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Why Does Belonging Matter at Work?

September 27, 2019 | 90 views

At some point in our lives, we’ve all been in a situation where we felt we didn’t belong. Perhaps it was that birthday party of a friend of a friend where you just couldn’t find anything in common. Maybe you were underdressed for a professional conference. When faced with these types of situations and the uncomfortable feelings they bring up, we typically try to leave. However, what if the place you felt you don’t belong is the place you have to be for eight or nine hours a day; Monday through Friday? When employees feel like they don’t belong at work, their performance and their personal lives suffer.

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Thrive is a fast-growing executive search firm exclusively serving private equity firms and their portfolio companies. The Firm has extensive search experience in the sub $1B market across industrials, energy, healthcare, business services and consumer with a 97% retention rate on our placements.

OTHER ARTICLES
HR PRACTICE

HR Compliance: Get Back to Basics During the Great Reset

Article | July 15, 2022

We hear the term “getting back to basics” quite often and we’re hearing it a lot lately. Regular readers of HR Bartender know that I’m a fan of consulting the dictionary, so I did a quick search to see what “getting back to basics” means. The Collins Dictionary defines it as “concentrating on simple, important ideas or activities.”Getting back to basics can be an opportunity to refocus and streamline. It can be ways to deliver great work with fewer steps. To become more proactive, especially if the organization feels they have been very reactive lately. Getting back to basics can help us spend time on things that are directly aligned with the business. The reason I’m bringing this up is because now is a great time to evaluate HR compliance processes. If we step back for a second, let’s look at what’s going on right now. From a business perspective, organizations are redefining the customer experience. I’m not saying that’s bad. But companies are trying to set new expectations with customers. I’m hearing an increasing number of people talk about spending some or all their time back in the office. Even employees who are 100% remote are talking about going in for special company events. So not only are companies setting new expectations with customers, but they’re setting new expectations with employees. While we’re going through this reset, it only makes sense to examine the way we’re doing things in HR.

Read More
TALENT MANAGEMENT

What Unconventional People Analytics Looks Like?

Article | June 24, 2022

HR analytics was first conceptualized in 1911 in the book ‘The Principles of Scientific Management’ by Frederick Taylor. Since then, it has become a prominent aspect of people management. Its application in performance optimization, employee retention and employee engagement is unprecedented. However, HR analytics has contributed in a multitude of ways to improving decision-making. Its scope is expanding and spilling into other areas of business. Many organizations are uncovering ways to use their people insights to inform decisions that have nothing to do with hiring. Applying HR Analytics to Identify a New Office Location The tech giant Cisco demonstrated that the use of people analytics can take many different shapes and forms. The company used data to guide its decision on choosing a new office building location, optimize space and build a positive culture right off the bat. Powered by the company’s data from across its 266 offices in 87 countries, the people analytics team got into action to identify usage rates and costs in the organizations. The team took into consideration the neighbourhood and community around them to assess the business outcomes. The team went over and above to examine the availability of talent from nearby universities in relation to the areas their competitors served. Predicting ROI on an Apprenticeship Training Program Multinational energy provider, SSE, deployed an in-depth analysis of their trained apprenticeship program to calculate ROI. It not only enabled the company to make a business case for its apprenticeship program to senior management but also see the true value of its initiatives through a financial lens. SSE discovered that every £1 invested collectively by the individual, society, and employer in a fully trained apprenticeship yields a return of £4.29 to the economy. Making Diversity More Than Just a Buzzword The carpool service, BlaBlaCar, used data analytics in HR to review job applications that were comprised of biased language and messaging. The company also structured its interviews in a way that was inclusive, a tactic that helped them convert candidates into employees and increase the diversity on their teams. London-based survey company Saberr employed HR analytics to explore candidates’ behavioral compatibility, core values, and diversity to identify if a candidate will feel welcome in an organization and the strength of their interpersonal relationships. Beyond the Hiring Horizon A 2019 study by Chalutz Ben-Gal discovered that recruitment and workforce planning are the two areas of HR that yielded the highest returns. By using data to fuel insights outside of hiring and people management, some organizations are demonstrating the innovative ways that HR analytics can power business outcomes. Whether to pinpoint a new regional office, assessing investment decisions or spearheading diversity and inclusion, leveraging people analytics is a matter of thinking outside the proverbial box and maximizing the combined power of people and their behaviors to drive innovation.

