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
Here are the top news stories in talent & organization from this week.
California becomes first U.S. state to mandate women on boards
California has become the first state to require publicly traded companies to include women on their boards of directors. The Sept. 30 measure requires at least one female director on the board of each California-based public corporation by the end of next year. Companies will need up to three female directors by the end of 2021, depending on the number of board seats, Time reports. They can be fined $100,000 for a first violation and $300,000 for subsequent violations. India, Germany, Australia, Norway, Spain, France, Italy, Denmark, Finland, Iceland, the Netherlands, Belgium and Israel already have similar mandates. Maureen Kline, vice president of public affairs and sustainability for Pirelli Tire North America, believes the state made the right move. “Women have plenty of intellectual talent and leadership skills, by any measure, yet are under-represented on corporate boards. Better talent on the board can translate into better decisions for the company and better performance,” she writes in this Inc. guest blog post. “As cultural norms continue to evolve, we need more women in leadership positions acting as role models. Young women need to know there is a place for them at the top. California will lead the way.”
Employee experience impacts customer experience in financial services
“Does the experience your employees have at your financial institution match the experience you want your consumers to have?” asks Mark Arnold in this CUI Insight blog post. He recommends that leaders in finance ask these three employee-driven questions to get a better idea of the consumer experience their firm is delivering. 1. Do employees feel welcomed from day one on the job? 2. When was the last time the employee break room got a sprucing? “If your public bathrooms look like Ritz Carlton while your employee break room looks like McDonald’s, then you have more than a brand gap issue,” Arnold writes. “You have an employee appreciation issue. Employees need to feel they’re part of something, not used for something.” 3. What do our employees say about us? “What your employees say about your credit union or bank is what customers are going to hear first. When our team runs mystery shops during a marketing audit, we ask the question, “Why should I bank here?” By giving employees an amazing, brand-centered experience on the job, you create brand ambassadors who don’t have any trouble delivering a positive answer to that million-dollar question,” Arnold writes.
How to become a talent magnet
With the U.S. unemployment rate hovering around 4 percent and many positions remaining open for long periods of time, the talent shortage is not getting any better, argues Doug Coull in this TalentCulture blog post. He gives a comprehensive list of things employers need to do in order to win the war on talent. “All people in the workforce want to experience respect, equality, fair pay, a true representation of an organization’s culture, advancement opportunities, job stability, gratification from the work they perform, along with acknowledgment by the employer for a job well-done,” Coull writes. He recommends companies have a social media presence that is available, relatable, likable, interesting, transparent and attractive to jobs seekers. “Social media is the perfect venue to showcase attributes of the company culture, employee sentiment, and employer brand,” Coull writes. Similarly, he suggests using technology to promote the firm’s brand and jobs since most job seekers today are tech savvy and use technology to aid them in their search. “Using video to showcase your employer brand and work environment, when used appropriately, can give people a great idea of your culture,” he writes. Coull’s other tips include using direct recruiting tools, employee referral programs and even gamification. “It takes work to stay competitive in a fast-paced society with more jobs than qualified people to fill them, but by implementing any programs or initiatives that expand your reach, you can maintain a competitive edge and win the war on talent,” he concludes.
Can finance learn to love the bots?
Intelligent process automation (IPA) or intelligent bots are coming to a finance organization near you—and quite possibly your own, according to this Oracle blog post. “Following a set of business rules defined by humans, bots now handle everything from processing purchase orders and invoices to distributing management reports. Sure, people can do that too—and have for decades—but bots will happily do it at a fraction of the time and cost, while eliminating human error in the process. What’s not to love about that?” the article asks. While finance staffers might initially have a certain degree of apprehension or even mistrust, the post highlights some of the good reasons to love IPA, such restoring employees’ work-life balance.
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