Three Findings from Deloitte’s “Global Human Capital Trends 2016 Report” for Recruiters

Deloitte’s Global Human Capital Trends 2016:

Over the past few years major disruptions have occurred in HR and corporate structures and organizations. Recently, Deloitte conducted a comprehensive global study of human capital trends and published those findings in a robust report titled: Global Human Capital Trends (GHCT) 2016–The New Organization: Different by Design. According to the researchers, “Sweeping global forces are reshaping the workplace, the workforce, and work itself.” The findings in this report are incredibly relevant and important for professional recruiters to be aware of and potentially take action on.

The data were compiled from more than 7,000 survey responses from corporate leaders in over 130 countries around the world. This blog post will present a few of the highlights from the report that will impact recruiting/hiring now and in the future.

The knowledge and wisdom gained from this study are two-fold for recruiting agencies, corporate recruiters, executive search firms, and/or legal search firms: (1) The study offers ideas for how recruiting agencies might want to run their businesses, and (2) The investigation provides many ‘nuggets’ of information into how your potential customers are running their organizations. If you have this knowledge it can only help you gain an advantage in the hyper-competitive world of professional recruiting. Part of running a successful business is truly understanding the ‘business challenges’ that your customers face on a daily basis.

The researchers begin by identifying 4 overarching changes that are affecting corporate structures: Demographic shifts (50-60% of workforce are millennials); Pressure for Increased Speed for Time to Market (rapid disruption of business models); Digital everywhere; and a Different Social Contract for Workers.

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The top 10 trends identified were: Organizational Design, Leadership, CultureEngagement, Learning, Design ThinkingChanging Skills of the HR OrganizationPeople Analytics, Digital HR, and Workforce Management.

Three of these trends (Organizational design, Culture, and Engagement) will be discussed. After summarizing the high points of the report on these three key trends I’ll point out ways these items will specifically impact recruiting and talent management.

Organizational Design & Structure

One key point of departure identified, in the study, was significant changes in organizational structure. The authors concur, “as companies strive to become more agile and customer-focused, organizations are shifting their structures from traditional, functional models toward interconnected, flexible teams.” Another way to think about the trend toward teams would be viewing them through the prism of a Hollywood movie production team and less like traditional corporate structures. Essentially, akin to a movie-set, people are coming together to tackle projects, then disbanding and moving on to new assignments once the project is complete.

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The implication for professional recruiters is re-thinking your organizational design in order to parlay the benefits of teams instead of the more traditional structure focused primarily on individuals doing specific tasks. In other words, professional recruiters would be encouraged to work together to connect talented people with amazing opportunities, instead of working ‘alone’ to achieve these goals (presumably working individually on a list of candidates and clients).

Here are a few suggestions that the GHCT study offers:

  • Looking at your organizations design: think about re-organization that includes “mission-driven” teams focused on customers, markets, or products. Perhaps it makes sense to assign a ‘team’ of recruiters/hiring managers to work on one specific job type or talent pool.
  • Critically analyzing your rewards and goals: think about your performance management around ‘team performance’ and ‘team leadership’ rather than focusing solely on individual performance. Moreover, reward people for project results, collaboration, and helping others. If a team is assigned to find talent for a specific client incentivize a team of 5 to get 25 placements done this quarter (instead of placing the task of each individual recruiter to get 5 placements on their own).
  • Implementing new team-based tools: put in place tools and measurement systems that encourage people to move between teams, and share information and collaborate with other teams. For recruiters this would mean structuring your firm in a way that encourages team members to work together to achieve company-wide goals for placements. Also, this would encourage communication and networking to ensure that the entire team/company is being successful.
  • Allowing teams to set their own goals: teams should be held accountable for results – but let them decide how to perform, socialize, and communicate these goals among the team. Instead of managers mandating what the goals are, allow the teams to collectively and creatively come up with ways to be held to account for their performance measurable’s.

Shaping Culture

Another vital trend in this study was the impact of culture on business strategy. The authors define culture as, “the way things work around here”. Also, culture is the system of values, beliefs, and behaviors that shape how real work gets done within an organization. As opposed to seeing culture as primarily an HR issue/problem, “CEOs and executive teams should take responsibility for an organization’s culture (with HR supporting that responsibility through measurement, process, and infrastructure).” Leaders should embody and actively engage in the kind of ‘culture’ they want their teams to reflect.

Interestingly, 28% of survey respondents believe they understand their culture well, while only 19% believe they have the ‘right culture.’ Change is so prevalent for organizations in 2016 that an effective culture can be the determining factor for if an entity can successfully weather the storms of change.