Read More
EMPLOYEE EXPERIENCE

Purposeful Employee Well-being: Making Data-based Decisions

Article | July 13, 2022

The pandemic uncovered several insights into the significance and connection between health, wellbeing, and productivity at work. Whether you work from home or in an office, without employee well-being, there is no organizational resilience. HR leaders are recognizing this bare truth and are focusing on more than just physical health. There is a push to promote holistic wellness, which includes physical, mental, social, financial, and psychological well-being. Employee Well-Being and the Modern Organization Studies have proved that employee well-being has a direct impact on revenue and profitability. It affects the overall employee morale, productivity, and employee experience. Focusing on employee well-being leads to a 41% drop in absenteeism, as well as more innovation, better retention, and lower healthcare costs. As workplaces have undergone much transformation in recent years, employees’ expectations from a health and wellness perspective have taken on a new shape. Forward-looking organizations are committing to developing meaningful initiatives that foster well-being in the workplace. Organizations do not intend to stop providing health coverage and benefits. They are proactively infusing well-being into the work culture, employee experience, and career growth as these factors are most likely to take precedence in the near future. In fact, according to a study by TeamStage, 78% of employees were more likely to continue working because they liked the benefits. In this context, data and a handful of key metrics will set the tone for HR professionals to deliver more value to their employees. Mapping the Metrics That Matter So what metrics will play a key role in bringing modern, employee-oriented wellness and health programs? According to a Paycor survey, 17% of HR professionals were able to provide a concrete response to changing their approach to well-being in 2022. Some initiatives include: Mental health awareness and training Discount on mental health apps Virtual exercise programs A 24/7 support helpline Employee Assistance Program (EAP) The first viable option is to implement a meaningful way to measure employee happiness in the workplace. For instance, international electronics giant Hitachi used wearable devices to monitor a range of activities, including sitting, standing, talking, and even typing, to create a measuring algorithm. Hitachi identified and pre-empted stressors and health concerns in the workplace by offering corresponding benefits. However, implementing benefits isn’t enough. Many employers are calculating employee interaction with their wellness offering through online portals. This key metric is used to determine whether or not employees are making the most of their benefits. In turn, this demonstrates their engagement levels with the company. Parting Words As the work landscape has shifted from the office to homes and job markets have become more volatile; stress, anxiety, and mental illnesses are mainstays of employee concerns. The pandemic underlined the importance of having a robust grip on employee well-being for organizations to be able to survive such drastic transformations. However, employee wellness has proven to be a cornerstone of sustainability and resilience all along. Organizations that hope to thrive and grow well into the future will need to highlight employee well-being as an integral part of their workforce strategy.

Read More
RECRUITMENT & RETENTION

How SMBs Can Configure a Revenue-Generating Recruitment Tech Stack

Article | May 12, 2022

Assembling a winning recruitment tech stack is much like recruiting the right candidate. You’re bound to find people who match some of your requirements. There will be a few candidates who seem like a match but don’t tick every box. Then there are those that stand out because of a single quality. The recruitment tech stack has long served the HR departments in large organizations to streamline their people management. However, for small businesses, using an HR tech stack can be a big decision. According to a study by Goldman Sachs, 44% of small businesses had only three months of cash reserves during the pandemic. This forced them to be smarter with their resources when it comes to staffing. HR Recruitment Tech Stack for SMBs: The Status Quo Considering how HR as a department can be loaded with work in small and medium-sized organizations, it is imperative to have a tech stack that is well-rounded and cost-efficient. Since 2022, small businesses have faced the brunt of a talent shortage during the Great Resignation. “It's about capitalizing on the tailwinds as the economy heals and fully reopens.” Courtny Cloeter, Chief Revenue Officer at OneSource Virtual Talk about the great resignation, retention problems, and underfunctioning tech stacks. A National Federation of Independent Business report found that over 51% of small businesses couldn’t fill all their job openings in October 2021. According to Oracle’s report on the state of HR tech stack in 2020, HR managers of only 33% of small businesses consider HR tech stack as one of their top three issues. In addition, only 31% of small business HR teams report automating their people management processes. This leaves a lot on the table for SMBs who want to get the most bang for their buck. How HR in SMB’s Can Use Recruitment Technology to Improve Profitability SMBs that currently have a non-existent HR tech stack can look forward to gaining immediate benefits. According to Oracle’s report, 66% of SMBs reported seeing a significant improvement in efficiency. But efficiency is just the first step. In the age of talent shortages, remote workplaces, and mass resignations, SMBs can leverage a tech stack or tech recruiting platform to develop a winning hiring strategy. Let’s discover some of the benefits that could do wonders for the growth and revenue of SMBs. Attract Top Talent It goes without saying that quality workers benefit an organization much more than average workers. But the contrast between the two can mean either savings or a loss of thousands of dollars for small businesses. A McKinsey study reveals that in low-complexity jobs, high performers are 50% more productive, while the difference is 800% for high-complexity jobs. Developing a robust recruitment technology stack can drive high-qualified candidates faster to SMBs. Improve Employee Experience Hiring top talent is just the beginning. You need to retain that talent to save on hiring costs. That’s where employee experience comes in. A case study by Great Place to Work demonstrates how essential employee experience is. Brains on Fire, a creative agency, used employee surveys to increase their engagement score from 74% to 92% in just two years. Armed with the data from the survey, the small business refined its hiring process and boosted trust and engagement exponentially. SMBs will benefit greatly from a tech recruiting platform that includes engagement initiatives in its stack. Increase Productivity Increased productivity means higher revenue. In fact, Harvard Business Review reports that organizations that report 40% more productivity than average also have a 30–50% higher operating margin. That makes a massive difference for small and medium-sized organizations. How SMBs Are Using Recruitment Technology to Overcome Talent Shortages Recruitment Marketing The battle for qualified candidates starts way before a job application comes in. Many small businesses are making inroads into quality talent pools with recruitment marketing. For instance, many recruitment marketing tools allow organizations to instantly advertise on premier job sites. This saves time and helps SMB HR teams reach more candidates faster. Recruitment marketing tools are critical in the HR toolkit of SMBs. AI in Recruitment Tech Stack AI is a cross-functional technology in HR processes. With AI in recruitment, small businesses can maximize both time and resources to automate areas of hiring, candidate screening, interview scheduling and performance management. Data analytics can help uncover crucial insights into challenges, which can then be addressed with AI-based HR solutions. Conclusion: What Can Small Businesses Anticipate in the Future of Recruitment Technology? With technology recruitment, small businesses learn to tackle everything from hiring talent, managing performance and productivity, and shaping employee engagement. With technology, recruitment becomes more functional, performance-driven, and efficient. Small businesses can script tailored HR strategies that get the most out of their resources and deliver impressive results like it did for Brains on Fire. As SMBs continue to adopt modern tech recruiting platforms as their go-to HR management solution, they can shift their efforts towards strategic scaling. With a recruitment tech stack that scales with growing businesses, SMBs can sit back and focus on what matters: driving revenue. Frequently Asked Questions What are the technologies used in a tech recruiting platform? Some of the technologies used to leverage recruiting platforms include artificial intelligence, applicant screening and tracking, recruitment CRM tools, video interviewing tools, and training platforms. Is recruitment CRM a part of a modern recruitment tech stack? Yes. Recruitment Candidate Relationship Management (CRM) is used as part of the hiring process. It is used to manage all aspects of staffing and recruitment. It helps to build relationships with the talent pool and create a seamless hiring process. What are the must-haves in a recruitment technology stack? The must-haves of a recruitment stack are employee referral tools, email automation, video interviewing, CRM, social media automation, and job posting.

