PR Newswire | October 30, 2023
NFPa leading benefits consultant released new benchmarking data via its 2024 Leave Management and HR Trend Report which includes survey data and HR trends. The report showed ways employers can adopt and leverage artificial intelligence (AI) powered solutions to enable HR data-driven strategy that enhances the employee experience, such as the utilization of AI for leave management. While 22% of respondents are likely to use AI to manage or monitor their employee leave in the future, nearly one-third (32%) are not even aware AI could be used to leverage leave management.
said Maria Trapenasso, head of Human Capital Solutions practice, NFP.
We have an unprecedented five generations in the workforce, each with their own unique needs, so a 'one size fits all' approach to total rewards just doesn't work anymore. Employers of choice are embracing the generational diversity by leveraging insights from AI-powered solutions to create total rewards that help workers improve their mental and physical well-being and stay engaged, while also sending the message 'You are important to this company and your needs matter.
Among a variety of insights and data from the report was the finding that, despite its limited adoption, employers that use AI-powered solutions can retrieve previously inaccessible paid time off (PTO) insights that facilitate better benefits design. These analytics can detect PTO usage patterns across the organization and enable HR to optimize policies, better understand trends of diverse work groups and inform programs customized for employees' evolving work-life priorities.
Recognizing the need to support employees in times of crisis, bereavement policies are evolving, just as states (CA, IL, MD, OR, WA) enact bereavement leave laws that include compliance demands on employers. "Recent state bereavement leave mandates are informing proactive HR policymakers, with 25% of survey respondents foreseeing a need to change their bereavement policies, including in states where it's not yet required by law," said Trapenasso.
Increasingly, employers have a heightened awareness of a worker's need for time off around a miscarriage or unsuccessful in vitro fertilization (IVF) attempt. According to survey results, 28% of employers have expanded their bereavement leave policy to include time off to grieve after miscarriages or failed IVF attempts, with 18% offering more than one week of PTO. Additionally, 15% of respondents are offering between one and three weeks of PTO for the death of a beloved pet.
The report revealed many employers think they are satisfying their employees' leave benefits needs, when actually they are not. There is a significant gap between employer and employee perception according to the report, as 56% of employers said their PTO/vacation policies were lacking while also conveying that 73% of their employees were not satisfied with their PTO/vacation benefit. "If you want to attract and retain top talent, employers need to better understand what is meaningful to their workforce when it comes to leave benefits. It's the only way to close this perception gap."
Many respondents said they recognize the impact menopause has on their workforce. While only 4% of respondents offer some type of accommodation for menopause, 32% said they hadn't considered it but would be open to offering this benefit within the next five years. "Contrasting the cost of replacing employees who are going through menopause versus supporting them, it becomes clear money spent on adopting initiatives for employees going through this life change is prudent," said Trapenasso.
Forward looking employers can offer unique benefits to retain different generations of workers. The sandwich generation, individuals simultaneously caring for both aging parents and young children, would benefit from expanded family caregiver leave — which is currently offered by only 29% of respondents. Additionally, some employers (8%) are also offering grandparental leave, while more than one-third (35%) said they had not considered it but are open to offering it within the next five years to retain older talent.
"We are encouraging HR leaders and decision-makers to take a candid look at whether their leave offerings are truly working to attract and retain the best talent," said Trapenasso. "If there's room for improvement, now is the time to enhance programs to meet the diverse needs of today's workforce, especially as they review their policies for 2024."
PR Newswire | November 03, 2023
Kelly a leading global specialty talent solutions provider, today announced that it has entered into a definitive agreement to sell its European staffing business to Gi Group Holdings S.P.A. ("Gi"), one of the largest staffing companies in Europe, for cash consideration of up to €130 million. The transaction is expected to close in the first quarter of 2024, subject to receipt of required regulatory approvals and other customary closing conditions.
Under the terms of the agreement, Kelly will transfer its European staffing business within its International operating segment to Gi. Kelly provides staffing services to customers in 14 countries across Europe. The company will retain its managed service provider, recruitment process outsourcing, and functional service provider (FSP) business with customers in the Europe, Middle East, and Africa (EMEA) region.
