August 2022
From 2008 to 2020, corporate executives became more partisan, more Republican, and more geographically segregated along political leanings. These homogenous boardrooms aren’t necessarily more effective – in fact, researchers found that companies who lost executives with differing political leanings saw a steeper fall in stock returns than those who lost executives with similar views. (The Washington Post)
When it comes to remote work issues, inequalities surrounding remote and in-person options were ranked as most important by younger executives and least important by those aged 50 and up. Younger Xers and Millennials are most open to remote work and tend to prioritize equity and inclusion – older managers aren’t as convinced, instead ranking hybrid-work schedule coordination as their key remote work concern. (Fortune)
Despite a looming recession, the job market still seems strong with a nearly record low unemployment rate… But why? The biggest factors include rising digitization, last year’s stellar profits, and a labor shortage that (between pandemic stressors and Baby Boomer retirements) isn’t likely to go away any time soon. (WorkLife)
The struggle to hire and retain workers has changed how organizations see their CHRO (Chief Human Resource Officer), with 84% of CEOs now saying that they view their CHRO as a strategic advisor and member of the executive management team. Empowered CHROs are more likely to successfully expand progressive workforce strategies, reshape management structures, and implement other operational and strategic initiatives. (Worklife)
The share of parents who want to work remotely 3 to 5 days a week has increased by 2 percentage points just since February of this year – among mothers in particular, the desire for overall “location flexibility” has reached an all-time high of 83%. Flexible solutions are a great way to recruit and retain employees in general, but these policies have a particularly strong impact on working parents’, helping them stay engaged and avoid burnout. (Future Forum Pulse)
A record number of COVID-infected workers on sick leave (coupled with a continuing labor shortage and employees taking long-postponed vacations) has many bosses claiming that staffing is harder now than at any previous stage in the pandemic. Some executives claim that companies have since learned to operate with less staff, but forward-thinking managers would be well-advised to avoid stopgaps and focus on longer term solutions. (The Wall Street Journal)
Summer interns are headed to work eager to make a good first impression, but many are struggling because no one is in the office. Anecdotal stories among interns describe disappointment after a long commute or feeling lost as they spend time unsupervised – but unfortunately for young go-getters entering the post-COVID workforce, remote work isn’t going anywhere. (The New York Times)
Teen workers this summer have more options and higher pay than they’ve seen in decades, with employers desperate to fill open positions and some states even lowering the eligible working age. Falling college enrollments and a hot labor market are some of the biggest drivers of this trend, which is particularly good news for service industries that have been struggling to fill posts as consumers ramp up spending. (Bloomberg)