Read More
HR PRACTICE

5 Best Practices for Developing an HR Change Management Program

Article | July 15, 2022

We hear the term “getting back to basics” quite often and we’re hearing it a lot lately. Regular readers of HR Bartender know that I’m a fan of consulting the dictionary, so I did a quick search to see what “getting back to basics” means. The Collins Dictionary defines it as “concentrating on simple, important ideas or activities.”Getting back to basics can be an opportunity to refocus and streamline. It can be ways to deliver great work with fewer steps. To become more proactive, especially if the organization feels they have been very reactive lately. Getting back to basics can help us spend time on things that are directly aligned with the business. The reason I’m bringing this up is because now is a great time to evaluate HR compliance processes. If we step back for a second, let’s look at what’s going on right now. From a business perspective, organizations are redefining the customer experience. I’m not saying that’s bad. But companies are trying to set new expectations with customers. I’m hearing an increasing number of people talk about spending some or all their time back in the office. Even employees who are 100% remote are talking about going in for special company events. So not only are companies setting new expectations with customers, but they’re setting new expectations with employees. While we’re going through this reset, it only makes sense to examine the way we’re doing things in HR.

Read More
TALENT MANAGEMENT

3 Potent Talent Acquisition Strategies C-Suites Must Invest In

Article | June 24, 2022

HR analytics was first conceptualized in 1911 in the book ‘The Principles of Scientific Management’ by Frederick Taylor. Since then, it has become a prominent aspect of people management. Its application in performance optimization, employee retention and employee engagement is unprecedented. However, HR analytics has contributed in a multitude of ways to improving decision-making. Its scope is expanding and spilling into other areas of business. Many organizations are uncovering ways to use their people insights to inform decisions that have nothing to do with hiring. Applying HR Analytics to Identify a New Office Location The tech giant Cisco demonstrated that the use of people analytics can take many different shapes and forms. The company used data to guide its decision on choosing a new office building location, optimize space and build a positive culture right off the bat. Powered by the company’s data from across its 266 offices in 87 countries, the people analytics team got into action to identify usage rates and costs in the organizations. The team took into consideration the neighbourhood and community around them to assess the business outcomes. The team went over and above to examine the availability of talent from nearby universities in relation to the areas their competitors served. Predicting ROI on an Apprenticeship Training Program Multinational energy provider, SSE, deployed an in-depth analysis of their trained apprenticeship program to calculate ROI. It not only enabled the company to make a business case for its apprenticeship program to senior management but also see the true value of its initiatives through a financial lens. SSE discovered that every £1 invested collectively by the individual, society, and employer in a fully trained apprenticeship yields a return of £4.29 to the economy. Making Diversity More Than Just a Buzzword The carpool service, BlaBlaCar, used data analytics in HR to review job applications that were comprised of biased language and messaging. The company also structured its interviews in a way that was inclusive, a tactic that helped them convert candidates into employees and increase the diversity on their teams. London-based survey company Saberr employed HR analytics to explore candidates’ behavioral compatibility, core values, and diversity to identify if a candidate will feel welcome in an organization and the strength of their interpersonal relationships. Beyond the Hiring Horizon A 2019 study by Chalutz Ben-Gal discovered that recruitment and workforce planning are the two areas of HR that yielded the highest returns. By using data to fuel insights outside of hiring and people management, some organizations are demonstrating the innovative ways that HR analytics can power business outcomes. Whether to pinpoint a new regional office, assessing investment decisions or spearheading diversity and inclusion, leveraging people analytics is a matter of thinking outside the proverbial box and maximizing the combined power of people and their behaviors to drive innovation.

