In a recent announcement by the world-renowned travel giant, Expedia Group Inc. revealed it would slash thousands of jobs, in order to simplify the ‘bloated organization.’ The efforts would ensure the online travel giant revert to a more disciplined growth. According to the announcement, the staff reductions would affect about 3,000 employees, the number includes about 500 people in Expedia’s Seattle-based headquarters. The employees would be notified this week.
According to the research from the University of California San Diego (UCSD) and Thermo Fisher Scientific, competitive ‘winner-takes-all’ pay was one of the most effective means to spur the creativity that would help fuel economic growth. The research, which had UCSD professors partnered with the biotech company, revealed that findings were significant because the “21st-century economy is one that prizes novelty. Firms view it as an important source of comparative advantage.”
According to the research from the University of California San Diego (UCSD) and Thermo Fisher Scientific, competitive ‘winner-takes-all’ pay was one of the most effective means to spur the creativity that would help fuel economic growth. The research, which had UCSD professors partnered with the biotech company, revealed that findings were significant because the “21st-century economy is one that prizes novelty. Firms view it as an important source of comparative advantage.”
The recent survey by Yoh, dated 12 February 2020, it was revealed that about 48% of the employees believed their organization had the best talent available in the market. The Poll also revealed that about 8% of the respondents thought though their employees had talented people, they were not enough for them to perform well in their jobs. According to the survey while employees knew that their organization had talented people they were unaware of the talent and skill level at their company. The survey concluded that for the employees to work their full potential there have to be proper levels of talent throughout the company.
In a statement given by the House lawmakers, it was revealed that big banks need to upgrade their diversity and inclusion strategies. The statement also emphasized that the onus was on the executives to drive those efforts. Rep. Al Green, D-Texas said in a statement, “There is no shortage of diverse people and businesses for banks to hire and promote. Just a shortage of leaders, including bank leaders, with the will to make it happen.”
The ever-rising cost of healthcare has resulted in employers turning to riskier insurance arrangements. The employers were swayed by messaging from brokers to ditch the status quo. The trend, for the large employers for years, has been to opt for self-insured plans as they had enough employees to spread the risk of a potentially high-cost year due to severe illnesses or injuries. Smaller employers tend to pick fully-insured plans in which the insurer takes on the risk and pays claims as they arise throughout the year.
In the recent development of workers staging walk-outs, Oracle employees on Thursday, 20 February 2020, walked out of their workplace to protest the Chairman Larry Ellison’s fundraiser for President Donald Trump on Wednesday. The protest, aptly called No Ethics/No Work, had about 300 employees walking out of their offices or stopping their work at noon local time. The workers spent the rest of the day volunteering or civic engagement.
According to a survey by Blind – a network where anonymous discussion about workplace issues are encouraged – dated 10 February 2020, it was found organizations that have taken a strong stance on climate change would be able to attract employees. The report revealed nearly half of the 629 employees surveyed at the leading tech organizations confirmed that an organization’s efforts towards climate change would affect whether they would want to work for that firm or not.
Airbus recently announced its plans for the Airbus Defense business which included the cutting off more than 2,300 jobs. The reason included the flat space market and postponed defense contracts. According to a statement issued by the aircraft maker, it was revealed that Airbus Defense and Space Division had had a conversation with the organization’s European works council on the planned cutbacks. As per the plan, the cuts would be across Germany, Britain, Spain, and France along with other 141 countries.
In a recent survey by OnePoll carried on behalf of ResumeLab, about 83% of the 200 participating recruiters, HR specialists and hiring managers revealed cover letters are still an important part of the hiring process. According to the survey, a cover letter could help candidates land an interview even with a mediocre resume. In addition, about three-quarters of recruiters stated they preferred applications with cover letters separated from the resumes.
In a recent announcement made by the bank, it was revealed HSBC would slash about 35,000 jobs worldwide over a period of three years. According to the announcement, the job slash would be a part of a major shake-up as the bank issued a warning over the impact of the coronavirus outbreak in Asia. The announcement also threw light on the clear intentions of the bank stating HSBC said there would be ‘meaningful job cuts in the UK.’ The job cuts though would mainly affect the head office operations, the impact would be visible on global banks and market business.
