There was a lot of news about compensation and equal pay this week, so that's what we're going to focus on in this week's Talent and HR News Weekly Roundup. Increasing the minimum wage has been a popular topic in recent months. Just a few weeks ago, McDonald's reported its intentions to increase its minimum wage, and I wrote about Gap's plan last year. These companies are focused on the hourly worker. But what about a minimum wage for the salaried worker? That actually happened this week. This week was "Equal Pay Day," a day that symbolizes how far into the year women must work to earn what men earned in the previous year. Bet you didn't know this was a thing! Enjoy the other news related to equal pay and compensation below.
1) Gravity Payments CEO Takes 90% Pay Cut to Give Workers Huge Raise from CNN Money
"Price, who heads up the Seattle payment processing firm Gravity Payments that he founded, has pledged to make sure all of his staffers make at least $70,000 annually in the next three years. To do that he's cutting his $1 million salary to $70,000, and dipping into the firm's annual $2 million in profits. This will double the pay of about 30 of his workers and will mean significant raises for an additional 40. Price told employees of the new pay policy at a meeting Monday. For several moments there was stunned silence before people broke into applause and high fives said Phillip Akhavan, a merchants relations worker whose $43,000 salary immediately jumped 16% to $50,000."
There are so many valuable HR tools and technologies available--from employee engagement to feedback to perks and benefits. How can we implement the ones we want to use without overwhelming our workforce who has to learn to use each new platform? They solve many of the day-to-day challenges we have, and are usually cost effective. But most companies can't wait for multiple tools to be are acquired so they’re all on one platform. So what’s the tipping point on tools?
We asked some of the leading experts in HR technology. Here's what they had to say.
There are some big brands included in the employment news conversation this week: Google and Starbucks to name a few. Get leadership tips from the Final Four coaches, and see how culture can help the bottom line in this week's Talent and HR News Weekly Roundup.
1) Google's Head of HR Shares His Hiring Secrets from Fast Company
"Laszlo Bock knew he wasn’t walking into a traditional corporate setting in 2006 when he arrived for his job interview for head of people operations at Google. Google recruiter Martha Josephson implored Bock, who had done stints at firms like GE and McKinsey & Co., not to wear a suit to his interview. No one wears suits there, she told him—show up in one, and they'll think you don't get them or their culture. Bock acquiesced, but kept a necktie in his jacket pocket just in case."
Succession planning sort of feels like signing up for life insurance or investing in your retirement. It’s not something you need today, and you’ve managed thus far, so why think about it? And couldn’t you just figure it out when the time comes? Sure, you could get away with not having these things in place, and what if they were in place? Your loved ones would be pretty relieved you had life insurance should a tragic event occur. And you would be a lot less stressed being able to comfortably retire when the time comes. Same goes for succession planning. Who wants to think about the long-term when there is so much to do in the short-term? Your employees want you to, actually.
There have been quite a few "employment" related news pieces this week. Another company declares a hike in its hourly pay (you may also want to check this out), more new job numbers, and the world's largest company is in the news again. Check out what happened this week below so you can have semi-intellingent conversations with your significant other's boss at Happy Hour tonight.
1) US Economy Gained 126,000 Jobs in March, an Abrupt Slowdown in Hiring from The New York Times
"The labor market’s yearlong streak of robust monthly job creation was broken on Friday with the Labor Department’s report that employers added just 126,000 workers in March, a marked slowdown in hiring thatechoed earlier signs of a winter pall on the economy. Analysts blamed the punishing weather in the Northeast as well as the plunge in oil prices. "The American energy industry is adjusting very quickly to low oil prices, and so we’ve seen this in the counts of the number of rigs that are active and are seeing in mining and energy-related industries," said Carl Tannenbaum, chief economist at Northern Trust. "The bad news is we’re losing some jobs. The good news, is we hope, that the average consumer is saving a tremendous amount of money in lower gasoline prices.""
Without qualitative research, companies often make a lot of assumptions about what they *think* their company’s culture is like or what their brand means. We’ve seen companies rely on survey data alone to make decisions. While surveys do provide informative data – and we use those in our research too – they don’t answer “why.” Why did an employee rate his manager at a three out of five? Why did your employee say they don’t see opportunities for growth in the engagement survey? Perception is reality to your employees, and perceptions vary widely. Qualitative research allows you to dig into the “why” and understand where the perception might be coming from.