Read More
EMPLOYEE EXPERIENCE

Is it Time to Upgrade Your Benefits Software?

Article | July 13, 2022

The pandemic uncovered several insights into the significance and connection between health, wellbeing, and productivity at work. Whether you work from home or in an office, without employee well-being, there is no organizational resilience. HR leaders are recognizing this bare truth and are focusing on more than just physical health. There is a push to promote holistic wellness, which includes physical, mental, social, financial, and psychological well-being. Employee Well-Being and the Modern Organization Studies have proved that employee well-being has a direct impact on revenue and profitability. It affects the overall employee morale, productivity, and employee experience. Focusing on employee well-being leads to a 41% drop in absenteeism, as well as more innovation, better retention, and lower healthcare costs. As workplaces have undergone much transformation in recent years, employees’ expectations from a health and wellness perspective have taken on a new shape. Forward-looking organizations are committing to developing meaningful initiatives that foster well-being in the workplace. Organizations do not intend to stop providing health coverage and benefits. They are proactively infusing well-being into the work culture, employee experience, and career growth as these factors are most likely to take precedence in the near future. In fact, according to a study by TeamStage, 78% of employees were more likely to continue working because they liked the benefits. In this context, data and a handful of key metrics will set the tone for HR professionals to deliver more value to their employees. Mapping the Metrics That Matter So what metrics will play a key role in bringing modern, employee-oriented wellness and health programs? According to a Paycor survey, 17% of HR professionals were able to provide a concrete response to changing their approach to well-being in 2022. Some initiatives include: Mental health awareness and training Discount on mental health apps Virtual exercise programs A 24/7 support helpline Employee Assistance Program (EAP) The first viable option is to implement a meaningful way to measure employee happiness in the workplace. For instance, international electronics giant Hitachi used wearable devices to monitor a range of activities, including sitting, standing, talking, and even typing, to create a measuring algorithm. Hitachi identified and pre-empted stressors and health concerns in the workplace by offering corresponding benefits. However, implementing benefits isn’t enough. Many employers are calculating employee interaction with their wellness offering through online portals. This key metric is used to determine whether or not employees are making the most of their benefits. In turn, this demonstrates their engagement levels with the company. Parting Words As the work landscape has shifted from the office to homes and job markets have become more volatile; stress, anxiety, and mental illnesses are mainstays of employee concerns. The pandemic underlined the importance of having a robust grip on employee well-being for organizations to be able to survive such drastic transformations. However, employee wellness has proven to be a cornerstone of sustainability and resilience all along. Organizations that hope to thrive and grow well into the future will need to highlight employee well-being as an integral part of their workforce strategy.