According to the statement by the UK government released on 18 February 2020, Britain would prioritize the access for a high-skilled workforce globally in its post-Brexit, points-based immigration system. The government revealed the plans to end the reliance on ‘cheap labor form Europe.’ The new system would assign points for specific skills, qualifications, salaries, and professions and only give visas to those who have enough points. The new system would come into force from next year 1 January 2021. In addition, the new system would treat the EU and non-EU citizens equally.
The recent survey by Checkster, dated 13 February 2020, about 78% of applicants have misrepresented themselves on their resume. The report also revealed about 66% of hiring managers were ‘willing to accept” it. The survey, to which about 400 applicants and 400 hiring managers contributed, also revealed about 60% of applicants claimed about their skills mastery. Some of the blatant claims include the number of experiences a candidate had, wrong reasons for leaving the previous job and inflated job titles.
In a recent report by Challenger, Gray & Christmas Inc., a disturbing trend came into light. The report revealed a sudden surge in CEO turnover last month. It revealed turnover jumped about 37% over the previous month and the estimated number of exits being 219. Challenger uses SEC filings, along with news reports, organization announcements to keep a track of changes at the US-based organizations that have been in the business for a minimum of two years and have 10 employees in their workforce.
According to the study by Workforce Logiq, it was found software engineers, marketers and recruiters are more likely to jump the ship as compared to other professionals. In another report published by 2020 Workforce Management Benchmark, dated 12 February 2020, professionals who topped the list of job-hopping professionals were recruiters themselves at about 115% higher than the national average, with software engineers at the second position at about 105% higher above the average. They are followed by marketing professionals at about 82% above the average. The report also featured industries with the highest and lowest volatile workforce.
In a recent announcement by British Airways, it was revealed the Chief Operating Officer Klaus Goersch and the Director of People Angela Williams were moving out of their respective roles in the organization. The announcement was made on 16 February 2020. It also revealed the names of the individuals who would replace the departing members. Former director of engineering Jason Mahoney would replace Goersch, who has decided to move back to North America, informed the organization. The company also shared that Stuart Kennedy would replace Williams who had plans to leave the organization.
According to a study by WorldatWork and Mercer while the organizations (about 67%) believe pay transparency plays a crucial role in retention, and only about 4% of organizations realize its extreme importance. The report also featured only 14% of enterprises that have dealt with pay transparency at a moderate level. The report emphasized how only about 35% of companies have minimal transparency including just one percent of them had extreme transparency. In addition, the report also threw light on another disturbing trend about organizations surveyed. About 60% of them reported their managers were not equipped to deal with pay communication.
Indeed, the job search portal recently announced its new offer ‘hiring events,’ – a solution, which the organization said would use automation to hasten the recruitment process and reduce the per hire cost. According to the announcement, ‘hiring events,’ would allow for pre-screening of candidates and RSVP management including various other functions. The program allows employers to create an event page with their job listings and the positions they would want to fill. The program also makes room for attendees to be interviewed or receive a job offer there and then.
As per the recent announcement by Wells Fargo on 12 February 2020, the bank with an immediate effect has put an end to mandatory arbitration for employees in connection with any future sexual harassment claims. The decision was made after the bank’s discussion with their stakeholders including Clean Yield Asset Management. In a separate statement, David Galloreese, Wells Fargo senior executive VP and head of HR, said, “This is the appropriate change to make at this time for our employees."
In a recent report released by Indeed Hiring Lab, dated 11 February 2020 revealed there has been a significant increase (about 4.1%) in the rate at which employees switch their jobs since the Great Recession. The report revealed before the Great Recession, the workers switched their jobs at about 2.3% and attributed it to the stronger economy. Interestingly, job-hopping is more common in industries like accommodation and food services, administrative and support services.
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