The implication for recruiters, in terms of culture, is ensuring that the executive leadership – in conjunction with HR – has thought deeply about the system of values, beliefs, and behaviors that shapes how placements are made within your recruiting agency. What are some ‘universal’ cultural values that your firm places a great deal of faith in? What types of qualities do you want your recruiters to look for as they place people? More specifically, GHCT encourages the following:

  • Prioritizing culture by CEO’s: Executives must clearly understand their company’s cultural values, determine how they connect to business strategy, and take responsibility for shaping them. Also, executives should routinely take their own inventory and analyze whether their own behaviors reinforce the desired culture.
  • Understanding both the current and desired culture: critical for leaders to examine current business practices to see how, and if, they align properly with desired culture. If there are practices that are counter-productive they should be thrown out and new ones implemented that edify the desired culture.
  • Measuring culture: Use empirical tools to understand employee attitudes and actions. HR should take the lead in this effort and get the results back to leaders for assessment (in a timely manner).

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Engagement – Always On

And finally, yet another trend identified in this study was employee engagement (which is closely tied to culture). Engagement is, “how people feel about the way things work around here.” The researchers also note that engagement is, “…a strong focus on listening to employees, workforce health and well-being, job redesign, and an enterprise-wide analysis of all dimensions of employee engagement.” Most companies still only evaluate engagement on an annual basis (64%), but in order to be truly effective managers and leaders should, “be proactive, implement the right tools, and give business leaders a continuous stream of data … and promote a culture of listening, and ensure that reward systems are consistent with engagement and retention goals.” True engagement means being ‘always on’ and continuously listening for what employees want and need from their jobs.

Engagement is also crucial because millennials are less loyal to organizations than ever before. Additionally, companies are tasked with a continued need to attract workers with technological and other specialized skills (as all companies digitize their businesses). And, finally, an organization’s employment brand is now open and transparent, so job candidates can easily see if a company is a great place to work (think of all of the “Best Place to Work” lists that are routinely populated on social media channels).

For professional recruiters the trend toward engagement can be meaningful in at least a couple of different ways. One, engaging all recruiters/hiring managers in effective ways can improve the culture/engagement/loyalty of team members. And, two, understanding the employee engagement of your customers (i.e., companies you are working to place candidates with) can aid in having successful placements where the candidate and the customer are both satisfied with the ‘marriage’. The researchers conclude:

  • inspirational201631Redefining engagement: By moving past the notion of turning your organization into a great place to work; also means “reaching down to the team and individual levels to foster highly engaged teams of employees doing work they love to do”.
  • Creating a sense of passion, purpose, and mission: Providing free perks can be nice, but companies that succeed in having highly engaged employees focus on driving meaning, purpose, and passion among their workers.
  • Linking compensation to engagement: Managers must get on board with tying team leaders’ compensation to their team members’ engagement. This sends a powerful signal and drives a sense of accountability about engagement efforts.
  • Doing “stay” interviews: In addition to having ‘exit’ interviews to find out why employees are leaving, also use ‘stay’ interviews to learn what it would take for an employee to stay at a company.

This article has outlined 3 of the 10 trends that the Global Human Capital Trends 2016 Report covers. More highlights to come regarding HR trends that will no doubt have long-lasting impacts on professional recruiters. Suffice to say, the landscape of work is changing rapidly and it is critical that professional recruiters are aware of the trends and adapt their businesses accordingly.

For more information on this study check out the Full Report.


Source: Three Findings from Deloitte’s “Global Human Capital Trends 2016 Report” for Recruiters – Crelate

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10 Must Haves For A Successful Recruiting Strategy

Recruiter checking the candidate during job interview

What do you do when a top performer from the team resigns?

You will obviously start to frantically look for a replacement close enough to suit the same skill sets and experience within the notice period. But we all know how difficult that can get. Also, does that work every time? To pose another question, is that even the right way to deal with this problem? Mounting the problem up – this is a single employee situation. What should be done when you have a huge employee base and the number of important people leaving cannot be counted on your fingertips?

The answer to this would be to follow the most effective recruiting strategy. A strategy that helps you tackle the high churn rate in your industry, that helps you face challenges when the need to hire talent pops up every now and then. But how do you come down to creating a good recruiting strategy that works for your organization? Is there a set of simple tricks you can blindly follow?

The bad news is – there is no bible that recruiters can follow. The job market constantly keeps changing, and so do the needs of employees looking for a change. Hence the recruiting process depends on a variety of factors, each of which affects your practices to a great extent! So even if the job market might seem like facing a crunch at the moment, it would not mean that you can easily find the right talent fit for various openings. A lot of factors would need to be considered by you before you make your move.

Let us look at some of the most effective and successful recruiting tips that have been helpful to HR managers worldwide.

1. A well-thought out strategy

“51% of employees are either actively seeking or are open to a new job offer” – Jobvite

As already put out in the introduction, a company should always have a well laid out and thought through strategy which is aligned to the goals of the organization. Your strategy should be well communicated to your staff, which clearly defines your brand message and sets a list of priorities that will help you scoop out just the right candidates.