Read More
RECRUITMENT & RETENTION

How SMBs Can Configure a Revenue-Generating Recruitment Tech Stack

Article | May 12, 2022

Assembling a winning recruitment tech stack is much like recruiting the right candidate. You’re bound to find people who match some of your requirements. There will be a few candidates who seem like a match but don’t tick every box. Then there are those that stand out because of a single quality. The recruitment tech stack has long served the HR departments in large organizations to streamline their people management. However, for small businesses, using an HR tech stack can be a big decision. According to a study by Goldman Sachs, 44% of small businesses had only three months of cash reserves during the pandemic. This forced them to be smarter with their resources when it comes to staffing. HR Recruitment Tech Stack for SMBs: The Status Quo Considering how HR as a department can be loaded with work in small and medium-sized organizations, it is imperative to have a tech stack that is well-rounded and cost-efficient. Since 2022, small businesses have faced the brunt of a talent shortage during the Great Resignation. “It's about capitalizing on the tailwinds as the economy heals and fully reopens.” Courtny Cloeter, Chief Revenue Officer at OneSource Virtual Talk about the great resignation, retention problems, and underfunctioning tech stacks. A National Federation of Independent Business report found that over 51% of small businesses couldn’t fill all their job openings in October 2021. According to Oracle’s report on the state of HR tech stack in 2020, HR managers of only 33% of small businesses consider HR tech stack as one of their top three issues. In addition, only 31% of small business HR teams report automating their people management processes. This leaves a lot on the table for SMBs who want to get the most bang for their buck. How HR in SMB’s Can Use Recruitment Technology to Improve Profitability SMBs that currently have a non-existent HR tech stack can look forward to gaining immediate benefits. According to Oracle’s report, 66% of SMBs reported seeing a significant improvement in efficiency. But efficiency is just the first step. In the age of talent shortages, remote workplaces, and mass resignations, SMBs can leverage a tech stack or tech recruiting platform to develop a winning hiring strategy. Let’s discover some of the benefits that could do wonders for the growth and revenue of SMBs. Attract Top Talent It goes without saying that quality workers benefit an organization much more than average workers. But the contrast between the two can mean either savings or a loss of thousands of dollars for small businesses. A McKinsey study reveals that in low-complexity jobs, high performers are 50% more productive, while the difference is 800% for high-complexity jobs. Developing a robust recruitment technology stack can drive high-qualified candidates faster to SMBs. Improve Employee Experience Hiring top talent is just the beginning. You need to retain that talent to save on hiring costs. That’s where employee experience comes in. A case study by Great Place to Work demonstrates how essential employee experience is. Brains on Fire, a creative agency, used employee surveys to increase their engagement score from 74% to 92% in just two years. Armed with the data from the survey, the small business refined its hiring process and boosted trust and engagement exponentially. SMBs will benefit greatly from a tech recruiting platform that includes engagement initiatives in its stack. Increase Productivity Increased productivity means higher revenue. In fact, Harvard Business Review reports that organizations that report 40% more productivity than average also have a 30–50% higher operating margin. That makes a massive difference for small and medium-sized organizations. How SMBs Are Using Recruitment Technology to Overcome Talent Shortages Recruitment Marketing The battle for qualified candidates starts way before a job application comes in. Many small businesses are making inroads into quality talent pools with recruitment marketing. For instance, many recruitment marketing tools allow organizations to instantly advertise on premier job sites. This saves time and helps SMB HR teams reach more candidates faster. Recruitment marketing tools are critical in the HR toolkit of SMBs. AI in Recruitment Tech Stack AI is a cross-functional technology in HR processes. With AI in recruitment, small businesses can maximize both time and resources to automate areas of hiring, candidate screening, interview scheduling and performance management. Data analytics can help uncover crucial insights into challenges, which can then be addressed with AI-based HR solutions. Conclusion: What Can Small Businesses Anticipate in the Future of Recruitment Technology? With technology recruitment, small businesses learn to tackle everything from hiring talent, managing performance and productivity, and shaping employee engagement. With technology, recruitment becomes more functional, performance-driven, and efficient. Small businesses can script tailored HR strategies that get the most out of their resources and deliver impressive results like it did for Brains on Fire. As SMBs continue to adopt modern tech recruiting platforms as their go-to HR management solution, they can shift their efforts towards strategic scaling. With a recruitment tech stack that scales with growing businesses, SMBs can sit back and focus on what matters: driving revenue. Frequently Asked Questions What are the technologies used in a tech recruiting platform? Some of the technologies used to leverage recruiting platforms include artificial intelligence, applicant screening and tracking, recruitment CRM tools, video interviewing tools, and training platforms. Is recruitment CRM a part of a modern recruitment tech stack? Yes. Recruitment Candidate Relationship Management (CRM) is used as part of the hiring process. It is used to manage all aspects of staffing and recruitment. It helps to build relationships with the talent pool and create a seamless hiring process. What are the must-haves in a recruitment technology stack? The must-haves of a recruitment stack are employee referral tools, email automation, video interviewing, CRM, social media automation, and job posting.

Read More
MORE ARTICLES

Spotlight

Thrive Resources

Thrive is a fast-growing executive search firm exclusively serving private equity firms and their portfolio companies. The Firm has extensive search experience in the sub $1B market across industrials, energy, healthcare, business services and consumer with a 97% retention rate on our placements.

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TALENT MANAGEMENT,EMPLOYEE BENEFITS

WorkFaith Launches WorkFaith Now

WorkFaith | August 03, 2022

WorkFaith announced WorkFaith Now, a new online learning platform for job seekers and employees. WorkFaith Now offers self-paced job readiness and career development courses at no cost to both individuals looking for work and staffing agencies who want to upskill their clients. "WorkFaith Now is a transformative digital platform that gives 24/7 access to faith-based training and coaching opportunities. No longer is time or transportation a barrier for those who need immediate access to critical job resources, When you access WorkFaith Now, you can expect to receive essential job training skills that have helped thousands of individuals obtain employment over the years. WorkFaith is an industry leader in workforce development, and has a vetted process that caters to individuals looking for long-term employment." -Nick Hardy, Chief Program Officer at WorkFaith Features of WorkFaith Now include: 24/7 access from a smart device Engaging on-demand content No cost to the user WorkFaith Now will be available starting August 1. About WorkFaith: WorkFaith is a organization that provides faith-based training and coaching for anyone who desires long-term employment. WorkFaith has helped thousands of people find work and achieve long-term success for over 16 years.

