Recruiting firms say employers need to raise wages

Most recruiting firms (77%) responding to a recent survey said employers must raise wages to compete for qualified talent in 2020. Forty-four percent said this need was one of their top three hiring challenges for the next three to five years, up from 30% last year, according to findings released by cloud-computing company Bullhorn Jan. 28. In other key results, the recruiting firms reported that roughly half of employers require diverse candidate shortlists. They also said skills shortages are their top recruiting challenge. The results make clear that change is needed, from pay to digital transformation, according to Gordon Burnes, Bullhorn's chief marketing officer. But "[t]he focus on the need for employers to increase rates of pay to remain competitive in the labor market stands out as a new emphasis on finding ways to draw talent into a tight labor market," he said in a statement.

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Are you worried about the unintended consequences of AI? ChatGPT and other generative AI software will forever change the landscape of work. How should your organization engage with GenAI to benefit the business while maintaining security and privacy? Exactly where AI will take us may be uncertain, but you can navigate it intell

Spotlight

Are you worried about the unintended consequences of AI? ChatGPT and other generative AI software will forever change the landscape of work. How should your organization engage with GenAI to benefit the business while maintaining security and privacy? Exactly where AI will take us may be uncertain, but you can navigate it intell

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HR Practice

Modern HR Software Solutions Introduce New Features to Enhance Workplace Efficiency in 2024

Factorial | February 05, 2024

With the New Year underway, many businesses are reevaluating their HR software solutions to increase efficiency and effectiveness in the evolving HR management landscape. Gartner data highlights that businesses frequently replace HR software due to system inefficiencies, missing features, and reliability concerns. Key reasons for dissatisfaction include inefficiency (34%), insufficient functionality (29%), and unreliability (13%). In response to these challenges, modern HR software solutions are offering five new features designed to enhance efficiency within its software AI-powered Applicant Tracking System : New AI-powered Applicant Tracking System (ATS) to streamline the traditional CV screening process, a major bottleneck in recruitment. This innovative feature allows hiring managers to assess applications based on various criteria such as company values, job descriptions, CVs, offer letters, and custom questions. The result is a significant reduction in screening time, ensuring a comprehensive evaluation process. Geofencing Precision: Geofencing Precision addresses challenges faced by organizations with multiple locations or flexible policies. By incorporating geofencing capabilities into its time-tracking features, HR software solutions help prevent unauthorized overtime, a key contributor to increased labor costs and decreased workforce productivity. This enhancement allows HR leaders to enforce accurate clock-ins at designated workplaces, thereby reducing labor costs and enhancing employee accountability. Insights V2 Data Analytics. Insights V2 provides organizations with comprehensive data for informed decision-making. Users can now filter company data using multiple parameters, simplifying the process of checking and exporting valuable metrics in real-time. This timely and accurate insight is crucial for strategic decision-making. Time-Saving Documentation: Time-Saving Documentation enables users to pre-fill forms with document templates and fillable PDFs. This streamlined process, combined with personalized data, enhances efficiency for employees verifying information, meeting the growing demand for tools that simplify administrative processes. Seamless Payroll Integration: HR software solutions are seamlessly integrating payroll and benefits administration with HR management processes. This aims to enhance organizational efficiency by reducing manual errors, improving accuracy, and fostering collaboration between HR and finance departments. Recognizing this, Factorial, a leading provider of HR software solutions, is introducing innovative features from AI-powered applicant tracking to payroll integration. Jordi Romero, Co-founder and CEO of Factorial, emphasizes, "These new features reflect our dedication to empowering HR teams globally. By harnessing the power of technology, we aim to transform the way organizations approach human resources, fostering efficiency, collaboration, and success." As businesses strive for greater efficiency and effectiveness in the new year, Factorial is committed to providing support and solutions. About Factorial Founded in 2016, Factorial offers people-centric solutions for HR teams, automating processes so they have more time to dedicate to the people within their organization. With over 75,000 users across 65+ countries, Factorial serves clients such as KFC, Booking.com, and Whisbi. Factorial became Europe's newest Unicorn in 2022 following a Series C investment round.

