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.
HR ANALYTICS,HR STRATEGY
Reejig | September 19, 2022
Enterprise-grade workforce intelligence platform Reejig is proud to announce the launch of the Reejig Impact Fund at the HR Technology Conference and Expo in Las Vegas.
The Impact Fund is designed to help underrepresented communities unlock career opportunities, growth, and potential. It will donate Reejig's workforce intelligence technology to veterans, skilled refugees and other underrepresented communities, with a goal to reskill, build new capabilities, and remove barriers to career opportunities for all.
"Reejig's mission is to create a world with Zero Wasted Potential in business, people, and society. We're not just building technology; we're also creating recurring impact and change for the better. The Reejig Impact Fund is our way of giving back to society by removing barriers to career opportunities for all. When people have fair and equitable access to personally meaningful work no matter their background all of society can reap the benefits"
-Siobhan Savage, CEO & Co-Founder of Reejig
Reejig is calling on as many people as possible to join the pledge to unlock a world with Zero Wasted Potential. For each pledge, Reejig will gift its workforce intelligence technology to someone from an underrepresented community, giving them access to career opportunities that align to their skills, interests, and potential.
The launch of The Impact Fund comes after a huge year of growth for Reejig. The team has grown by over 1000% and opened offices in APAC, NAMER, and the UK. It is rapidly adding to its global enterprise client portfolio with clients such as AWS, KPMG, Woolworths Group, John Holland, and Allianz. Reejig announced last week that it had secured an investment from Salesforce Ventures, adding to its world-class investor portfolio including Skip Capital, headed by Atlassian co-founder Scott Farquhar, Airtree Ventures, and Culture Amp's Didier Elzinga.
Siobhan Savage will be speaking at the HR Technology Conference and Expo in Las Vegas, which runs from 13th – 16th September. Siobhan's session, Have you got your Zero Wasted Potential People Strategy? will focus on how HR leaders can create a winning people strategy in this volatile environment.
Siobhan Savage, said of being at the conference, We are excited to connect with the world's top people leaders in Vegas this week at HR Tech. We're challenging leaders to approach their people strategy with the same rigor that they would do their supply chain or finances. This starts with knowing who your people are, what skills they have and how you are utilizing them. We created Reejig to give organizations true visibility of their people and their potential, at scale, so they can optimize their workforces and create meaningful careers for everyone involved.
Reejig is a leading workforce intelligence platform that enables global organizations to find, retain, and upskill talent at scale. Powered by the world's first independently-audited, ethical AI, Reejig acts as your central nervous system for all talent decisions, enabling zero wasted potential.
HR PRACTICE,REMOTE WORKFORCE
ChartHop | September 12, 2022
ChartHop, the leader in people analytics transforming the way companies manage and support their people, today announced its recognition as one of Quartz's Best Companies for Remote Workers in 2022. This marks ChartHop's first year on the list of top-ranked companies for remote workers who are embracing the future of distributed work.
"As a remote-first company, ChartHop leads with the guiding principles of transparency, trust, and inclusion to ensure employees feel engaged and valued, This achievement underscores our commitment to investing in our employees and providing the support they need to grow personally and professionally in a remote environment. ChartHop will continue to champion remote employees and develop solutions to support a distributed workforce."
-Ian White, founder and CEO of ChartHop
In a recent McKinsey & Company survey, 35% of respondents reported that they work fully remote, while 23% work in a hybrid environment. The adoption of remote and hybrid work environments continues to grow as organizations look to create new work norms. This recognition further emphasizes ChartHop's commitment to empowering all organizations and their people, from executives to individual contributors to every employee in between, with the People data and solutions they need to thrive in a remote work environment.
Companies at the vanguard of remote work helped show everyone else how to do it. Now we are seeing their best practices replicated across industries, at companies of all sizes, The companies on our ranking are putting their remote policies to use as a recruiting and retention play, as a tool for diversifying their talent pool, and as a performance strategy. Our second annual ranking honors businesses that have gone above and beyond in ensuring that their remote workers have the tools they need, from technology stipends to wellness perks, to do their jobs effectively,said Quartz executive editor Heather Landy.
Employers were invited to apply for recognition in the second global ranking of best companies for remote workers, conducted through a survey that assesses employee sentiment and company practices to determine recognition and ranking. The full ranking for 2022 can now be found on the Quartz website.
