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 PRACTICE,REMOTE WORKFORCE
Fiverr and Selina | August 16, 2022
Fiverr International Ltd., the company that is revolutionizing how the world works together, today announced a new partnership with Selina, one of the world’s largest experiential hospitality brands built to address the needs of millennial and Gen Z travelers. The purpose of the partnership is to provide Anywhere Workers (i.e. people who work remotely while traveling from at least two locations, domestic or international, throughout the year), the opportunity to find community and connect with like-minded individuals during their travels. The partnership with Selina also includes the ability for these workers to connect through in-person events and meetups as a means to combat one of the key issues they face: loneliness. Additionally, Fiverr will be launching its Work from Anywhere contest, where ten Fiverr freelancers will be selected to stay at a Selina location of their choosing for 3 to 4 weeks.
In a recent Fiverr survey with Lonely Planet, it was revealed that 90% of Anywhere Workers experience loneliness while living this lifestyle. This shows that while the combined “work and travel” trend has continued to grow, there remain challenges among this growing segment of the workforce.
“While being an Anywhere Worker has numerous benefits including having autonomy and flexibility over one’s worklife, it still has its challenges such as lack of community and a sense of belonging, Building, growing and establishing a vibrant and engaging community is at the heart of everything we do at Fiverr. We are thrilled to be partnering with a company like Selina who has the physical space around the globe to help us address this issue head on. Together, through a variety of different engagement mechanisms, it’s our goal to bring this Anywhere Worker community together to learn, to grow and to ultimately thrive.”
-Gali Arnon, Chief Marketing Officer at Fiverr
Selina provides guests with beautiful places to stay, travel, and work abroad indefinitely. The company uses in-depth local knowledge to create thousands of authentic activities and experiences in over 163 destinations worldwide. The partnership with Fiverr will give the platform's community members special access to Selina around the world.
From inception, Selina has built its mission on fostering meaningful and authentic connections, and we believe nurturing these connections helps to address the growing struggle of loneliness, Our active global coworking community has shown us that remote work does not have to be isolating, and we are thrilled to be partnering with Fiverr and welcoming their anywhere workers into our network of 100+ destinations worldwide. The Selina experience is carefully designed to bring a sense of community to today’s digital nomad, travelers, and locals alike. Together, by leveraging our platforms and bringing together our communities, we hope to show how building connection through travel creates a sense of community and fulfillment,said Elad Nir, Global CMO of Selina.
The Work from Anywhere contest will run for three weeks (from August 11th through September 1st), where Fiverr freelancers across the world can submit their entries for the chance to win $2,000 in cash voucher for travel expenses from Fiverr, as well as 250,000 Selina tokens (equivalent to approximately $2,000 USD worth of overnight stays and other services at Selina locations ) to redeem in Selina accommodations, wellness activities, and hot-desk access. During their stay, the winners of the contest will also be documenting and sharing their experience as an Anywhere Worker with the world.
Fiverr’s mission is to revolutionize how the world works together. We exist to democratize access to talent and to provide talent with access to opportunities so anyone can grow their business, brand, or dreams. From small businesses to Fortune 500, over 4 million customers worldwide worked with freelance talent on Fiverr in the past year, ensuring their workforces remain flexible, adaptive, and agile. With Fiverr’s Talent Cloud, companies can easily scale their teams from a talent pool of skilled professionals from over 160 countries across more than 550 categories, ranging from programming to 3D design, digital marketing to content creation, from video animation to architecture.
Selina is one of the world's largest lifestyle and experiential platform built to address the needs and desires of millennial and Gen Z travelers, blending beautifully designed accommodation with coworking, recreation, wellness, and local experiences. Custom-built for today's nomadic traveler, Selina provides guests with a global infrastructure to seamlessly travel, work and play. Founded in 2014, each Selina property is designed in partnership with local artists, creators, and tastemakers, breathing new life into existing buildings in interesting locations around the world – from urban cities to remote beaches and jungles. Selina's portfolio includes over 163 open or secured properties across 25 countries and 6 continents. On December 2, 2021, Selina entered into a definitive merger agreement with BOA Acquisition Corp., the closing of which, which is subject to customary conditions, will result in Selina becoming a publicly listed company.
Software Advice | July 07, 2022
As HR departments work to make their organizations more equitable and inclusive, new research from Software Advice suggests that remote work may at first seem like the best format for reducing workplace bias and discrimination, but survey data reveals it often means employees are sacrificing their true identity at work.
This survey analyzed employee responses from groups often impacted by negative bias and discrimination in the workplace, including women, employees aged 55 or older, LGBTQ workers, racial minorities, and those with a disability. Across all minority groups surveyed, remote workers are most likely to agree that their employer treats every employee fairly, compared to those who work hybrid or on-site. This may be due to their ability to customize work environments to individual needs, managers measuring work more fairly through outcome-based metrics, or a reduction in toxic behaviors overall.
However, marginalized employees working remotely also admit to lying about or omitting a part of their identity at their current job out of fear of discrimination, including:
71% of employees with disabilities
65% of employees 55 years or older
64% of women
64% of LGBTQ workers
57% of racial minority workers
Women in particular are uncomfortable bringing their full selves to work. Over two-thirds (71%) of women who work remotely say they’re afraid to be their authentic selves at work, compared to 64% and 57% of women who work on-site and in a hybrid format, respectively.
While on-site employees may be more honest about their identities, it isn’t always by choice. They may face more discrimination because they can’t hide who they are in-person.
“With more employers implementing remote work permanently, it’s encouraging to see that minority workers believe remote work is more equitable,” says Brian Westfall, principal HR analyst at Software Advice.