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Workforce Management

Mercans’ G2N Nova Solves Global Payroll Data Privacy Challenges

Mercans | January 24, 2024

Mercans continues to disrupt the global payroll industry and solidify its leadership position by rolling out exciting new features to its flagship, G2N Nova payroll engine. The recently launched features include game-changing technology and address some of the biggest challenges of global payroll, including international data privacy compliance and processing latency limitations. Mercans’ G2N Nova leverages groundbreaking stateless application architecture to enable completely anonymous payroll processing. This unprecedented technological approach enables processing gross-to-net payrolls without any sensitive Personal Identifiable Information (PII) ever being passed from clients to Mercans’ G2N Nova global payroll application. The stateless application architecture has never before been successfully deployed in the global payroll industry, and G2N Nova, is the only payroll engine that is able to generate 100% accurate gross-to-net calculations for 100+ countries. And that’s not all, it does so through a single, native platform in real-time without accessing or storing any identifiable information related to employees. This evidently innovative, payroll technology solution completely overcomes the complex data privacy compliance requirements, as confidential employee data never leaves the clients’ systems and is not needed by G2N Nova for gross-to-net payroll calculations. Thus, proving its technological prowess and independence. Additionally, this approach is a game-changer for the industry because data breaches and ransomware attacks have created concerns about data security and privacy in the payroll sector. These concerns have been significant hurdles for companies trusting external service or software providers for international payroll processing. G2N Nova’s stateless app architecture eliminates these concerns entirely. Clients’ PII never leaves their data centers and payroll-related information used by G2N Nova is completely anonymized. G2N Nova upgrade also includes a ground-breaking Continuous Calc feature that fundamentally changes how payrolls are processed. Until now, all payrolls had to go through a multi-step payroll processing cycle. G2N Nova breaks this legacy paradigm and introduces real-time net pay. The Continuous Calc feature maintains full gross-to-net values for each employee in real-time and automatically updates the net pay amounts of employees whenever there is an update to an employee’s record. This feature, thus, eliminates the need to wait for a payroll processing cycle to be completed to determine an employee’s net pay for a period. The gross-to-net values for all employees will be always available in real-time. In addition, the new version of G2N Nova lays a foundation for incorporating blockchain technology into payroll processes, allowing instantaneous and 100% tamper-proof verification of payroll calculations and payments using blockchain technology. Blockchain will create a permanent, unchangeable record of real-time record of all payroll transactions and amounts — so no one can alter or remove it. This revolutionary approach, thus, solidifies the foundation for third parties, including financial institutions, tax authorities, etc. The new ground-breaking version of G2N Nova offers global, gross-to-net payroll processing capabilities across 100+ countries, making it the world’s most advanced and powerful native payroll engine. G2N Nova is available as a SaaS or service delivery platform that can be used as a stand-alone global payroll platform or deeply integrated with all major HCM or Workforce Management software solutions. About Mercans Mercans is a global leader in payroll technology. Mercans’ revolutionary global payroll engine G2N Nova enables Enterprise businesses & HCM providers to perform gross to-net calculations across 100+ legislation.

