Other parts of this series:
- Why equality can’t wait, and how to earn employees’ trust
- How to fix a toxic culture, and gender equality at the top
- AI creates new job trends, and vulnerability in the workplace
- Workers no longer fear robots, and how to foster company culture
- Financial sector leads in diversity, and gen Z loves flexibility
Here are the top news stories in talent & organization from this week.
Banks and insurers lead the way in diversity
The financial industry got the highest overall score in The Wall Street Journal’s latest diversity rankings. Banks and insurers scored an average 50.4 out of 100 in the study, which analyzed industries in the S&P 500 index in terms of overall workforce diversity based on 10 metrics. Communication services companies were second, with an average score of 49.5, followed by consumer-staples firms at 48.8. In all, six banks and two insurers were among the study’s 20 most diverse companies in the S&P 500, with Progressive Corp. and JPMorgan Chase & Co. claiming the top two spots with scores of 85 and 80, respectively. “Banks have to adapt to the global changing demographics of their clientele: They are younger, more diverse in terms of gender and ethnic diversity, and they are putting mandates on them to say, Look, we want you to look like us,” said Nadia Jones, former senior diversity officer for Morgan Stanley Wealth Management and now a principal at Culture Cipher Consulting. “Not only were [financial companies] being sued, but they also realized that diversifying their boards or their approaches to wealth will ultimately create a better bottom line for them. Those two things alone helped push them into that space.”
The future of work will be flexible
More than half (60 percent) of today’s workforce believes that having flexibility is a right, not a benefit, according to a new survey by Quinyx. Gen Z topped the survey when it comes to the perk of flexibility: 72 percent of respondents said it was the leading criterion for choosing a job, versus 39 percent of gen Z respondents who favored health benefits. Overall, 85 percent of the workers surveyed said a flexible schedule improved their productivity. “Like most of Vanilla Ice’s music, littering, and smoking on airplanes, the 9 to 5 grind is becoming an undesirable thing of the past,” Chris Westfall writes in a Forbes blog post. “To reduce frustration, disengagement and turnover, consider how your company might incorporate greater flexibility into the equation. What employees want—and many of them expect—is the ability to create work–life balance. How your culture adjusts to these expectations will define the future of work.”
Three employee-engagement methods that are better than perks
Shiny perks such as catered lunches and wellness programs keep employees satisfied, but not engaged, argues Santiago Jaramillo. “Satisfied employees feel comfortable. They do the bare minimum to earn a paycheck,” he says. “Engaged employees feel challenged and energized by their work. They go above and beyond to help the organization accomplish its mission because payday isn’t their main motivator.” In this Inc. article, he shares three tried-and-tested methods to engage and retain employees who actually work: 1. Revisit your company’s mission and how you communicate it to help employees find meaning in their work. 2. Invest in focused manager training and development, especially in how to give feedback without fear of negative consequences. 3. Mobilize employer brand advocates to spread the good word about your company.
How to win over tech-resistant employees
Not all employees are thrilled with new technology that is necessary for business survival, and it is the CIO’s duty to get the whole team on board, argues Andrey Kudievskiy. “Your goal should be to engage employees in the creation process and earn their buy-in,” he writes in Enterprise CIO. “Make sure you are specific about why you’re adopting new technology—‘because leadership says so’ isn’t a good enough answer.” Besides open communication, Kudievskiy suggests starting small and providing ample training and support. “Make things easier by scheduling specific training times, allowing team members to plan around training and prioritizing their tasks,” he writes. “Show you understand that training might add pressure to their days, and invite them to speak to you if they have any concerns.” Last but not least, monitoring and tracking success metrics continually is paramount. “With the right planning and communication, CIOs can ensure the new tech they integrate fuels future company success,” Kudievskiy concludes.
For more news on change in the workforce, see our page here.
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