Following the close of the transaction, Kelly will maintain its global footprint and continue to provide MSP, RPO, and FSP solutions to customers in the EMEA region through KellyOCG, Kelly's outsourcing and consulting group. As a leading global vendor-neutral provider of talent supply chain strategies and workforce solutions, KellyOCG leverages a network of 3,000 suppliers spanning 140 countries – including Gi – to connect customers across North America, Asia Pacific, and EMEA with top talent to grow their businesses. In Everest Group's 2023 PEAK Matrix®, KellyOCG was recognized as a leader and major contender for its MSP and RPO solutions, respectively, with the latter earning KellyOCG star performer status. Everest Group also recognized KellyOCG as a leader and star performer in statement-of-work (SOW) management.
said Peter Quigley, president and chief executive officer.
The sale of Kelly's European staffing business demonstrates our commitment to taking bold, transformative action to optimize our portfolio and maximize value creation. This transaction unlocks significant capital to pursue organic and inorganic investments in our chosen specialties. Furthermore, it sharpens our focus on our higher margin, higher growth global MSP solutions, global RPO solutions, and specialty outcome-based and staffing services in North America. Together, we expect these outcomes will accelerate Kelly's progress toward achieving a normalized, adjusted EBITDA margin in the range of 3.3% to 3.5% as we shared in August and drive profitable growth over the long term.
The transaction is the latest in a series of strategic actions Kelly has executed to unlock capital in pursuit of its specialty strategy and further optimize its operating model, which includes monetizing non-core real estate holdings and businesses; unwinding Kelly's cross-shareholding arrangement with Persol and reducing the company's ownership interest in PersolKelly, its Asia-Pacific staffing joint venture; selling its operations in Brazil and Russia; and most recently, implementing strategic restructuring actions which enhance organizational efficiency and effectiveness.
Quigley and Olivier Thirot, executive vice president and chief financial officer, will provide additional details about this transaction as it relates to the company's specialty strategy during its upcoming third-quarter earnings conference call on November 9, 2023.
UKG | November 07, 2023
UKG Labs welcomes a second cohort of startups from four countries, all focused on enhancing business cultures.
Startups Bites, Denim, Hop In Technologies, and Mo were selected for their innovative workforce technologies and commitment to workplace wellbeing.
Despite offering a collaborative platform, UKG Labs poses potential risks, including over-reliance on UKG, intellectual property disputes, and a possible compromise of the startups' original visions.
UKG, a leading HR, payroll, and workforce management solutions provider, has introduced its second cohort of early-stage companies to its global startup ecosystem, UKG Labs. The selected startups, from four different countries, are committed to creating high-performing, people-centric cultures in businesses.
The new entrants include Bites from Israel, Denim from the U.S., Hop In Technologies from Canada, and Mo from the U.K. These companies were chosen for their innovative technologies that add value to the frontline workforce and their commitment to helping people thrive at work.
UKG Labs provides more than just capital to these startups. It offers a platform for co-learning, co-creation, and co-experimentation, allowing startups to gain insights into specific market problems where UKG has expertise. The startups also work directly with UKG customers to explore new solutions and shape emerging HR and HCM technologies.
Hugo Sarrazin, Chief Product and Technology Officer at UKG, stated that the goal of UKG Labs is to help businesses become great workplaces by building an ecosystem of technology companies that share its vision. The startup founders have completed a three-month onboarding engagement and will showcase their innovations at the UKG Aspire 2023 conference.
While the UKG Labs initiative offers numerous benefits, it does come with potential drawbacks. The startups involved might become overly reliant on UKG for resources and expertise, which could potentially stifle its independence and creativity. There's also a risk of intellectual property disputes, and the startups' original visions might be compromised to align with UKG's goals. On the brighter side, UKG Labs provides a platform for startups to co-learn, co-create, and co-experiment, fostering innovation and helping businesses become better workplaces. It also allows startups to gain insights into specific market problems where UKG has expertise and work directly with UKG customers to explore new solutions and shape emerging HR and HCM technologies. This collaboration ultimately serves to enhance the workplace experience for all.