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Recruitment & Retention

Retirement Expectations Evolve as Workforce Ages According to Principal® Survey

Principal Financial Group® | January 16, 2024

The picture of retirement is evolving with more Americans turning 65 in 2024 than any year1 before. According to new research from Principal Financial Group®, expectations around how and when to retire by generation vary greatly – placing increased focus on employee engagement and personalized investment strategies to help improve financial security and retirement readiness. Phased retirement appeals to younger workers who want to retire earlier According to the Principal Financial Well-Being IndexSM, among Americans in the workforce, gradually decreasing hours is the most desired way to retire (52%) and is most preferred by Generation X (67%) and millennials (56%). Baby boomers and Generation Z report similarities in how they want to retire, with nearly half preferring to move immediately from working full-time to not working at all. This echoes the most common approach taken by current retirees surveyed2, a group in which just over one quarter (28%) either transitioned careers or gradually phased down from their primary career. “Attitudes and expectations for retirement continue to evolve, and we expect the desire to approach retirement in phases will continue to grow with future generations,” said Chris Littlefield, president of Retirement and Income Solutions at Principal®. While there are some similarities in how generations want to retire, they have different expectations on timelines and the age at which they plan to retire. The youngest generation, Gen Z, expects to retire at 55 – approximately 10 years earlier than baby boomers (68) and Gen X (64), and four years sooner than millennials (59). Employees prioritize saving for retirement The survey revealed employees are focused on balancing basic needs with long-term savings outcomes against a backdrop of ongoing economic pressures that continue to top their list of concerns. Employees of all generations ranked saving for retirement as their top financial priority, followed by affording basic needs and paying off consumer debt3. "Saving for retirement is the No. 1 financial priority for employees surveyed, which validates that access to workplace benefits and financial wellness programs is helping Americans save for retirement and achieve better financial outcomes,” Littlefield said. “Going forward, increased personalization as well as tailored savings and investment strategies that take into account an individual’s financial goals, lifestyle, health care needs, dependent care obligations, retirement income expectations, and other unique factors will help achieve improved financial security in retirement.” Retention and recruitment of older employees critical for business success Employee interest in phased retirement has added value for employers. Most employers (77%) agree that the knowledge older employees have about their company is crucial to their business’s success. Employers concerned with “having valuable employees retire” are more likely to take actions to either retain them or hire employees who previously retired from other companies. Despite this, not all employers have experience with offering phased retirement. Only 11% of small and midsized businesses4 reported they offer phased retirement job opportunities on a regular basis compared to nearly one quarter of large businesses5. However, interest is there, as 61% of businesses that don’t offer a phased retirement still receive questions from employees about the options. See all results and insights from the latest Principal Financial Well-Being IndexSM (PDF). According to the Alliance for Lifetime Income This wave included a survey of 137 individuals between the ages of 50 and 75 who consider themselves retired or have previously fully retired and gone back to work. In order to be included in the survey sample, employees must work full-time, and their employer has to offer either health insurance or retirement as an employee benefit. Businesses with 2-499 employees Businesses with 500-10,000 employees About the Principal Financial Well-Being IndexSM The Principal Financial Well-Being IndexSM surveys business owners, decision makers and business leaders aged 21 and over who work at companies with 2-10,000 employees and offer either health insurance or retirement as an employee benefit. The nation-wide survey, commissioned since 2012, examines the financial well-being of American workers and business employers. In 2020, the Well-Being Index was transformed from an annual survey to a regular pulse, offering three waves, revisiting questions and measuring sentiment regarding timely issues in the small and midsized business marketplace. In the first pulse of the Well-Being Index in 2022, the employee audience was added to the survey to compare and contrast key sentiment from employers. The survey was commissioned by Principal® and conducted online by Dynata from November 6-13, 2023, with a total of 500 business owners, decision makers and business leader participants and a total of 200 employee participants. This wave included a survey of 127 individuals who consider themselves retired or have previously fully retired and gone back to work. The research report focuses on providing a holistic perspective on key trends and timely issues in the small and medium business market. About Principal Financial Group® Principal Financial Group® is a global financial company with 19,500 employees1 passionate about improving the wealth and well-being of people and businesses. In business for more than 140 years, we’re helping more than 61 million customers1 plan, protect, invest, and retire, while working to support the communities where we do business, and build a diverse, inclusive workforce. Principal® is proud to be recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere2, a member of the Bloomberg Gender Equality Index, and a “Best Places to Work in Money Management3.”

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