In a recent development, Goldman Sachs’ Chief Executive David Solomon said on 23rd January 2020 from 30 June Goldman Sachs Group Inc., would only help the companies go public if there is at least one diverse board member. The policy would currently apply to the US and European companies and would increase over time, with the Bank requiring two diverse board members from June 2021. While Solomon didn’t define what did the company mean by ‘diverse’ candidates but informed that focus is on women.
According to a Payscale Inc. report dated 22 January 2020, it was found transparent pay policies did neutralize some of the gender pay disparity between men and women working on the same positions across majority of jobs. The report revealed even while working on the same projects in the same geographic location, women still earned 98 cents for every dollar a man earned in that position. It also reported millennial women were doing better in terms of compensation at ($1.02) as compared to the women of other generations.
As per Bloomberg’s Gender-Equality Index, about 39% of organizations have public targets to increase women's leadership. According to the announcement dated 21 January 2020 about 16% of firms have shared their plans to bridge the pay gap. The employers listed in the index include PayPal, Gap, Chipotle, among others. Interestingly, while 2020 was the first time Bloomberg tracked organizations that went public with their plans, it is believed the number of the firms on the list has increased from 230 in 2019 to 325 in 2020.
McDonald’s announced the launch of its new mobile app on 22 January 2020. The mobile app would allow its employees to ‘maximize education benefits and take the next step in their professional journey,’ revealed the proclamation. The mobile app launch is the latest development in the learning space McDonald’s has started previously. According to the announcement, the app that has been created in an association with the ‘Council for Adult and Experiential Learning’ and Inside Track advisors, would serve as a career-advancing tool for employees.
According to a survey report released by ManpowerGroup dated 17, January 2020 the global talent shortages have doubled up in the past decade. The report discovered that about 54% of the international businesses reported severe skill shortages and extreme difficulty in attracting talent in 2019 as compared to 2018. The report also found out about Gen Z’s preference for money and career development; women gave double the importance of salary as skills development while men treated skill development on par with money. As Jonas Prising, Chairman & CEO ManpowerGroup said in the release, “Creating shareholder value can only be done in conjunction with taking care of employees, customers, and communities, so listening to the voice of the consumer is key."
The statement released by GetApp dated 22, January 2020, revealed some disturbing facts prominent in the workplace. The statement revealed employees are unprepared for data breaches and the emergence of AI. The study revealed employees need proper training to embrace AI in their daily business practice. It also emphasized the number of employees, which was just slightly more than half of the employees who had formal security training. The study concluded with the note that going forward HR needs to take more initiative in offering proper training to the employees.
In a recent announcement by PepsiCo dated 16 January 2020, the company announced the launch of an online program ‘gender-smart’. The program is aimed at equipping prospective candidates with ‘work readiness skills.’ According to the proclamation, the skills covered in the program would include skills like conflict management, communication, critical and creative thinking – that are a must-have in today’s corporate world. The declaration also revealed that the program also aims to support young women by featuring scenarios with women in different roles and responsibilities.
According to recent research from the on-demand staffing technology platform, Bluecrew revealed that almost 57% of the hourly employees surveyed informed that they didn’t understand the difference between W-2 and 1099 Workers. The research further revealed that hourly workers neither knew nor could identify the benefits entitled to independent workers. Further the study, also revealed that about 84% of the independent workers informed that common worker protections and benefits were either more important than flexibility or equally important.
The recent statement released by Nationwide dated 13 January 2020, revealed that the organization would be investing about $160M in the Future of Work. The statement revealed that the organization would spend the said amount during the course of five years and plans to offer all its 28,000 US employees digital literacy and ‘future capabilities’ training. According to the statement, each employee would receive a personalized curriculum, business unit-specific learning opportunities, and a targeted career path.
Delta Airlines enjoyed a successful 2019 and instead of offering verbal thanks to its employees, the company announced $1.6 Billion in profit-sharing bonuses for its employees. According to the Delta spokesperson, the profit payout to employees for 2019 is a record amount but at the same time, it is the sixth year in a row that the company would be paying out more than $1 Billion to employees. Delta CEO Ed Bastian on LinkedIn said, "Delta would be nothing without our 90,000 people. They deserve all the credit." Profit-sharing is one of the ways to reduce turnovers and increase employee retention rates.