“With more employers implementing remote work permanently, it’s encouraging to see that minority workers believe remote work is more equitable,” says Brian Westfall, principal HR analyst at Software Advice. “But, DEI initiatives don’t really work unless employees feel safe to be their authentic selves.”
Remote work isn’t a magic solution for encouraging workplace inclusivity. HR leaders must intentionally act to ensure marginalized employees working from home feel seen and included for who they are. Examples include forming employee resource groups, setting the right tone during onboarding to encourage new hires to share their own perspective, and diversifying remote leadership. To find resources on how to promote authenticity in a remote workplace, visit softwareadvice.com.
About Software Advice
Software Advice simplifies software buying. Through 1-on-1 conversation and trusted insights, industry-specific advisors guide buyers to top software options in as little as 15 minutes (and it’s 100% free). Founded in 2005, Software Advice has helped nearly 900,000 businesses find the right software for their specific needs. Software Advice also features over 1.5 million verified user reviews to ensure people feel confident in their technology decisions. For more information, visit softwareadvice.com.
DIVERSITY AND INCLUSION
O’Reilly | September 07, 2022
O’Reilly, the premier source for insight-driven learning on technology and business, today announced that it has been awarded a silver medal for excellence in the “Best Diversity, Equity & Inclusion Strategy” category by Brandon Hall Group’s 2022 Human Capital Management Awards program. O’Reilly was recognized for its efforts to elevate the voices of minorities including women in the technology industry on its learning platform, increasing the number of diverse hires within its workforce, and providing historically marginalized communities with opportunities to build technological skills.
To foster better representation in the technology industry, O’Reilly established a corporate goal to increase the number of experts on its platform who identify as members of an underrepresented community from 30% to 40% in 2021 a full 10 percentage points higher. Today, O’Reilly has achieved nearly 50% representation in its mix of instructors, authors, and speakers. Furthermore, 62% of its Superstream Series speakers in H1 came from diverse backgrounds.
Furthering its broader set of goals to create opportunities inclusive of all genders, races, ethnicities, religious views, sexual orientations, ages, and abilities, O’Reilly also reignited its Diversity & Inclusion Scholarship Program. Originally created to grant deserving talent from marginalized communities admission to its in-person events, the closure of O’Reilly’s conference business led the company to rethink how it could provide underrepresented technical talent with access to its community of experts. In 2021, O’Reilly revamped its scholarship program to award 500 people from underrepresented groups free subscriptions to its online curriculum for one year, including access to unlimited live online training courses and live virtual events such as O’Reilly’s popular Superstream Series. These users just completed their yearlong memberships, during which they consumed more than 480,000 units of content across nearly 5,000 unique resources on the O’Reilly platform.
“Part of the challenge of improving diversity across the industry is showing diverse groups that there is a place for them within the technology community, Instead of waiting for these skilled individuals to find us, we’ve created initiatives at O’Reilly that aim to seek out talent from these underrepresented groups and provide them with a platform which supports them in sharing their valuable technical expertise and developing the skills needed to break through barriers within the field. While we’ve worked hard to bring balanced representation to the industry, we recognize that there’s still much more to do and are continually raising our goals to increase diversity both within the platform and within our workforce.”
-Laura Baldwin, president at O’Reilly
Beyond developing initiatives to improve representation within its platform, O’Reilly also set aggressive hiring goals to build a more diverse organization. In 2021, O’Reilly aspired to bring in 40% of its new hires from underrepresented groups. The company surpassed this goal and achieved 51% representation from underrepresented communities, with women making up 44% of its workforce well above the U.S. tech industry average of 28.8%. In 2022, O’Reilly increased its hiring goals by 20%, targeting 43% of new hires to come from diverse backgrounds. So far this year, 72% of new hires identify as members of underrepresented groups.
Excellence Award winners distinguish themselves through their growing understanding that all the functions of HCM are integrated and must work together to move businesses forward, It is a pleasure to see more organizations collaborating across functions and getting more sophisticated and accomplished at delivering measurable benefit through ground-breaking HCM practices. For example, it was inspiring to see how diversity, equity, and inclusion initiatives are increasingly embedded into people and business strategies and cultures. We saw more alignment between HCM and business objectives than ever before,said Brandon Hall Group Chief Operating Officer Rachel Cooke, leader of the HCM Excellence Awards program.
O’Reilly is actively hiring for a number of open positions, including roles within its customer success, data science, engineering, product management, marketing, and operations teams.
For over 40 years, O’Reilly has provided technology and business training, knowledge, and insight to help companies succeed. Our unique network of experts and innovators share their knowledge and expertise through the company’s SaaS-based training and learning platform. O’Reilly delivers highly topical and comprehensive technology and business learning solutions to millions of users across enterprise, consumer, and university channels. For more information, visit www.oreilly.com.
About Brandon Hall Group
Brandon Hall Group operates the largest and longest running awards program in Human Capital Management. As an independent HCM research and analyst firm they conduct studies in Learning and Development, Talent Management, Leadership Development, Diversity, Equity & Inclusion, Talent Acquisition and HR/Workforce Management. These benchmark studies help organizations by providing strategic insights for executives and practitioners responsible for growth and business results. Coupling the research studies with the best practice from the awards, Brandon Hall Group has helped more than 10,000 clients globally and more than 28 years of delivering world-class research and advisory. At the core of our offerings is a membership program that combines research, benchmarking and unlimited access to data and analysts. Membership enables executives and practitioners to make the right decisions about people, processes, and systems, coalesced with analyst advisory services which aim to put the research into action in a way that is practical and efficient. Brandon Hall Group has also launched professional certifications for business and human capital management professionals to upskill themselves and gain credentials for career advancement.