2. Work culture

“73% of recruiters said to compete against other employers, they highlight company culture” – Jobvite

You constantly need to tell prospective candidates about how great your work culture is and what sets you apart in terms of takeaways and culture. You need to excite candidates with a number of benefits. Talk about your culture and highlight the happiness quotient of your employees as much as you can. Best employees look for a conducive and comfortable work environment, and you need to ensure that you provide exactly that.

Having a good culture and successfully communicating this will definitely get you more employees through referrals as well. Do stories around your employees and sessions, and get it out on social media through blogs, videos and other exciting formats.

3. Competitor alert

There is obviously a lot of competition for being the best in terms of employer branding and recruiting, and whenever a company does manage to follow a successful strategy, their competitors are likely to quickly imitate that. Ensure that you keep yourself updated with what is happening around you and what is changing as the market keeps evolving. This also applies to potential candidates as they are constantly on high demand, and the best employees always need to be fought for.

4. Candidate targeting

In times of a need for mass recruitment, it is important to prioritize the top position up for grabs and target candidates who are currently working top performers and not looking for a change. Such employees bring out the best and you need to find ways that can help you convince them that the opportunities they can get at your company could meet a lot of their professional and personal interests. Such candidates contribute to business in a bigger way than candidates who are currently looking for a change.

5. Sourcing candidates

This is one of the most effective ways of indirect recruiting. Employee referral programs have time and again proved to be the most effective source for attracting high performers.

According to Dr. John Sullivan, other effective but under used sources could be recruiting at promotional events and contests.

Also, the source method should be flexible enough to shift, depending on the type of candidate required for the position. Most recruiters make the mistake of using the exact same scoring scheme for every job.

6. Objective data

Recruiting should happen on the basis of objective data, rather than being driven by common practices or emotions. This will help you get more reliable and qualitative results which are not bound by any kind of biases. When you are recruiting on a large scale, it might be a good idea to rely on objective data that yields the most effective results, as opposed to emotion driven decisions.

7. Power to everyone

A company needs to give scope to each and every one in the company to become a recruiter. Your managers and employees are constantly in touch with outside talent and that is why you need to build a culture of recruiting by one and all.

Your employees are the biggest agents of your employer branding through their own social and personal contacts. And they would mostly refer people who they think are eligible for the positions available. For top employees who have helped you recruit your best talent within the organization, make sure you reward them and let everyone know of their efforts. This could act as a great motivation for the rest of the employees.

8. Interviews

Interviews are one of the most important processes which define if candidates want to join you or not. So once you select candidates for interviews, your hiring focus should shift to the interview process. In order to maximize the success in interviewing, employers must consider aspects like the setting of the interview, the kind of questions they ask and how the candidate is treated overall.

It is critical to take a moment and put yourself in the candidate’s shoes before you start firing questions at them. If the interview happens at the workplace, you need to check if the area is comfortable, private and free from distractions. Remember, you alone are not the only ones judging during the hiring process. You need to be able to build a relationship and trust with the candidates.

9. Prioritize job positions

An effective recruiting process always maximizes resource utilization by identifying and prioritizing on the positions which have the highest business impact. This generally consists of jobs which yield the maximum revenues, as well as the jobs in high margin and rapid growth business units. The recruiting process should also target top performers who are proud and passionate of what they do.

10. Remote workers

The global workforce is going mobile and prefers to work on the move. You cannot ignore the growing demands of a distributed workforce. They would want to work remotely and want to get certain benefits for that. The recruiting process for such candidates also needs to be well defined and set in a way that holds satisfactory for both parties. It is important that you come into a mutual consensus with these employees and convince them that their needs and grievances will always be catered to.

Needless to say, these tips are not universal and would vary with respect to your company, culture and the population you are targeting. Hence, you would need to keep re-evaluating and re-assessing the validity of these tips as the market keeps evolving.

The power of social media and technology will be huge on future recruitment. Get access to an exclusive whitepaper and explore what the future of recruitment looks like.

Bonus Video!

About the Author

Bhaswati BhattacharrayaBhaswati is a Product Specialist at Capabiliti, a mobile-first training and engagement solution for enterprises. Passionate about Economics, Bhaswati also loves storytelling. She has a keen interest in start-ups, food and travel. In her ‘me time’ she picks up fiction novels, tries different cuisines or explores routes to less traveled places on the world map. Follow her on Twitter at @Bhaswatibh


Source: 10 Must Haves For A Successful Recruiting Strategy

What Organizations Need to Understand About Their Millennial Workforce

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Whiny, impatient, hard-to-please, disloyal – these are some of the adjectives associated with millennials at the workplace. This generation born between 1980 and 1996 has also been identified as job hoppers and the hardest to retain. Companies of all kinds are obsessed with understanding millennials better. The Global Human Capital Trends Report, 2016 also stated the rise of millennial workforce as a demographic upheaval, which is a major force of global change in the talent landscape.

The truth is – this particular lot of the population has more or less the same needs as their older generations. In fact, a study by IBM debunked most of the myths associated with millennials. It showed that they actually want the same things from their workplace like their older generations (except for a few differences in matters such as retirement plans!).

