Morgan Stanley pledges no job cuts in 2020 — and several banks follow

Morgan Stanley | March 31, 2020

Citi, Wells Fargo and Bank of America all vowed to maintain staffing levels throughout the coronavirus crisis, while HSBC and Deutsche Bank, which were planning layoffs, put them on hold. Morgan Stanley CEO James Gorman's declaration in a memo Thursday that the bank would not cut any jobs in 2020 spurred several of its peers to make similar assurances. Bank of America CEO Brian Moynihan echoed Gorman's promise not to lay off staff this year in an interview with the Financial Times published Friday. Citigroup chief executive Mike Corbat ordered a suspension of any planned staff cuts, Reuters reported Thursday. But the move is temporary, a source told Bloomberg. Wells Fargo said it would hold off on any staff cuts, likewise stressing the lift is subject to change. "We have paused initiating new displacements," Beth Richek, a spokeswoman for the bank, said Thursday in a statement, according to Bloomberg. "We will continue to evaluate during this fluid situation." The moratorium isn't limited to banks. Visa CEO Al Kelly wrote in a LinkedIn post Thursday that he told employees the payment network would not institute any coronavirus-related layoffs.

Spotlight

A company that does not focus on employee appreciation is much like a gardener who does not water their plants regularly. Clichéd as it may sound, the relevance of employee appreciation is most aptly defined in this simple example. A very important way appreciation is shared with employees is via gifting and R&R. With such realisations percolating more and more through the Indian corporate space, companies are genuinely valuing the idea of employee appreciation.


Other News
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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RECRUITMENT & RETENTION

Indeed launches ‘#HireBetter’ brand campaign to address SMB job challenges in India

Indeed | September 22, 2022

Indeed, the world’s #1 jobs site has unveiled a new campaign, ‘Don't just hire, HIRE BETTER’. Through a series of humorous videos, Indeed’s new campaign highlights the issues that companies face if one does not rely on proper recruitment tools to hire employees. The ad campaign goes live in 6 key cities - Delhi NCR, Bangalore, Ahmedabad, Indore, Patna, Lucknow and multiple local languages. The series consists of three ads and showcases hilarious goof-ups when hiring through referrals in three different scenarios. The concept pulls from the insight that while there’s a shift in online recruitment for SMBs, oftentimes SMBs still rely on their 1st party sources to hire. In fact, data from Indeed’s survey showcased that 7 out of 10 SMBs in India prefer hiring employees through personal references. The videos and print ads show a humorous approach to workplace scenarios gone wrong when hiring outside of Indeed. Conceptualized and created by DDB Mudra the ad campaign is directed by Vivek Kakkad. The ad films and creatives will be spread across various digital and print platforms that employers and job seekers choose to watch such as YouTube and physical press across regional and national newspapers. The need to hire better Though the past couple of years have been challenging for SMBs, many of them have used the pandemic as an opportunity to lay the foundation for a strong digital future. Traditionally, SMBs have been competing continuously with not just other small businesses but also large enterprises for talent. They tend to have an attitude of choosing resources based on personal relationships such as ‘Chacha ka ladka bahut hoshiyaar hai’ which is showcased in this ad campaign. To compete successfully in the era of digitization, a skilled workforce is the need of the hour, making it all the more important for SMBs to hire the right talent to aid in their transformative growth journey. Indeed for SMBs bring hiring solutions within reach of Indian entrepreneurs. SMBs can access Indeed’s vast pool of job seekers and use Indeed’s unique products and features to find the right fit for their business. Indeed, the world’s #1 job site is set to transform the recruitment process for small and medium businesses in India. In its bid to connect emerging companies with the right talent, Indeed India offers its unique platform, attracting over 250 million job seekers, to budding entrepreneurs, in order to address their hiring needs. The Small and Medium Business sector forms an integral part of the economy, making a significant contribution toward integral economic indicators such as the nation’s GDP and employment, to name a few. The rapid growth of the sector has resulted in job creation across various sectors. “Our campaign is focused on reaching out to SMBs - the high-growth market in India. This campaign will address their concerns regarding hiring employees, through a series of relatable films which resonate with them. Indeed provides easy hiring solutions for SMBs and aims to constantly innovate to help these companies find the right talent through its platform,” said Nishita Lalvani, Director, Indeed India and SEA. “Hiring in small and medium businesses in India gets done through word of mouth over legitimate channels. And this may turn out to be a problem since the owners appoint employees with mediocre aptitude, causing potential losses for the businesses. The objective of this campaign was to target SMB owners specifically and encourage them to subscribe to the platform. Thus, changing their typical approach towards hiring and their standard practice of appointing someone they know instead of hiring someone who knows what to do,” said Sooraj R Pillai, Senior Creative Director, DDB Mudra According to Indeed’s survey data, SMBs are expected to create 2 million jobs in the next 5 years. The Indian hiring ecosystem also is undergoing positive growth with employers increasing hiring by 29% in April to June 2022 in the face of global inflation. The campaign aims to solidify the need for SMBs to hire right to continue the positive growth trajectory. The duration of the ad films are: 20 seconds and can be viewed below: What happens when you rely on hiring practices that do not evaluate the fitment between the candidate’s skills with the requirements of the job? Watch the film to know more: https://www.youtube.com/watch?v=9dnmN6LU6PM https://www.youtube.com/watch?v=uSfzf5PTNCA https://www.youtube.com/watch?v=aXQgCZQoaPE The creatives are also live on Indeed’s social media: https://www.instagram.com/indeedindia_1/?hl=en Credits: Agency - DDB Mudra Creative - Sooraj R Pillai, Rahul Mathew, Vishnu Srivatsav, Sudhira Mendon Business - Nahum Jacob, Shweta Goyal Production House - Pack Films Director - Vivek Kakkad About Indeed: More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows job seekers to search for millions of jobs on the web or mobile in over 60 countries and 28 languages. More than 250 million people each month search for jobs, post resumes, and research companies on Indeed. For more information please contact - Saumitra R Chand | Saumitra@indeed.com | +91-9535044316