The recognition comes following a year of significant growth for ChartHop, including its new offering, Compensation Reviews, and acquisition of Gather, a people operations workflow builder. In addition, ChartHop welcomed key executives, Ivori Johnson, Director of Diversity, Equity, Inclusion and Belonging (DEIB), Matt Wolf, Chief Financial Officer, Justin Garrity, Vice President of Product, and Paul Szemerenyi, Chief Sales Officer.
About Quartz Media:
Quartz is a digitally native news organization with a mission to make business better. Our journalists around the world specialize in analysis of the global economy for an audience of purpose-driven professionals. We help our readers discover new industries, new markets, and new ways of doing business that are more sustainable, innovative, and inclusive. Quartz is the top business publication for global executives ages 25-45, and we have been a pioneer in premium, mobile-first, native advertising experiences since our founding in 2012.
ChartHop is transforming the way companies manage and support their people. By seamlessly consolidating and visualizing disparate sources of people data into one powerful people analytics platform, ChartHop creates more informed, empowered, and connected organizations. From executives to individual contributors to every employee in between, ChartHop is designed for everyone in the organization.
ChartHop plays well with dozens of platforms through robust integrations across the HR tech stack, and serves companies like 1Password, BetterCloud, Starburst, and InVision. Founded in 2019 by Ian White, ChartHop is backed by Andreessen Horowitz.
HR PRACTICE,EMPLOYEE BENEFITS
SeekOut | September 13, 2022
SeekOut, the platform that helps great people and great companies grow together, today announced the launch of SeekOut Grow–a new solution that empowers HR teams to understand and maximize the organization, and gives employees a self-service portal to realize their career development and advancement goals. With the launch of SeekOut Grow, the SeekOut Platform is now the most comprehensive Enterprise Talent Optimization platform available.
“People are the foundation for success at all companies. Yet today, most leaders lack visibility into the talent they already have–their skills and experiences and ways to energize and maximize that human potential, With SeekOut Grow, we’re giving companies a comprehensive view of talent across the organization so they can help grow, retain, and redeploy talent–allowing businesses and their people to succeed.”
-Anoop Gupta, CEO and Co-Founder at SeekOut
The SeekOut Platform offers the best solution in the industry to help leaders understand the talent they have, while giving them a clear picture of the external talent landscape as a whole. Companies today are missing critical data about their employees like prior roles, skills, and experiences outside of their current job. SeekOut’s comprehensive data profiles use multiple external and internal data resources in real-time, providing an unmatched and deep understanding of the talent companies have and their potential to drive success. The powerful talent-intelligence layer also delivers on high-value scenarios for HR leaders, business leaders, and employees.
We saw a 30% increase in employee internal mobility within the first few months of implementing, It really enabled our recruiters to find untapped talent within our own organization,said Tammy Coleman-Craig, VP of Talent Acquisition and People Enablement at Ciena.
SeekOut Grow is built on a Talent Data Platform that puts employees in control of their career growth. Unlike other solutions, Grow leverages:
Comprehensive Talent Profiles: Skills and role information for employees are pre-populated from external and internal data sources so they don’t have to fill out tedious forms.
Dynamic HR Tech Stack Integration: Integrations with internal systems such as HRIS, internal GitHub, Jira and more, result in real-time and up-to-date information about employees skills and experience.
Interactive Career Paths: Powerful AI-matching between profiles and open jobs lets employees interactively explore future paths within the organization, discover roles that are a good fit for their skills, and grow within their company.
Visibility for Managers: Managers can see recommendations on career opportunities for their reports, helping them better guide career development.
Talent Insights for Leaders: Actionable insights for HR and business leaders with search and filter capabilities to transform workforce planning, diversity analyses, internal mobility, and talent redeployment.
SeekOut is the only holistic people-first platform with SeekOut Recruit for external talent acquisition and SeekOut Grow for internal employee development and engagement.
SeekOut is the leading Enterprise Talent Optimization Platform that companies use to quickly hire, grow, and retain great talent while focusing on diversity, technical expertise, and other hard-to-find skillsets. In 2022, SeekOut was named on the Forbes annual list of America’s Best Startup Employers and CEO Anoop Gupta was crowned GeekWire’s Startup CEO of the Year. Throughout 2021, SeekOut was ranked number two in the B2B category of The Information’s 50 Startups to Watch list, and was included on Madrona’s Intelligent Apps Top 40 list. Founded in 2017, SeekOut has raised $189 million in funding, is backed by Tiger Global Management, Madrona Venture Group, Mayfield, and Founders Circle Capital and is valued at $1.2 billion.