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But why are they still hopping jobs? 21% of millennial workers had left their jobs in the last year to do something else. Gallup has found that millennials struggle to find good jobs that engage them. In fact, millennials are the generation with the highest rates of unemployment and underemployment in the US. The problem of engagement is even severe with only 29% of employed millennials being engaged at work.

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The only explanation to this is that they are clearly not getting what they want. It’s not that the millennials have a completely different view of the world as compared to the older generations, or are asking for too much. With the digital wave setting in and technology being readily available to this generation, organizations need to understand what exactly is expected out of them.

This is extremely critical as the presence of millennials in the US is huge. They are going to make up 40% of the workforce by 2020 and 75% by 2025 (as per the U.S. Bureau of Statistics project). If such a major part of a generation is not engaged at work, the cost of it will also be huge! As per Gallup, millennial turnover costs the U.S, economy $30.5 billion annually. At the same time, 60% of millennials are open to new job opportunities – this basically means that for businesses, half of their millennial workforce doesn’t see a future with them.

As per Gallup, the following things set millennials apart from other generations:

  1. They really care about their job roles and view them as stepping stones and growth opportunities to their larger goals. 52% of millennials cite career progression as their first priority, followed by competitive salaries (PwC).
  2. They are deeply committed to what they do professionally.
  3. They do not want to work for bosses, but for coaches who invest and contribute to their personal and professional development.
  4. They want more than free beers and a fun workplace as opposed to Baby Boomers and GenXers – they need to be convinced why and how an organization will help them learn, grow and develop and further their careers.
  5. They want an emotional and behavioral connection with their jobs.
  6. They want a high level of well-being – be able to spend on things that they want, rather on things they should have. Work life balance is key for them and they aren’t getting it. As per a PwC research 28% of millennial respondents said that their work life balance was worse than they expected before joining.

What Millennials Want from Performance Management

Performance management is a very critical area for most companies to crack as it defines the relationship between a manager and an employee. Millennials want coaches over bosses, and they can only stick to an organization that gives them managers who would potentially invest and contribute to their personal and professional growth. Like any relationship to succeed, communication is crucial here as well. Millennials are hungry for frequent and consistent communication and feedback from their managers. Level of manager involvement is directly proportional to the level of engagement that a millennial employee might have:

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Lack of feedback – The reason for disengagement in this regard is also clear with statistics, as only 21% of millennials meet their managers on a weekly basis (Gallup). The exchange of feedback is low. Regular meetings, along with frequent feedback can lead to more engagement and better performance for teams as well as companies as a whole. Performance management needs to be a process spread over a year, rather than a year end discussion which focuses on assigning a number, which clearly is not holistic in nature.

Lack of flexible options – Along with feedback, millennials also wants flexibility at their workplace and move beyond the 9 to 5 cycle of drudgery. 77% of millennials say that flexible work hours are key to boosting productivity (Gallup). They love the idea of being able to work from any location with technology easily available – 39% of millennials believe that more options to work remotely would result in higher productivity.

Leadership and Millennials

89% of organizations cite leadership as one of their top challenges.

~ Global Human Capital Trends Report , 2016

Millennials bring high expectations to a workplace and they look for a recipe that gives them a rewarding, purposeful work experience, combined with constant learning and development opportunities that steers their career progression. Leaders and people managers are the most important stakeholders for driving engagement. HR managers should support leaders in creating an engaged environment at workplace. Leaders who motivate and coach their subordinates, who in turn motivate and engage theirs, are a key ingredient in creating a culture of engagement that sustains business results in a highly dynamic global environment. HR managers should demonstrate investment in helping leaders focus on building skills, empowering their colleagues as well as motivate individuals to ensure that they drive their own engagement.

In the Deloitte Millennial Survey 2016, 39 % of millennial respondents pointed to leadership as one of the most sought after aspects at the workplace. They also believe that businesses are not doing enough to bridge the gap and ensure that a new generation of business leaders is created. The survey also revealed that 71% of those millennials who are likely to leave their current company in the next two years are unhappy with how their leadership skills are being developed.

As per the Global Human Capital Trends report 2016, only 7% of surveyed respondents reported to have accelerated leadership programs for millennials. 28% of respondents reported weak or very weak leadership pipelines. And 21% of companies have no leadership programs at all! Many organizations are still finding it difficult to identify potential leaders and develop them, despite heavy investment being done to achieve the same.

On-the-job Training Opportunities

30% of executives see learning as the primary driver of employee development in the Global Human Capital Trends Report, 2016. Professional growth within the company is possible through learning and customized and blended training programs – which is something the young workforce is desperately looking for. Millennials have reported that they will move elsewhere if employers fail to provide learning opportunities to them. What needs to be done here is that employees need to be viewed as customers who long for satisfaction, rather than being treated as students who are pressurized into traditional classroom methodologies. This is the generation who loves exploiting the power of technology and mobile devices, and if learning programs are not aligned with these wants, they are most likely to leave that organization.

