TALENT MANAGEMENT,EMPLOYEE BENEFITS
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.
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.
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.
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.
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.
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.