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Here are the top news stories in talent & organization from this week.
The benefits of upskilling the workforce
Upskilling is crucial in a time of rapid technological changes in the workplace, and can be beneficial to both employees and the business, claims Jayne Jones. “By investing in staff training, this shows you are committed to your employees and are keen for them to develop,” she writes in a blog post for Insider Media. “Having training plans and progression routes is key for motivating your staff; this can increase productivity, a sense of achievement, confidence and drive.” Jones believes that upskilling can also improve employee retentions rates and reduce overall hiring costs. “When an employee leaves your business, you’re faced with having to spend time and money recruiting for a replacement,” she writes. “By upskilling staff, there is no need to go through the interview process and subsequently having to train the new hire.” Other benefits include employee engagement, improved productivity and customer satisfaction. “It is essential to stay ahead of the game and understand the importance of employee training and professional development,” Jones concludes.
Our “Reworking the Revolution” report covers how to ‘new skill’ the workforce to do more valuable work.
Eight key strategies for great leadership
What makes someone a great leader is being authentic in the way they form true connections with others and inspire them to be their best selves, argues Laura Garnett. In this Inc. blog post, she describes eight strategies that she finds critical to great leadership: 1. Do the work of knowing yourself. 2. Learn how to manage your own motivation and engagement. 3. Know how to fully embrace differences. 4. Review your behaviors with inclusiveness in mind. 5. Embody your vision, expectations and cultural norms at all times. 6. Create a safe environment for your people to be themselves. 7. Empower employees to fulfill your vision. 8. Get regular feedback. “What I’ve learned about leadership is that it tends to be just another word for being the best version of you, on a large scale,” Garnett writes.
The talent gap in financial services
The Bureau of Labor Statistics reported that the U.S. economy gained 130,000 jobs in August, with financial services realizing one of the largest gains—15,000 workers. “Conversations with over 30 recruiters throughout the country confirm that they view the job market as very robust,” Jack Kelly writes in Forbes. “The corporate demand, according to executive search professionals, outweighs the supply of qualified candidates.” Companies are experiencing difficulty hiring people with requisite skills and experience, with the unemployment rate remaining at 3.7 percent, a 50-year low. Dimitri Mastrocola, a financial services recruiter, told Kelly that the market for in-house counsel is the strongest it’s been since the 2008 financial crisis.
The career motivations of generation Z
Reward your generation Z employees and they will reward you in return, according a new report on the working habits of the most recent generation to join the workplace. ‘The Gen Z Effect on the US Workplace,’ a report by workflow automation platform Nintex, found that the members of generation Z are ready to commit to one company. More than half (60 percent) of generation Z respondents expect to stay at their first job past the one-year mark, with 71 percent planning to stay more than two years. Employers attempting to earn generation Z’s loyalty will need to make sure HR programs are in place to recognize new employees for their early workplace contributions, including offering promotions: 53 percent expect a promotion within one year of beginning their first job. “Technological change is, unsurprisingly, a key element of gen Z progression through the working ranks,” James Bourne writes in Enterprise CIO. “The rise of artificial intelligence and automation is one which does give some cause for concern, the report noted.” According to the report, more than three quarters (78 percent) of gen Z employees use automation tools to some extent, and more than half (57 percent) of them said they were concerned about automation impacting their jobs.
For more news on generations in the workforce, see our page here.
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