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HR PRACTICE,EMPLOYEE EXPERIENCE

Click Boarding Launches New Campaign to Improve Employee Onboarding

Click Boarding | September 01, 2022

Click Boarding, LLC, the award-winning onboarding and employee experience platform, announced the recent launch of a new brand campaign reflective of today's ongoing talent wars. Coined the Valley of UncertaintyTM by the company's executive leaders, the concept represents the worrisome time for candidates as they transition from recruitment into the day-to-day business as an employee. It's also when newly hired employees are at the highest risk of leaving an organization. When combined with a lack of investment from leadership, the outlook can be dismal. To underscore the threat the Valley poses in today's volatile talent market, Click sponsored Boston-based Madeline Laurano of Aptitude Research for an in-depth analysis on the real state of onboarding. Head of Marketing Michelle Graham says although not surprising, the data provided by Aptitude Research was jarring. The report validated our suspicions: onboarding remains stagnant, while other HR technology investments have risen over the past several years. We've always known the first 90 days are critical for retention; this study confirms that the onboarding period is now more important than ever, with deep impacts on an organization's bottom line. Graham says the campaign kicked off with a Click-hosted webinar on Thursday, Aug. 11, 2022, with an engaging discussion of the intelligence and statistics featured in Laurano's exclusive report. Additionally, Graham added the campaign includes a Tech Talk on the Valley of Uncertainty at the HR Tech Fall 2022 exposition in Las Vegas, Nevada, from Sept. 13-16, 2022. About Click Boarding, LLC Founded in 2014 and headquartered in Minneapolis, Minnesota, Click Boarding, LLC is an employee experience platform providing compliant HR solutions that impact first-year employee growth and retention. With a seamless, mobile-first platform, we help leading enterprise organizations deliver modern, guided lifecycle experiences throughout the entire employee journey, from preboarding to offboarding. Our technology and unparalleled expertise help Fortune 500 companies achieve a higher return on investment.

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HR PRACTICE,EMPLOYEE BENEFITS

SeekOut Transforms Employee-Driven Career Growth with Launch of SeekOut Grow

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. About SeekOut 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.

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Spotlight

A company that does not focus on employee appreciation is much like a gardener who does not water their plants regularly. Clichéd as it may sound, the relevance of employee appreciation is most aptly defined in this simple example. A very important way appreciation is shared with employees is via gifting and R&R. With such realisations percolating more and more through the Indian corporate space, companies are genuinely valuing the idea of employee appreciation.

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