Our Talent and HR News Weekly Roundup is back and in full effect! We're going to try something different and share the latest news that affects work, talent, and HR - think job trends, unemployment reports, company changes, etc. Just read this roundup every Friday, and you'll be quite the conversationalist at weekend cocktail parties. As topics become popular in the news, we'll sometimes zero in on that in a given week. Let us know what you think!
1) America's Best Employers 2015 from Forbes
"As the job market starts to heat up for the first time in nearly a decade, the hunt for top talent is on. Workers have more options now than they’ve had in a long time. So who’s offering them the best situations? Forbes decided to find out by asking those in the best position to say: America’s employees. In partnership with Statista.com, we asked more than 20,000 American workers at large U.S. companies, nonprofit institutions like hospitals, government agencies, and U.S. divisions of multinationals a simple question: on a scale of 0-10, how likely would you be to recommend your employer to someone else? How about other employers in your industry. The result: a list of 500 employers, across 25 industries, where the workers like their jobs enough to spread the word."
Nine months ago, my colleague Lexi and I were chatting after a client call. I eagerly shared with her the news that I was expecting my first baby. Guess what...she was too! Most entrepreneurs or small business leaders would freak out--two key employees needing to be out at the same time? Two key employees who would have new family and time demands?
New year, same culture? Most companies want to have a culture that's engaging, attractive and aligned with their business. But they don't know how. If you want to jumpstart your cuture in 2015, get started with some motivation and guidance. This week's Roundup will help get you in the groove.
1) 12 Ways Millennials Will Change Company Culture in 2015 from Under 30 CEO
"How will company culture continue to change in the next two years as more Millennials make their way up the ladder? Millennials are a hyperconnected generation and are growing more accustomed to working from home or remotely, placing less emphasis on physical presence in an office. We’re going to see time tracking and invoicing tools become essential for companies as they focus on results and productivity, but in a place or at a time of their own choosing."
You may not know it, but Q1 is the busiest hiring time for most companies. If you're gearing up to hire or job search, you'll want to know what the latest trends are. This week we look at hiring in 2015--what's new and what you need to know.
1) Emerging Human Resource Trends in 2015: Is Your Business Ready? from The Huffington Post
"You've heard about Generation X and Generation Y, but now you need to know about Generation Z. These individuals were born between 1995 and 2010, and many are likely to be seniors in college by the end of 2015. Generation Z workers will start to enter the workforce as interns and entry-level employees, and they are going to go fast. You may want to get in on the action by snatching up highly talented college seniors before competitors hire them."
In the last of our "Best of" series, we're focusing on retention. Take a look at the best from our Talent and HR News Weekly Roundups in 2014 that cover anything having to do with retaining your employees. We'll be back next week with fresh news roundups for 2015!
1) Engage and retain staff in 2014 and beyond from HR Zone
"It’s a common misconception that an individual’s performance at work is based solely on just their capability. Whilst possessing the right skills and abilities is important, in today’s competitive business world, it is based on so much more than this. The silent threat of ghost turnover - The period of economic recession played host to a stagnating pool of talent. Suffering from uncompetitive reward and constrained training and development budgets, staff stayed in their current roles, not because of job satisfaction but because of job security. This is known as ‘ghost turnover’ – employees who want to leave their current jobs but can’t due to a lack of alternative or secure opportunities."
We talk a lot about culture at exaqueo and the benefits to the bottom line of a business. It's so foundational to every aspect of a company. This week's Talent and HR News Weekly Roundup features the "Best of Culture" articles from throughout the past year. Enjoy!
1) sing Your Culture to Attract Top Talent from Forbes
"Drab offices, deafening silence, draconian rules — these are the trademarks of stifling workplaces. And if your aspirational employees are working in this kind of environment, believe me, they won’t stay long. We all know that finding valuable employees is a hefty time investment, but leaders should spend just as much time building the culture that keeps them. Unfortunately, that’s seldom the case, and the repercussions can be far-reaching. To get some additional insight on this critical topic, I reached out to Fred Virgin, former SVP of HR at GE, and Carolyn D’Anna, Co-Chief Human Resources Officer at CohnReznick, for their opinions on how company culture can be your greatest selling point or biggest hindrance."
As part of our "Best of" series, this week we're taking a look back at anything with a focus on employees. From engagement to motivation, take a look at the highlights from 2014:
1) No Managers Required: How Zappos Ditched the Old Corporate Structure for Something New from Fast Company
"No more job titles. No more managers. No more hierarchical decisions. By this time next year, Zappos’s 1,500 workers will be organized into something called a holacracy. Holacracy is a little known organizational management system that’s is gaining a toehold in the business world. Zappos, so far, is its biggest adopter. Holacracy takes its name from the Greek word holos, a single, autonomous, self-sufficient unit, that is, at the same time, dependent on a larger unit. Think of a human cell’s relationship to the entire body."
