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Here are the top news stories in talent & organization from this week.
Davos 2020 highlights responsible leadership
The World Economic Forum’s annual meeting in Davos was all about a transition into stakeholder capitalism—one that champions sustainability, fairness and diversity. “The point about stakeholder capitalism is that if companies continue to put narrow, short-term profitability above all else, rather than seeing their companies as actors in a connected system of stakeholders, community, and planet, they will be responsible for the fallout caused by excess emissions, waste, and income inequality—and their profits will likely come under threat in the process,” Maureen Kline noted in an Inc. blog post. The new “Davos Manifesto” states that companies should pay their fair share of taxes, show zero tolerance for corruption, uphold human rights and advocate for a competitive level playing field. “As world leaders wrapped up a week of high-level talk at Davos, the theme was clear: Our house is (still) on fire, and we need new, more diverse leadership for a new kind of capitalism to fix it,” Kline wrote.
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Goldman Sachs announces diversity rule for companies going public
Also at Davos last week, Goldman Sachs CEO David Solomon made the news when he told CNBC that the investment bank wouldn’t take companies public unless the company had at least one diverse board member. “Starting on July 1 in the U.S. and Europe, we’re not going to take a company public unless there’s at least one diverse board candidate, with a focus on women,” Solomon told CNBC. “And we’re going to move towards 2021 requesting two.” Kim Elsesser noted in Forbes that though Solomon didn’t define exactly what he meant by diverse, his focus was clearly on women. “The performance of public offerings of U.S. companies with at least one female director has been significantly better in the last four years than those without,” Solomon said. “The actual numbers are striking,” Elsesser wrote. “Companies with one diverse board member saw a 44 percent jump in their average share price within a year of going public, while those with no diverse boards saw only a 13 percent increase in share price.”
Five facts about the jobs of the future
Tech skills will continue to dominate the jobs of tomorrow, while human skills will still be important, according to the World Economic Forum’s “Jobs of Tomorrow” report released at Davos last week. In this blog post, LinkedIn’s Co-founder Allen Blue shares the five things to learn from the new data: 1. Technologies such as artificial intelligence (AI) are so pervasive that even roles in areas such as sales and marketing will require a basic understanding of AI. 2. While they aren’t growing as quickly as tech-dominated jobs, new sales, content production and HR roles—all relying on soft skills—are among the fastest growing professions. 3. Gender equality in emerging tech jobs still lags behind. 4. Taking advantage of existing and adjacent talent can make a massive contribution to the rapid expansion of talent pipelines. 5. The “network gap” still exists—living in a high-income neighborhood and going to a top school can lead to a 12x-advantage in accessing opportunities. “If we are going to make meaningful change, we need businesses and political leaders to re-evaluate the norms through which we shape policy, make hiring decisions and ultimately level the playing field for those who face barriers to opportunity,” Blue writes.
Finding generation Z talent in 2020
Democratizing opportunity and building diverse teams; sourcing tech talent beyond STEM; and proactive, personal outreach are the three key ways to find generation Z talent claims Kristen Ribero. “We’ll use targeted talent marketplaces that have the potential to connect candidates with like-minded employers,” she writes in a TalentCulture guest blog. “Not only does this ensure a more seamless cultural fit, it also increases the likelihood of an employee being successful.” Ribero argues that generation Z’s knowledge of technical skills trumps whether they major in STEM related fields. “They don’t know a world without technology, which means they are more tech-savvy than previous generations,” she writes. “And they are leaning in on hard skills as equally as soft ones.” From 2018 to 2019, employers have proactively reached out to four times as many students than the years before. “Employers can tap into this generation’s need for connection by delivering encouraging, personalized messages,” she writes.
For more news on generations in the workforce, see our page here.
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