Other parts of this series:
- Transformational Leadership & Engaging Millennials in the Workplace – Talent & Organization Weekly News Update
- Millennials’ Favorite Job Perk & How to Improve Workplace Training – Talent & Organization Weekly News Update
- Insurance Ranked ‘Most Valuable College Major’ & Managing a Flexible Workforce – Talent & Organization Weekly News Update
Here are the top news stories in talent & organization from this week.
To retain millennials, offer this one benefit
Forget free snacks, gym memberships and ping-pong tables. In this Inc blog post, Melanie Curtin makes the case for the one benefit that will affect how long millennials will stay with a company: student loan repayment assistance. Curtin cites two studies to make her point. The first is a report by Citizens Bank, which found that millennial college graduates spend close to one-fifth of their annual income on student loan repayment. The second study found that those with student debt would stay with a company 36 percent longer if it helped them pay off their loan. “Offering student debt repayment assistance would say a lot about a company’s values,” Curtin writes. “It would send the message that the company understands the actual burden of this on their younger employees–that this is one of the major things on their minds.” She claims that adding student loan repayment assistance to the company’s benefits package would do more than just providing an incentive to young professionals to stick around. “It would let them know that their issues matter, and that one of the biggest stressors in their lives would actually be eased by sticking with you. It would demonstrate that you are the kind of organization that not only understands, but takes action on behalf of your people,” she concludes.
The four Ps of leadership
Successful leaders combine the skills and attributes of both leadership and management, claims Tim McClimon, the president of the American Express Foundation. In this Forbes guest column, he outlines what he calls the “Four Ps of Leadership.” 1. Purpose to help inspire others to join in their pursuit. 2. Plan to know where they are headed and how to get there. 3. People that are committed to the purpose and plan. 4. Power to fuel the engine that drives the purpose and plan. “In order to motivate people, contemporary leaders also need to be inclusive,” McClimon writes. “Taking a cue from team sports, every member of the team has a critical role to play, and the success of the team is dependent on everyone being able to fulfill those roles successfully.”
Startup aims to help freelancers with banking, paperwork
While there are many benefits to being a member of the gig economy, this PYMNTS article points to one of the major drawbacks: doing one’s own administrative paperwork for billing, registrations, taxes and more. In France, these tasks are even more onerous, where one must have a designated bank account before they can commence with freelancing. PYMNTS interviewed Nicolas Reboud, the CEO of Shine, a French startup aiming to ease the administrative pains for gig workers. The app helps freelancers register a company, create invoices, calculate taxes and establish a designated bank account. Shine recently benefitted from €8 million in funding. “This money will be used to keep growing the team and keep developing the product and hopefully launch Shine to other countries next year,” Reboud said.
Five techniques to improve workplace training
“Technology is revolutionizing the learning and development of professionals across a wide range of industries and sectors,” writes Irma Hunkeler in this TrainingZone blog post. “There are also many more tools, techniques and platforms that can be used to deliver staff training in a more convenient and engaging way.” She highlights five techniques that HR professionals can use to boost employee development: 1. Microlearning delivers learning in bite-sized chunks and makes it easier for employees to fit training into their hectic schedules. 2. Virtual reality (VR) and augmented reality (AR) have the potential to deliver safe and controlled on-site training in a diverse range of applications and give employees access to locations, situations and equipment which would otherwise be dangerous and cost prohibitive. 3. Gamification introduces a bit of friendly competition; rewards for employees who achieve top marks can help to improve the skill-acquisition of employees. 4. Social learning through instant messaging, video chat and other platforms allows employees to build job skills and working relationships. 5. Collaboration with suppliers, clients, vendors and other stakeholders can boost their knowledge of business practices at different stages of the supply chain and improve their level of service.
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