customers to build a strong company
Retaining employees is crucial to a company’s success. And the best way to achieve this is by treating them like customers, with value and care for their experience, argues Stephanie Harris in this Human Resources Today blog post. HR departments looking to build a rich and attentive employee-experience strategy need to focus on three areas, she writes. 1. Work around their lives. Respecting the work-life balance of employees and allowing for flexible schedules builds loyalty. 2. Speak to employees in their own language. “You offer user manuals, product descriptions, menus, and websites in your customers’ languages, so why not translate and localize the material that your employees engage with?” Harris asks. 3. Involve your employees in decisions. “Top-down decision making isn’t likely to cultivate employee buy-in. It’s useful to think of your employees as the first “customers” for company culture decisions,” she writes.
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