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EMPLOYEE ENGAGEMENT

Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay

Paychex | August 01, 2022

New research from Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, explores the challenge of employee retention and the key drivers motivating employees when making choices about their career paths. With 4.3 million people quitting their jobs as recently as May 2022, the survey of more than 600 U.S. workers provides insight employers can use when developing strategies for increasing retention. The study—which was conducted in partnership with Future Workplace, an Executive Networks member company—revealed a gap between the employer perceptions and employee sentiments related to retention. When asked about factors (other than compensation and benefits) that contribute to their decisions to stay in with their company, 30% of respondents indicated that perceived job stability is their most important motivator and 60% ranked it in their top three. Feeling that the work was meaningful (45%) and having a passion for their field (33%) were the second- and third-most-popular answers, respectively. Reasons related to employers' brands (19%), corporate culture (19%), and products (13%) are the least important to employees, despite many companies' focus on these elements in their recruiting and retention efforts. "Research shows that almost half of employees say they do not want to change companies within the next 12 months, but that is never a guarantee that those employees will stick around long-term, The Great Resignation may be slowing, but that doesn't mean companies can take a passive approach. Rather, they should use this opportunity to offer programs, perks, and benefits that meet employees' diverse needs." -Alison Stevens, director of HR Services at Paychex. Generation Influences Why Employees Work at Their Companies While job stability and performing meaningful work ranked among the top two reasons respondents stayed at their companies, Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability. In addition, Baby Boomers (41%) said that passion for their field and industry are among the most important reasons to work at their company. Gen X (30%) focused on close relationships with coworkers, and Millennials (39%) cited opportunities for career growth. Gen Z (27%) said company growth and success were especially important to them. Flexibility Reigns as Top Priority for Employee Retention When asked what would make employees more likely to stay in their roles, respondents noted a desire for more flexible scheduling. Over one-third (35%) of all respondents ranked flexibility in work hours and schedule as the number one reason they'd be more likely to stay at their organization long-term, and 70% ranked it among their top three. It was significantly more likely for Baby Boomers (46%) to say that flexibility would make them more likely to stay at their organizations long-term than Gen X (38%), Millennials (31%), and Gen Z (24%). Opportunities for career advancement, skills development, and internal job mobility, and increased commitment to work/life balance ranked second and third overall with 50% of employees putting each in their top three most-desired perks. A promise of better work/life balance was particularly compelling to financial services workers (29%) compared to those in leisure/hospitality (10%), manufacturing (11%), education/health services (14%), retail/trade/transportation/utilities (13%), and other professions (11%). Keeping Employees Long-Term Health insurance (64%) and retirement plans (62%) are the top two benefits shown to keep employees long-term. However, the research shows that the importance of mental health benefits is on the rise among younger generations. Gen Z (23%) is significantly more likely to say that mental health benefits would make them more likely to stay at their organization long-term than Millennials (14%), Gen X (5%), or Baby Boomers (3%). Financial wellness benefits (41%), such as tuition reimbursement, professional development stipends, student loan repayment, and child-care support, ranked third among benefits most important for employee retention. "Perhaps the most compelling takeaway from this study is the confluence of factors that affect employees' decisions to say with a company, Each employee presents a different intersection of the demographics outlined in the study, and the only way to really know what will keep them in their position for the long haul is to ask. Even so, employers rarely do it. We found that only 29% of employees have had what we call a 'stay interview.' These open conversations with employees can give HR staff insights into the unique values of their employee populations to increase retention, even in a difficult labor market." -Jeanne Meister, the founder of Future Workplace and executive vice president at Executive Networks. About the Research: The research findings are based on a survey conducted across the United States between May 4, 2022, and May 11, 2022. For this survey, 604 full and part-time employees at small to mid-size businesses (20-500 employees) were asked general questions to understand employees' thoughts around retention. The study targeted employees who are between the ages of 18 years to 75 years old. This is a survey in a series of research reports administered by Future Workplace that will focus on the employee point of view and pinpoint top concerns, priorities, and trends facing the modern workforce. About Paychex: Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees.

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EMPLOYEE EXPERIENCE

Startek® Expands Product Platform to Enhance Employee Experience for Stronger Customer Engagement

Startek | August 01, 2022

Startek® (NYSE: SRT), a global customer experience (CX) solutions provider, today announced the launch of Startek Agent AI, a modular platform combining three AI-powered solutions designed to enhance employee experience (EX) and deliver a superior CX. Together, Startek Coach, Startek Gamification and Startek Knowledge Management will support 43,000 CX experts across the globe to onboard faster, upskill more efficiently and deliver greater value to the customer by reducing the burden of repetitive manual tasks that traditionally fall on contact center agents. Startek Coach brings on-demand training to contact center teams. By simulating real-life customer contacts, including live chat and voice interactions, agents perfect their skills in a safe environment. High-grade speech-to-text transcription and AI models enable Startek AI Coach to prompt best practice actions in real-time, increasing speed to proficiency. Startek Gamification connects data across contact center metrics to identify agent behaviors and employs AI to provide insights on agent performance. A real-time view of individual performance drives employee engagement while gamification modules drive desired behaviors, leading to operational efficiencies. Startek Gamification can reduce average handle time (AHT) by as much as 10 percent, improve first contact resolution (FCR) by up to 10 percent and increase customer satisfaction (CSAT) by 5 percent or more. Startek Knowledge Management combines cognitive algorithms, which continuously learn from enterprise knowledge sources, and enables Startek agents to instantly access the most current information. Without the need to memorize or search for information, agents deliver faster and more consistent resolutions to customer queries and are relieved of the burden of searching for information. This allows agents to focus more of their time on the customer and deliver a more personalized experience. Startek Knowledge Management reduces ticket creation and triage times by up to 35 percent, reduces manual effort in email customer support by as much as 50 percent and reduces AHT by up to 20 percent across all omnichannel interactions. Deployed as a single solution or individual modules, Startek Agent AI improves both the agent and customer experience to deliver superior CX and builds on the success of the award-winning Startek Cloud. Startek Cloud combines technology and a process framework, to enable agents to work remotely on any device, while built-in security governance safeguards operations at all times. "Our Future of Work strategy prioritizes the innovative use of technology to reduce agent effort and enable our teams to deliver world-class CX whether in brick-and-mortar or remote roles. Startek Agent AI is the next step in the deployment of this strategy, At the forefront of contact center technology, our pilot programs demonstrate that employing technology to improve the agent experience is a win-win-win solution, delivering measurable benefits for our clients and their customers as well as our people." -Abhi Jain, Chief Digital Officer, Startek. About Startek®: Startek is a global provider of tech-enabled customer experience (CX) management solutions, digital transformation, and technology services to leading brands. Startek is committed to impacting clients' business outcomes by enhancing customer experience and digital and AI enablement across all touchpoints and channels. Present in thirteen countries, Startek has more than 43,000 CX experts servicing clients across a range of industries, including banking and financial services, insurance, technology, telecom, healthcare, travel and hospitality, e-commerce, consumer goods, retail, energy and utilities.