Millennials and other young employees have grown in a self-directed learning environment and have been exposed to the internet from an early stage. In fact, 85% of millennials access internet from their phones. They get most of the information they need from their mobile devices and 93% of millennials use social media to connect with their friends and family, as opposed to 84% in older generations. This is why they expect access to dynamic learning opportunities that fit their individual needs and schedules, as well as suit their talent and interests.

The digital wave has hit the world and the millennials want to take advantage of it. They want to be able to be on the move and work remotely. In fact, as per a study by PWC, 41% of miilennials prefer to communicate electronically at work than face to face or even over telephone.

What Organizations Need to Do

  • Help millennials grow: Only 28 percent of millennials feel that their current organizations are making ‘full use’ of the skills they currently have to offer (Deloitte Millennial Survey, 2016).

Managers need to really understand the personal and professional goals of millennials. Understand the areas that interest these passionate people and offer them opportunities in the same.

  • Mentoring: As per the Deloitte Millennial Survey, 2016, among those millennials who have somebody acting as a mentor, 83% are satisfied with this aspect of their working lives.

Millennials want and value frequent feedback unlike annual reviews that dominated in the past. They are more than willing to know how they are doing on a regular basis and expect real time feedback. Organizations need to make continuous feedback a major part of their engagement strategy.

  • Encourage learning: Millennials are hungry for knowledge and they want to experience as much as training as possible. Organizations need to focus deeply on this aspect and build and measure the effectiveness of learning programs, along with mentoring programs. Technology plays a key role here as it allows L&D professionals to play with the way they want training to happen, and also retain the interest of this young lot by providing them with innovative learning options. A lot of technological innovations have come up that have helped organizations train their staff as well as measure the effectiveness of their programs. Capabiliti by Qustn is one such product that has helped L&D professionals connect learning with their business goals. See how.
  • Focus on culture over profit: Millennials give more importance to people and culture over monetary aspects. Corporate values that are shared with and believed by millennials also promote loyalty—particularly when employers demonstrate a strong sense of company purpose beyond financial success. Those likely to remain longest share their organization’s values, and are more satisfied with its sense of purpose and support of professional development.
  • Flexible options: Currently, millennials lack flexible options as 77% wish to have greater mobile connectivity, such as via tablets and smartphones (Deloitte Millennial Survey, 2016). Lack of remote working options is also serving as the greatest gap between current supply and demand surrounds the issue of remote working—fully 75 percent would like to start to, or more frequently, work from home or other locations where they feel more productive. If organizations work around providing such options to millennials, it will definitely increase their levels of satisfaction and boost productivity.

About the Author

Bhaswati BhattacharrayaBhaswati is a Product Specialist at Capabiliti, a mobile-first training and engagement solution for enterprises. Passionate about Economics, Bhaswati also loves storytelling. She has a keen interest in start-ups, food and travel. In her ‘me time’ she picks up fiction novels, tries different cuisines or explores routes to less traveled places on the world map. Follow her on Twitter at @Bhaswatibh


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How to Build a Better Workplace

For any employee in any industry, their workplace is revisited over five days a week for more than 8 hours a day, making it as close to a second home. When you find your employee dreading to come to work, rushing to leave early and underperforming from the expectations you’ve set – you haven’t provided a nurturing and safe environment for them.

Quynh Vu
Quynh Vu, Content Coordinator at EmployeeConnect

A home is desirable and employers today need to be aware of what makes their employees desire to stay and work for them. In doing so, you set yourself on the path to retain your employees. By providing them a place of comfort, they open up, allowing you to understand them on a personal level. You make them realise their potential and reward them to drive performance. As a result, there is satisfaction experienced for both parties including a greater capacity to sustain a competitive advantage over your competitors. With all great ideas that lead to greater results, it begins with an initial step and that is to create a better workplace.

Creating a better workplace involves narrowing down pivotal components that encompass both achieving organisational goals and meeting the desires of employees. We explore each aspect to provide you a framework to follow to achieve greater outcomes.

1. Understanding what employee engagement is

Greater and precise understanding of employee engagement is an important aspect that should be undertaken first. Different leaders within an organisation have different perceptions of what employee engagement should involve. The difference in perspectives is illustrated with inconsistent employee performance outcomes. With these inconsistencies, you’ll begin to notice when your organisation does well and when it doesn’t.

What’s important and should be clearly established are goals to be achieved, the methods used to coach your team and continuous ways to manage them meaningfully and positively. They should be done without being too prescriptive, letting your employees have some autonomy. This three step approach followed carefully will build a two way street between consistent performance in both your employees and organisation to create tangible results.

2. Providing a high performance culture

Following on from clearly defining what employee engagement is and putting the framework into action, you’ll develop a culture of consistent high performance. Why this is necessary is to act as a motivating tool for your employee. They say “those you surround yourself with will influence what you will do”.