This week we're taking a look back at "Best of HR Technology" from our Talent and HR News Weekly Roundups in 2014. Take a look below to see some highlights in this area from the past year:
1) The 5 Factors of Social-Media Marketing Most People Don't Consider from Entrepreneur
"This has long been a question brands have tried to definitely answer. It has been brought to the fore of late by a recent Gallup poll, the report from which states, "A clear majority of Americans say social media have no effect at all on their purchasing decisions." That may make it sound like social media marketing has little benefit, but the report's cursory dismissal doesn't take into account several other factors."
As we near year end and transition into 2015, we're going to bring you a "best of" series of Talent and HR News Weekly Roundups over the next few weeks. We'll share some of the most popular, interesting, and newsworthy pieces that we shared over the past year related to certain topics. This week we're spotlighting "Best of Recruiting." Check out what made the cut below:
1) Top Tips for Recruiting from Businessworks
"During the past three years that I've been CTO at Affectv, we have grown from three to 40 people, more than doubling our Engineering team in the last eight months alone, says Pravin (Prav) Paratey. In the next six months, we are looking to double this number again. We've made mistakes and avoided some ... here are the things I wish I'd known three years ago!"
Psychology can be applied to almost everything. Wonder why companies pick certain colors to be a part of their logo? They are trying to tap into something deep into your psyche to evoke an emotion they want associated with their brand. The same applies to the workplace and working together - there is a lot more to it than meets the eye. This week's Talent and HR News Weekly Update looks into the psychology of working together. Check out the latest thinking below:
1) Managing The “Talent” from The Work Psychology Company
"Managing talent in an organisation could be defined as being focussed upon particular people in the business, a set of characteristics or more toward a statement of identified needs for the future. Some organisations see talent as the ability to go on toward leadership & CEO status, or as McCartney & Garrow (2006) suggest as “employees that have a disproportionate impact upon the bottom line, or have the potential to do so” However the CIPD (2006) defines talent management as ‘the systematic attraction, identification, development, engagement/retention and deployment of those individuals with high potential who are of particular value to an organisation’. So how do organisations identify a talent pool or groups of individuals that will have significant effect upon the business and most interesting what do they do with the group when they have been identified?"
Anyone can demonstrate leadership qualities, regardless of your level. You don't need to be CEO of a company to demonstrate leadership. Below are some of the latest articles sharing thoughts on leadership and improving your skills in this area.
1) Leader, Know Yourself from Lead Change Group
"Servant leadership is not easy to do in today’s dog-eat-dog, me-first business environment. Yet we’ve all had great bosses that embraced their role to help team members succeed, to feel good about their contributions, and to feel trusted and respected in their workplace. In fact, when working for a boss that cares and serves, employees’ engagement increases, production increases, and service to customers increases."
As we near the end of the year, forget the turkeys and trees. It's performance evaluation time. From startups to Fortune 500 companies, we all crave feedback. It's the rare (and unfortunate) professional who doesn't care how s/he performs. For the most part, we all want to know: "what can we do better?"
Yet, we dread this time of year. Evaluations take time, energy and always seem to sink to the bottom of the to do list until we get those threatening "now or never" emails from HR. So here are five ways to make it worth your while (and theirs!).
1) Start with a S/O matrix
For each employee you have to review, start with a simple strengths and opportunities matrix. Create a four block and with stream of consciousness writing, quickly bullet point that employee's strengths and opportunities with specific examples of each. And if you can't come up with a specific example, don't include the strength or opportunity! This helps jumpstart start the process and ensures you're evaluating that employee on actual work rather than just past predjudice.
Probably one of the hardest business decisions is a hiring decision. There are so many variables to consider, and it's an expensive commitment. Some people rely on their gut, some pepople rely on more quantitative criteria. Whatever your method, here are some tips for making the right hiring decisions.
1) Old School Tools And Techniques Can't Win Today's Talent War from Forbes
"Think about the talent contests that are so popular on TV these days. They’re entertaining, but they bear no resemblance to the way the world really works. In those shows, individuals vie for the privilege of winning over an elite panel of experts. In the real world, organizations are vying for talent that’s all too scarce and growing scarcer. Why? Demographics are shifting; automation is eliminating most rote tasks, allowing people to do more of what they’re best at; and organizations are looking to expand globally while maintaining the same high standards they established at home."