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Here are the top news stories in talent & organization from this week.
What fintech employees want
Fintechs are known for offering fun and unique perks to their employees, but it turns out they do more than that to retain top talent. For the second year in a row, SourceMedia, American Banker’s parent company, has compiled a list of 50 Best Fintechs to Work For. The list includes companies ranging in size from just more than a dozen employees (Fountain City Fintech) to those with thousands of workers (Ally Financial). “Based on this year’s Best Fintechs to Work For ranking, what fintech employees really want from their employers boils down to three things: satisfactory pay, paid-for benefits and a respectful culture,” American Banker reports. SourceMedia’s survey asked fintech employees to score their employers on leadership and planning; corporate culture and communications; role satisfaction; work environment; relationship with their supervisor; training, development and resources; pay and benefits; and overall engagement. “Fun still counts—the companies that ranked highest scored much higher on a question about this than their lower-ranking counterparts—but it’s not the biggest benchmark,” American Banker notes.
How to avoid AI bias in recruiting
While artificial intelligence (AI) can quickly and more efficiently screen potential job candidates, such algorithms can also inadvertently reinforce discrimination in hiring practices, argues J. Michael Thomas. “If you are using or considering a tech-based tool to help you screen job applicants, you should take steps to ensure that such tools are not disproportionately screening out candidates based on gender, race, or other protected classes,” he writes in LexBlog. “Simply telling tech-based tools not to discriminate against minorities or women may be insufficient because such tools will attempt to identify candidates that reflect your existing hiring practices.” Thomas shares three helpful tips to consider when using AI in recruiting: 1. Do not rely exclusively on tech-based hiring tools; be sure to review and assess lower-ranked candidates. 2. Consistently review and update data provided to your hiring tool. 3. Audit the results and rankings and make appropriate adjustments.
The UK’s upskilling gap
Less than half of employees (46 percent) in the UK think they are getting enough help and support to develop skills for the future, according to new research by City & Guilds Group. The survey of 2,000 UK workers found that 81 percent believed the skills they needed to do their job would change over the next five years, yet a quarter (24 percent) were not getting sufficient feedback from managers on what they should be focusing on. The survey identified three top barriers to learning new skills: 1. Taking time away from the day job (42 percent). 2. Lack of investment in training and development by employers (29 percent). 3. Lack of funds to invest in training outside the workplace (28 percent). “As working lives get longer and the age of the workforce increases, now is the time for employers to prioritize upskilling and reskilling people at all ages and stages within their current workforce and to recognize the value and potential of every employee,” Chris Jones, City & Guilds group chief executive, told People Management. “However, our data clearly shows that people aren’t receiving enough employer support to develop the skills they need today, let alone those they may need over the next five years.”
The Federal Reserve’s diversity problem
The fact that only one African-American and seven women have served as president at any of the Federal Reserve banks since its founding in 1913 is problematic, claims Ruth Umoh. “Within the Federal Reserve, this lack of diversity can create blind spots on critical issues that impact historically underrepresented groups,” she writes in Forbes. Since the 2008 financial crisis, legislators have made various attempts to diversify the Fed. A 2010 clause added to the Dodd-Frank Act established offices for the inclusion of minorities and women at all 12 Federal Reserve banks, requiring each agency to monitor its workforce and supplier diversity. This January, Representative Joyce Beatty (D-Ohio) introduced a bill that would ensure at least one racially, ethnically or gender-diverse candidate is interviewed for all presidential vacancies at Federal Reserve banks. The Senate is also considering similar legislation. “You have to change your mindset about what you think [are] the right criteria. But once you do that, I think what you’ll find is there are very high-quality people out there,” said Cleveland Bank president Loretta Mester.
For more news on gender equality in the workforce, see our page here.
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