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TALENT MANAGEMENT,EMPLOYEE BENEFITS

WorkFaith Launches WorkFaith Now

WorkFaith | August 03, 2022

WorkFaith announced WorkFaith Now, a new online learning platform for job seekers and employees. WorkFaith Now offers self-paced job readiness and career development courses at no cost to both individuals looking for work and staffing agencies who want to upskill their clients. "WorkFaith Now is a transformative digital platform that gives 24/7 access to faith-based training and coaching opportunities. No longer is time or transportation a barrier for those who need immediate access to critical job resources, When you access WorkFaith Now, you can expect to receive essential job training skills that have helped thousands of individuals obtain employment over the years. WorkFaith is an industry leader in workforce development, and has a vetted process that caters to individuals looking for long-term employment." -Nick Hardy, Chief Program Officer at WorkFaith Features of WorkFaith Now include: 24/7 access from a smart device Engaging on-demand content No cost to the user WorkFaith Now will be available starting August 1. About WorkFaith: WorkFaith is a organization that provides faith-based training and coaching for anyone who desires long-term employment. WorkFaith has helped thousands of people find work and achieve long-term success for over 16 years.

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EMPLOYEE ENGAGEMENT

Paychex Research Reveals Job Stability and Meaningful Work Are What Makes Employees Stay

Paychex | August 01, 2022

New research from Paychex, Inc., a leading provider of integrated human capital management software solutions for human resources, payroll, benefits, and insurance services, explores the challenge of employee retention and the key drivers motivating employees when making choices about their career paths. With 4.3 million people quitting their jobs as recently as May 2022, the survey of more than 600 U.S. workers provides insight employers can use when developing strategies for increasing retention. The study—which was conducted in partnership with Future Workplace, an Executive Networks member company—revealed a gap between the employer perceptions and employee sentiments related to retention. When asked about factors (other than compensation and benefits) that contribute to their decisions to stay in with their company, 30% of respondents indicated that perceived job stability is their most important motivator and 60% ranked it in their top three. Feeling that the work was meaningful (45%) and having a passion for their field (33%) were the second- and third-most-popular answers, respectively. Reasons related to employers' brands (19%), corporate culture (19%), and products (13%) are the least important to employees, despite many companies' focus on these elements in their recruiting and retention efforts. "Research shows that almost half of employees say they do not want to change companies within the next 12 months, but that is never a guarantee that those employees will stick around long-term, The Great Resignation may be slowing, but that doesn't mean companies can take a passive approach. Rather, they should use this opportunity to offer programs, perks, and benefits that meet employees' diverse needs." -Alison Stevens, director of HR Services at Paychex. Generation Influences Why Employees Work at Their Companies While job stability and performing meaningful work ranked among the top two reasons respondents stayed at their companies, Baby Boomers (32%), Gen X (35%), and Millennials (31%) were significantly more likely to cite job stability as the most important reason than Gen Z (14%). Instead, Gen Z (18%) prioritizes meaningful work over job stability. In addition, Baby Boomers (41%) said that passion for their field and industry are among the most important reasons to work at their company. Gen X (30%) focused on close relationships with coworkers, and Millennials (39%) cited opportunities for career growth. Gen Z (27%) said company growth and success were especially important to them. Flexibility Reigns as Top Priority for Employee Retention When asked what would make employees more likely to stay in their roles, respondents noted a desire for more flexible scheduling. Over one-third (35%) of all respondents ranked flexibility in work hours and schedule as the number one reason they'd be more likely to stay at their organization long-term, and 70% ranked it among their top three. It was significantly more likely for Baby Boomers (46%) to say that flexibility would make them more likely to stay at their organizations long-term than Gen X (38%), Millennials (31%), and Gen Z (24%). Opportunities for career advancement, skills development, and internal job mobility, and increased commitment to work/life balance ranked second and third overall with 50% of employees putting each in their top three most-desired perks. A promise of better work/life balance was particularly compelling to financial services workers (29%) compared to those in leisure/hospitality (10%), manufacturing (11%), education/health services (14%), retail/trade/transportation/utilities (13%), and other professions (11%). Keeping Employees Long-Term Health insurance (64%) and retirement plans (62%) are the top two benefits shown to keep employees long-term. However, the research shows that the importance of mental health benefits is on the rise among younger generations. Gen Z (23%) is significantly more likely to say that mental health benefits would make them more likely to stay at their organization long-term than Millennials (14%), Gen X (5%), or Baby Boomers (3%). Financial wellness benefits (41%), such as tuition reimbursement, professional development stipends, student loan repayment, and child-care support, ranked third among benefits most important for employee retention. "Perhaps the most compelling takeaway from this study is the confluence of factors that affect employees' decisions to say with a company, Each employee presents a different intersection of the demographics outlined in the study, and the only way to really know what will keep them in their position for the long haul is to ask. Even so, employers rarely do it. We found that only 29% of employees have had what we call a 'stay interview.' These open conversations with employees can give HR staff insights into the unique values of their employee populations to increase retention, even in a difficult labor market." -Jeanne Meister, the founder of Future Workplace and executive vice president at Executive Networks. About the Research: The research findings are based on a survey conducted across the United States between May 4, 2022, and May 11, 2022. For this survey, 604 full and part-time employees at small to mid-size businesses (20-500 employees) were asked general questions to understand employees' thoughts around retention. The study targeted employees who are between the ages of 18 years to 75 years old. This is a survey in a series of research reports administered by Future Workplace that will focus on the employee point of view and pinpoint top concerns, priorities, and trends facing the modern workforce. About Paychex: Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for human resources, payroll, benefits, and insurance services. By combining innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers business owners to focus on the growth and management of their business. Backed by 50 years of industry expertise, Paychex serves more than 730,000 payroll clients as of May 31, 2022 in the U.S. and Europe, and pays one out of every 12 American private sector employees.