You want to foster an environment that strives on motivation or else nothing can be achieved. You’ll be able to boost morale and see this driven spark inside your employees. There is nothing wrong with a little bit of competition as that’s what truthfully drives the majority of people. As a result, you notice how determined your employees are to return to work thirsty to achieve more.

3. Fostering for innovation

You, as a manager, want to steer clear from setting a superior aura against your employees, undermining their ideas. This will just plant in their heads a perception of being a mouse in the company. Most employees desire to be on par with you in an organisation, and the best way to foster for that is allowing them to contribute ideas.

Any new idea is an innovation. Innovation strikes the ability to have an idea, in turn contributing to the organisation’s growth. It can be used as a brainstorming tool to draft potentials for gaining ground over your competitors. Two brains are better than one – so what could be even better than having the brains of your whole team of employees on board to drive your organisation?

4. The overall employee experience

At the end of the day, experience is what matters most to your employees. This is what will make or break the expectations they’ve set for themselves. Your employees are essentially your customers – in a sense, they do serve you and your organisation’s wellbeing. You want to satisfy their experience at work the same way a customer wants to experience satisfactory customer service.

If you put it into perspective, as a customer you’d want to experience that five-star rating service in a restaurant. If the service does not meet your expectations, you wouldn’t think twice about returning would you? The same goes for your employees, they wouldn’t want to return to work if their journey so far in your organisation has been a terrible experience.

Have your employees wanting to come back for more by developing this enriching and addictive experience. Feed positive energy, nourish their personal growth and provide the resources to let them aspire to be greater. Doing just those activities and you’ll see your employees coming back for more.

The workforce environment is inevitably competitive. To keep up with the changes and sustain organisational growth you need the best people to back you up. To keep them being your allies fighting to feel almost close to home. You need to start to create a better workplace.


Source: How to Build a Better Workplace – EmployeeConnect Blog

What is Financial Wellness?

Written by  John Tabb | Originally published at Questis

Many products proclaim themselves to fall under the Financial Wellness category. This post covers the characteristics of a true Financial Wellness Program.

According to Tom Rath and Jim Harter, leaders of workplace well-being research for Gallup, financial wellness is defined as “effectively managing your economic life.”

This simple concept encompasses many factors, including:

  • Keeping spending within one’s means
  • Being financially prepared for emergencies
  • Having access to the information and tools necessary to make good financial decisions
  • Having a plan for the future

The underlying concept of financial wellness is financial security, one of the most common goals reported by employees across all sectors. However, very few report having access to the kinds of financial services and benefits that they feel would be the most helpful. This sentiment is echoed by employers in a 2014 report from the Center for Financial Services Innovation. Most of their financial health offerings consist of limited employee assistance programs designed for crisis situations, comprising just a small part of an employee’s total health benefits package. In many cases, these programs aren’t included in the benefits package at all. What’s missing is a more comprehensive approach to financial fitness, one that helps employees build lasting financial strength and stability, leading to a more solid organization.

A Holistic Approach

Employer-based financial wellness is often seen as an addendum to other benefits, but the financial health of employees should be viewed through the comprehensive lens of other health and wellness programs that employers offer. These services don’t just take care of employees when they’re sick, but also work to prevent them from getting sick in the first place with fitness, smoking cessation, diet and lifestyle programs. Financial wellness programs should work in the same way, offering holistic support and advice to employees so they can meet short-term needs while working toward long-range goals.

Each employee has different financial priorities and obligations, so a successful, holistic wellness program requires solutions tailored to an employee’s unique circumstances. This starts with digital engagement, interviews and examination of employees’ pay and benefits records to establish a complete picture of their finances. The aim is to understand employees’ goals when it comes to paying taxes, purchasing a home, establishing and maintaining good credit, healthcare, emergency preparedness, education costs, paying down debt, saving for retirement and other parts of their financial life.

The second part of a holistic approach to financial wellness is understanding the concepts of good financial health and having the right tools to act on that knowledge. This means employees not only need education, but also the opportunity to put this information into action. For some employees, this simply means using software to keep track of financial goals. For others, having a financial coach or adviser to review their finances and offer suggestions does more to keep them accountable and engaged with their goals.

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Benefits of Employer-Based Financial Wellness

The value of a good wellness solution is felt across the organization, from employees to management and other decision makers.

For Employees

A high level of financial wellness gives employees the ability to make better, more informed decisions and manage a successful, long- term strategy. When employees have acomprehensive understanding of their finances, they can create effective strategies for dividing, and potentially automating, their paychecks between bill, savings, investments and other commitments. Employees will be equipped with the skills, knowledge, and tools necessary to develop and support successful financial outcomes.

