Here are the top news stories in talent & organization from this week.
Why effective training is critical to retention
The link between employee training and retention is clear and supported by much research, argues Lin Grensing-Pophal. In an HR Daily Advisor blog post, Grensing-Pophal cites several statistics: 1. 51 percent of employees are considering a new job. 2. Turnover can cost organizations anywhere from 16 percent to 213 percent of the lost employee’s salary. 3. Companies lose 25 percent of all new employees within the first year. 4. 69 percent of employees are more likely to stay with a company for three years if they experienced great onboarding. 5. 72 percent of candidates are driven by career advancement opportunities—the number one reason people change jobs. “Given the impact of employee training and development efforts on employee retention, companies need to reconsider the old-fashioned training paradigm that many have been utilizing for decades: minimal training that is provided at the start of employment as routine onboarding by designated trainers who may or may not have a solid grasp on the trainees’ job roles or the material they’re training,” Grensing-Pophal writes.
Sourcing new talent from summer interns
For financial services firms looking to recruit the best qualified and diverse college graduates, one major bank offers a compelling example, claims Andrew McIlvaine. Bank of America’s summer interns were the majority (70 percent) of its full-time hires in 2019—and of the 1,500 students who interned at BofA this year, 57 percent were people of color and 47 percent were female. “The company makes a point to highlight its diverse workforce to prospective hires and interns,” McIlvaine writes in HR Executive. “Bank of America has also greatly expanded the number of colleges and universities where it recruits full-time hires and interns.” BofA has boosted its global leadership team to 54 percent women and people of color in recent years. “We can’t attract really good, diverse candidates unless we’re putting really good, smart and diverse people in front of them,” Ebony Thomas, BofA’s diversity recruiting strategy executive, says. “It’s important that your employees reflect the community that you want to bring into the organization.”
Six employee wellness trends for 2020
As 2019 comes to a close, more predictions for the new year are starting to make the rounds. In this TalentCulture blog post, Meghan Biro lists the six employee wellness trends for 2020: 1. Holistic benefits, such as managing mental health conditions and college loan assistance, will become commonplace. 2. Equal benefits for alternative families and identities will continue to expand. 3. A focus on mental health and stress reduction benefits will become a part of employee wellness programming. 4. Companies will continue to allow employees to give back by volunteering. 5. Financial wellness programs will start going beyond lunchtime seminars to in-house financial counseling and customized programs. 6. Artificial intelligence will help firms predict evolving employee needs and investments better. “Concepts of wellness, particularly employee wellness, are evolving, and in 2020 we’ll see a lot of organizations working to meet their employees’ needs better,” Biro writes. “Pay attention to these six trends. I predict we will be hearing a lot about them.”
New Brookings research looks into which jobs AI will disrupt
Better-paid, white collar or office occupations may be most exposed to artificial intelligence (AI), according to a new report from the Brookings Institution. Among the major occupational categories that had the highest scores: engineering, science and business. These occupations sit right alongside manufacturing and production workers in the Brookings matrix of vulnerability. “Business-finance-tech industries will be particularly exposed,” Rich Blake notes in a Forbes blog post, adding that legions of former Wall Street equity traders and sales traders have already been replaced by algorithms. Rich Blake notes in a Forbes blog post. “AI is expected to create new employment opportunities e.g. software engineers creating algorithms enabling automated trading systems to learn as they go (as opposed to just following human-prescribed decision-tree programs). Portfolio managers worried about AI should also breathe easy.” Mark Muro, senior fellow and policy director at Brookings’ Metropolitan Policy Program, and a co-author of the report, told Blake that AI exposure doesn’t mean outright substitution. “AI may well complement human work in many of the highlighted occupations and regions,” he said.
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