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EMPLOYEE EXPERIENCE

Startek® Expands Product Platform to Enhance Employee Experience for Stronger Customer Engagement

Startek | August 01, 2022

Startek® (NYSE: SRT), a global customer experience (CX) solutions provider, today announced the launch of Startek Agent AI, a modular platform combining three AI-powered solutions designed to enhance employee experience (EX) and deliver a superior CX. Together, Startek Coach, Startek Gamification and Startek Knowledge Management will support 43,000 CX experts across the globe to onboard faster, upskill more efficiently and deliver greater value to the customer by reducing the burden of repetitive manual tasks that traditionally fall on contact center agents. Startek Coach brings on-demand training to contact center teams. By simulating real-life customer contacts, including live chat and voice interactions, agents perfect their skills in a safe environment. High-grade speech-to-text transcription and AI models enable Startek AI Coach to prompt best practice actions in real-time, increasing speed to proficiency. Startek Gamification connects data across contact center metrics to identify agent behaviors and employs AI to provide insights on agent performance. A real-time view of individual performance drives employee engagement while gamification modules drive desired behaviors, leading to operational efficiencies. Startek Gamification can reduce average handle time (AHT) by as much as 10 percent, improve first contact resolution (FCR) by up to 10 percent and increase customer satisfaction (CSAT) by 5 percent or more. Startek Knowledge Management combines cognitive algorithms, which continuously learn from enterprise knowledge sources, and enables Startek agents to instantly access the most current information. Without the need to memorize or search for information, agents deliver faster and more consistent resolutions to customer queries and are relieved of the burden of searching for information. This allows agents to focus more of their time on the customer and deliver a more personalized experience. Startek Knowledge Management reduces ticket creation and triage times by up to 35 percent, reduces manual effort in email customer support by as much as 50 percent and reduces AHT by up to 20 percent across all omnichannel interactions. Deployed as a single solution or individual modules, Startek Agent AI improves both the agent and customer experience to deliver superior CX and builds on the success of the award-winning Startek Cloud. Startek Cloud combines technology and a process framework, to enable agents to work remotely on any device, while built-in security governance safeguards operations at all times. "Our Future of Work strategy prioritizes the innovative use of technology to reduce agent effort and enable our teams to deliver world-class CX whether in brick-and-mortar or remote roles. Startek Agent AI is the next step in the deployment of this strategy, At the forefront of contact center technology, our pilot programs demonstrate that employing technology to improve the agent experience is a win-win-win solution, delivering measurable benefits for our clients and their customers as well as our people." -Abhi Jain, Chief Digital Officer, Startek. About Startek®: Startek is a global provider of tech-enabled customer experience (CX) management solutions, digital transformation, and technology services to leading brands. Startek is committed to impacting clients' business outcomes by enhancing customer experience and digital and AI enablement across all touchpoints and channels. Present in thirteen countries, Startek has more than 43,000 CX experts servicing clients across a range of industries, including banking and financial services, insurance, technology, telecom, healthcare, travel and hospitality, e-commerce, consumer goods, retail, energy and utilities.

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