In fact, studies show that people who regularly plan ahead for emergencies and other irregular expenses are 10 times more likely to be considered financially healthy than those who don’t, regardless of income or other demographics. Experts point to this as evidence that positive financial habits have more impact on a household’s financial well-being than an increase in income. A report by the Consumer Financial Protection Bureau found that a lack of disposable income is one of the most commonly cited reasons that employees give for not participating in retirement plans and other employer-provided financial benefits. However, if employees can make more effective use of their current funds, they may find the income to put toward their future.

For Employers

Employers feel the effects of their staff’s financial health as well. Employees in stressful financial circumstances are less productive and less likely to remain at their jobs. Pat Milligan, Senior Partner at Mercer, found that 22 percent of employees report missing at least one day of work to handle financial problems, 15 percent reported spending at least 20 hours a month working on personal financial tasks at work, and a full 20 percent have had to resign from jobs due to financial stress. And according to the Journal of Occupational and Environmental Medicine, one day of employee absence costs businesses an average of $348 in lost productivity. From that angle, ensuring that workers are free from personal financial stressors can boost a company’s profitability.

Wellness-Figure-1

Unfortunately, many companies, including those polled for the report conducted by the Center for Financial Services Innovation, don’t realize their need for a broader approach to their employees’ financial fitness until workers become reliant on emergency EAP services, increasing the costs of these programs and jeopardizing the company’s ability to keep them going. Financial wellness can help companies fight against unnecessary expenditures due to absenteeism, lost productivity and benefit cost overruns, allowing businesses to expand their benefit options to include:

  • Programs that enhance money management skills and help employees create and build assets
  • Newsletters and other periodic publications
  • Investment, retirement, college, emergency and health care planning seminars
  • Debt- and credit-related programs

A more extensive list of benefits can also help businesses attract and retain top-notch staff, as employees who are financially content are more likely to stay with the company for the long haul.

The road to financial health is an ongoing journey. Once financial wellness has been achieved, both employees and employers have a role to play in its continued progress. Establishing and cultivating financial fitness requires individual persistence, as well as a supportive environment with accessible, high-quality financial services. This will not only allow companies to realize benefits such as increased loyalty, higher productivity, and lower costs, but enable employees to meet the challenge of balancing responsible living today with wise planning for tomorrow.

Article sources:
[1] Jennifer Robison, The Business Case for Wellbeing, Gallup Business Journal
http://businessjournal.gallup.com/content/139373/Business-Case-Wellbeing.aspx
[2] The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers
https://www.ssc.wisc.edu/~scholz/Research/Financial_Education.pdf
[3] Financial Wellness at Work, Consumer Financial Protection Bureau
http://files.consumerfinance.gov/f/201408_cfpb_report_financial-wellness-at-work.pdf
[4] Pat Milligan, Driving Financial Well-being: A New Multidimensional Approach for Organizations, Mercer
[5] Aliza Gutman, Understanding and Improving Consumer Financial Health in America, Center for Financial Services Innovation

Source: Questis – What is Financial Wellness

Top 20 HR Blogs to Follow

Written by Sabrina Son | Originally published at TINYnews.

As an HR professional, you need to keep up with the latest trends. These 20 blogs are a treasure trove of knowledge for employee engagement.

Optimized-iStock_000078444667_SmallThink there aren’t any breakthroughs in HR? Think again. Just like the world’s best musicians, actors, and artists never stop studying and refining their craft, so too should HR professionals and managers constantly look for areas in which they can improve.

If you’re trying to improve your HR department — and continuous improvement should always be a goal — the first thing you should know is that you don’t have to do it completely on your own. You can follow these 20 HR blogs instead:

1. Bonusly

It’s a known fact that employee recognition is a must-have in the workplace (or at least it needs to be). Bonusly knows a thing or two about employee appreciation, so turn to them when you want the nitty-gritty on recognition.

Must-read post: 10 Reasons to Ditch Employee of the Month Certificates

2. Glassdoor

Despite being known as a place for disgruntled employees to vent, Glassdoor also caters to employers with their blog. Learn all the tips and tricks for recruiting in this employee market.

Must-read post: How to Create Content for Social Recruiting Purposes

3. SnackNation

The folks over at SnackNation understand that accomplishing great things starts with a great appetite. Their blog is certainly worth following, particularly if you’re looking for some wellness ideas that can help increase employee engagement.

Must-read post: 87 Fun Office Activities That Make Work Awesome

4. HR Bartender

Like Demers, Sharlyn Lauby has found a career in HR. Because her job involves talking with employees constantly, she fancies herself a bartender of sorts. Her blog — appropriately titled HR Bartender — focuses on leadership and management, office politics, and career advice.

Must-read post: Use an “Ask Me Anything” (AMA) to Create Employee Engagement

5. Evil HR Lady

People in HR aren’t evil — though some folks might perceive them that way. Enter Evil HR Lady, a place where that stereotype is debunked by exposing what’s really going on behind the scenes.

Must-read post: What if Charlie Sheen Were Your Employee 

6. Acacia HR Solutions

Looking for another blog to follow that offers great tips on potentially controversial HR situations? Look no further than the blog maintained by Acacia HR Solutions. Take my word for it: you’ll like what you find.