In a recent development, the Federal Lawmakers have put forward across a bill dated 14 January 2020, which would create additional protections for pregnant employees. The bill H.R. 2694 has now moved to the House floor for a vote and would require private-sector employers with 15 or more employees along with public sector employees to ensure reasonable accommodations for pregnant job applicants and other candidates with known limitations related to childbirth.
The latest report by the United Nations has revealed some disturbing facts related to global employment. The report revealed that about half a billion people globally struggled to find adequate paid work, which resulted in individuals trapped in poverty and fueled increased levels of inequality. According to the UN’s International Labor Organization (ILO), more than 473 million people globally lacked enough employment opportunities to meet their needs. The agency also pointed out that global unemployment would rise for the first time in a decade, as weaker levels of economic growth globally have led to an increase in the number of unemployed individuals by about 2.5 million.
According to a new ResumeLab Survey, about 36% of Americans have lied on their resume. The reasons cited for dishonesty included lack of experience or long-term employment. The survey also reported that among those who were caught lying on their resumes, about 65% of those candidates were either not hired or fired. The survey report also featured a few other reasons for lying on the resume including lies related to skills and job duties. The findings also reported that men in the age group of 18 and 39 were more likely to lie as compared to their women counterparts.
In a recent report by Boston Consulting Group dated January 15, 2020, it was reported that global skill mismatch was imposing about 6% of the annual tax on the global economy. The tax was imposed in the form of lost labor productivity. The report stated that the rate at which the skills became obsolete was part of the problem. The result was reskilling and upskilling with employers revisiting their talent strategies to bridge the skills gap. The report also emphasized the need to create a balance between buying and building talent.
The latest survey by New YPO Global Pulse Survey report dated January 14, 2020, stated that about 96% of young chief executives believe that trust is critical but they don’t have a clue how to build on it and then maintain it. The survey also listed that about 42% of respondents believed that in the last five years the importance of building trust with the stakeholders of the organization has increased significantly. The report also revealed that about 40% of executives found it easy to build and maintain trust with their employees, while about 60% of respondents shared that they were yet to measure employee trust within the organization.
In a recent announcement by the leading job portal Indeed, dated January 16, 2020, it was stated that the company is expanding its Indeed Assessment Tool, which would allow employers to add two skills tests to their job postings. Currently, the feature would be rolled out to the US employers and would be free to use. According to the survey, it was found that about 41% of candidates admitted that their education doesn’t match their work profile. The survey also revealed another finding that about 55% of recruiters felt that the resumes of applying candidates fail to enlist their skills.
A recent survey by CareerAddict, released January 14, 2020, revealed that about 82% of employees would quit their jobs because of a lack of professional growth within an organization. The survey that was conducted on about 1,000 employees, threw light on one of the primary reasons an employee would be likely to quit her job – lack of career growth opportunities. The survey also featured the respondents who had already quit their jobs. And about 35% of those respondents admitted that if offered bigger pay packages and promotions, they would return to the jobs happily. Other survey findings included discrimination by superiors and gender-based bias by women.
In a recent announcement dated January 15, 2020, General Motors Co, revealed that the company would onboard more than 1,350 hourly workers as full-time employees in the first quarter of 2020. According to the statement released by the company, employees from 14 General Motors manufacturing units in Michigan, Indiana, New York, Texas, Tennessee, Missouri, Kansas, and Kentucky would enjoy the full-time employee status. The statement further confirmed that full-time status would offer other benefits to the employees including better medical benefits, insurance coverage along with company contribution to their retirement plans or the 401(k) among other benefits.
Citigroup Inc. revealed in an official statement dated January 15, 2020, that female employees are paid 27% less than their male counterparts if title and location are not taken into account. The Wall Street bank also shared that according to an internal analysis there has been an improvement of 2% from last year. The statement also shared the salary statistics – women on an average were paid 99% of men were paid – of men and women sharing similar job roles within the same location, which was on par with last year’s result. The bank had started disclosing its ‘raw’ pay disparity globally in 2019, in response to shareholder pressure to disclose the gap.
South African TelKom in a letter to the Union, dated January 15, 2020, revealed that it could cut about 3,000 jobs of more than 15,000 workers, as it struggles with a decline in performances in fixed voice and fixed data services. In its letter to the unions, the company mentioned that it has been struggling with the mounting organizational and operational inefficiencies related to fixed voice and data services. The letter also mentioned that while it has been trying to keep pace with the growing demand for the internet and data with the increased use of smartphone usage, it has not been able to match up. The organization also mentioned that it would consider voluntary severance and early retirement packages for employees affected by phase one of the job cut.
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