February 2022
The struggle to hire and retain workers is the biggest threat to meeting business goals this year, according to surveyed executives. Over three-quarters say that hiring and retaining talent will be their most critical growth driver in 2022, while less than a third expect talent shortages to ease before 2023. (PwC)
According to a recent survey, only 39% of workers say that their employer is helping them improve their skills or gain new ones. Hiring managers should take notice: While most employees don’t have access to professional development and training offerings, 80% view these benefits as important considerations when accepting a new job. (American Staffing Association)
Out of six age groups, early-wave Millennials and late-wave Xers are currently the only cohort to have achieved at or above pre-pandemic employment. Despite repeated macroeconomic setbacks early in their careers, those who are today in their late 30s and early 40s have cultivated a cross-generational communication style and digital soft skills that are in high demand. (Bureau of Labor Statistics)
The latest research shows that industries with the highest quit rates over the last year are (unsurprisingly) also the sectors showing the highest quarterly wage growth. Bottom line: If you’re hiring in Food Services, Leisure & Hospitality, Retail, or Transportation, you may have to re-evaluate worker compensation in order to remain competitive. (Payscale)
Some white-collar companies are hosting meetings and happy hours in the metaverse, with the belief that it will improve engagement among remote employees. Cutting-edge technology is certainly exciting, but managers should keep in mind: “It’s easy to fall in love with the technology and not recognize that true engagement involves elements that are much less high-tech; empathy, empowerment, clear objectives, measurable goals and purposeful strategies.” (WorkLife)
Home Depot has announced plans to increase hires by 25% this spring through “rapid hiring,” an approach to recruitment that aims to send qualified candidates job offers within a day of receiving their application. While the company has declined to provide details, experts speculate that they will meet this ambitious goal by leveraging A.I.-powered tools, many of which are becoming increasingly accessible to small- and mid-size businesses as well. (Inc.)
A current Director of Leadership and Development writes about her experience as an experimental “Embedded Coach” position at a small startup. This type of role may be rare in early-stage organizations, but the author maintains that coaching is a “growth accelerator...[providing] big picture insights into the people, culture and business that would otherwise go unseen by senior leaders.” (Hospitality Net)
In a competitive labor market, bosses are getting creative, with some giving the green light to “unique” perks like subsidized botox or personal cake deliveries on employee birthdays. While the more outlandish benefits may make the news, the truth is that the most successful incentives are those that prioritize professional development and work-life balance, particularly among younger employees eager for mentoring and feedback. (WorkLife)