Must-read post: The Biggest Challenge for Small Business Recruitment and How to Overcome

7. HR Ringleader

Trish McFarlane maintains HR Ringleader, a blog that covers the latest developments related to HR technology and human capital management. Follow her blog and get fresh insight on how to be a better manager or HR professional.

Must-read post: 3 Critical Elements of Teamwork

8. Your HR Buddy

HR representatives are supposed to be your buddy. But not all of them act that way. There’s good news: Nisha Raghavan maintains Your HR Buddy, a blog that explores career advice, employee engagement, management, and, perhaps most importantly, how we can have fun at work.

Must-read post: Hire Ambitious Employees

9. Corn on the Job

Rich DeMatteo offers advice and opinions for everyday job seekers on Corn on the Job. In addition to offering a wealth of tips and tricks, this blog perhaps takes the cake for having the coolest name. Added bonus: readers of Corn on the Job are referred to as “corn heads.” Need we say more?

Must-read post: The Workplace That Employers Will Need to Have in the Future

10. HR Potential

Looking for an HR perspective from a young mom? Head on over to HR Potential, a comprehensive HR-focused blog that’s maintained by Helen Tracey. You’ll learn about things like why leadership shouldn’t be hereditary and why we need to rethink networking.

Must-read post: The Dark Side of Personality Testing

11. Everyday People

Steve Browne lives and breathes all things HR. There’s good news for the rest of us: he regularly maintains an HR-focused blog, Everyday People, where he offers advice as to what folks can do to improve their careers and be happier at work. As a manager or HR professional, you will almost certainly want to hear what this funny and insightful guy has to say.

Must-read post: Don’t Be a Bobblehead!!

12. T Recs

OK, maybe we jumped the gun on the HR-related blog with the coolest name. That award might belong to Mervyn Dinnen, who maintains a blog called T Recs. The blog provides a slew of fantastic information pertaining to everything from HR analytics to recruitment to emerging trends, so you’ll have no problem finding some gems.

Must-read post: 10 Emerging HR Trends

13. Stop Doing Dumb Things to Customers

This blog doesn’t really need much of introduction — its title should cue you in on everything you need to know about what’s covered there. If you’re looking to learn about the future of HR, the importance of meditation, or well-being, head over to Stop Doing Dumb Things to Customers.

Must-read post: Not All Who Wander Are Lost — Co-created Conversations On the Future of HR

14. The HR Capitalist

Curious about the monetary implications of HR? Look no further than The HR Capitalist, a comprehensive blog that covers everything from 401(k)s to economics to compensation and more. Follow it and you may very well become a financial guru yourself.

Must-read post: Great Realities of Management: It’s Not Your Fault, But It’s Your Problem

15. Change Effect

Sure, it can make the office a better place. But can HR really make the world a better place? The folks over at Change Effect seem to think so. Head over there to read keen insight on the modern state of HR.

Must-read post: Uber, Netflix, Facebook, and Google Teach Us Nothing

16. Women of HR

Looking for a feminine perspective on HR — and only a feminine perspective? If so, Women of HR has you covered. The site came together when a bunch of, you guessed it, women in HR came together and asked themselves why there wasn’t a one-stop shop for all things related to the future of business as the fairer sex envisions it. And lo, their blog was born.

Must-read post: How Equal Wages Will Win the War for Talent

17. The Cynical Girl

Life isn’t always roses and rainbows. Good news for HR folks and job seekers: Laurie Ruettimann understands that perfectly, which is why she launched The Cynical Girl. (To be fair, the blog has since migrated over to her eponymous URL.) She’s been recognized by both CareerBuilder and CNN for the quality of the advice she offers.

Must-read post: 2016 Recruiting Trends

18. Inside My Head

Who doesn’t like stream of consciousness writing? Particularly when it’s about the lovely world of HR? Well, there are probably some people, but hopefully you’re not included in that category. Assuming that’s correct, head on over to Inside My Head, an HR-focused blog that’s maintained by Gareth Jones. He covers everything from gamification to the war for talent to the future of HR and everything in between.

Must-read post: Gamification Or Desperation?

19. The HR Blog

It’s probably one of the most straightforward blog names on the internet, so chances are you already know what you’ll find when you head to The HR Blog. For the past four years, readers have flocked to the blog to find out how they can solve problems related to both their careers and their job searches.

Must-read post: Mentoring Will Fast Track Your Career Growth

20. The Chief Happiness Officer Blog

If you want a happier staff, it may be time to focus on doing all that is within your power to improve employee morale. An easy way to do that is to head over to the blog of Alexander Kjerulf, the Chief Happiness Officer of Woohoo inc. It’s hosted on positivesharing.com, so you know what you can expect to find there.

Must-read post: This Is One of the Most Inspiring Things I’ve Ever Read About Work

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Source: Top 20 HR Blogs to Follow