Month: March 2022

Working toward a return to normal, however, is just as probable and effective as hoping for a return to the good old days. The reality is that a new normal is unfolding in front of us – and there’s no shortage of opportunities for organisations that are adapting to it.

At the heart of the Great Resignation is a fundamental need that has gone largely unmet: the need for employees to go beyond simply existing in their job roles and thrive. The talent of today’s world wants to be treated well and to be recognised for their contributions. The benefits for companies that realise this and take the steps to act on this are massive in terms of employee engagement, retention, and ultimately organisational growth.

Conversely, the organisations finding themselves bearing the brunt of the Great Resignation are often the ones offering outdated solutions to modern problems. A common one is focusing solely on compensation to solve deeper issues. When attracting talent, money is a huge part of the equation, but a strong company culture is an increasingly important choice factor. Many struggling companies overlook the importance of fostering a strong, recognition-filled work culture. Increasing compensation may be a quick fix, but if money is the primary thing keeping talent motivated, they’ll be easily lured away by better offers. But while improving company culture takes a greater commitment from leadership, it has a lasting and more substantial effect on those factors organisations worry about most today: retention and engagement.

The old way of recognition was sporadic and top down, but a strong value-based culture seeks to make this recognition a daily habit among peers as well as managers

It’s both as complex and as simple as this: The desire for fair and robust recognition in the workplace will define the future of work during the pandemic and post-pandemic. Here’s how.

Values over money
To help inspire employees to work toward a common goal, companies must have clear core values that employees know and care about. But it doesn’t stop there. Companies must also associate behaviours to these values, with leadership demonstrating these behaviours every day. With that in place, all employees should be given the tools and much needed support to recognise their colleagues when they see moments that exemplify these values. The old way of recognition was sporadic and top down, but a strong value-based culture seeks to make this recognition a daily habit among peers as well as managers.

This practice not only reinforces the behaviours that move organisational goals forward, but it makes employees feel they are direct contributors to an irreplaceable company culture.

In addition to incorporating behaviours and values in recognition, there is a slightly differ-ent connection between monetary rewards and recognition. If the recognition system is set up to be predominantly monetary, so is the employee’s motivation. Employees who feel empowered to give and receive continuous recognition in their workplace will not only feel a strengthened commitment to the organisation, but they will be incredibly difficult to poach with monetary incentives alone. Instead, they will see their everyday contributions in a far more meaningful way than they might at companies where recognition is sporadic, scarce, or nonexistent.

Fuel intrinsic motivation through connection
Motivation can come in many forms, but employers today must learn to spot the differ-ence between intrinsic motivation and traditional motivation through rewards. Traditional incentives get people through the day, but it rarely makes them care about their work beyond a paycheck. It doesn’t motivate them enough to fully engage and innovate. It’s why a rewards-centric approach can backfire on companies where incentives can be seen as an opportunity reserved for the elite few.

On the other hand, when people feel a deep connection to the company’s values and their coworkers, their inner motivation kicks in. That’s when we see creativity, innovation, and growth unfold in the organisation. The cohesiveness and connection within teams doesn’t have to be limited to small groups either. It can be shared across the organisation by creating a space for everyday recognition that can come from anyone. A robust recognition ecosystem among teammates and managers is an invaluable catalyst in promoting a culture of trust, self-confidence, and innovation.

A generational challenge that’s here to stay
In 2021 48% of American workers actively looked for jobs. We are facing a historic challenge of retention and recruitment. The pandemic is one factor, but the causes of the talent drought go deeper than that, and the effects are not going away once we are through the worst of it. Millennials make up the majority of today’s workforce in the United States, and they are unafraid to leave a bad workplace for a better one, with 21% reporting that they switched jobs in 2021. For employers and HR leaders, retention efforts are more critical than they have ever been. Holding on to talent is not only important because it helps organisations innovate and grow, but having a constantly understaffed organisation raises the risk of employee burnout, which directly translates to a negative employee experience.

A strategic, values-driven approach to culture increases employee engagement, happiness, and performance, but the benefits go beyond that. Word gets around about great culture at an organisation, and recruitment efforts suddenly become easier for HR. With Gen Z changing jobs 134% more now than they did in 2019, the talent pool is open – and looking for better work prospects.

As the internal culture improves, and employees begin to feel like they are truly a part of the company, it naturally leads to an excellent client and external stakeholder experience.

No looking back
It’s time for a new approach to recognition – one that helps organisations and employees adapt to today’s reality. For companies looking to learn crucial lessons from the pandemic, rather than hoping for a return to the old ways, the path to sustained success involves investing in a recognition-centric culture where all employees feel connected and valued. In other words, embodying ‘the future of work’ is actually just answering the call of the present day.

Source:https://www.trainingjournal.com/articles/features/future-work-hinges-employee-recognition

Bullying feels like a playground word. It’s the kind of thing we should have left behind with awkward school dances and braces and homework. And it is certainly the sort of thing that we adults should be above. But, of course, we’re not.

Trying to get a sense of the prevalence of bullying in the workplace—the adult version of the playground—is difficult. But researchers agree that bullying is an understudied and widespread problem; the data we do have seems to show that bullying, in the US at least, is on the rise: according to a January 2021 survey by the Workplace Bullying Institute (WBI), 30% of US workers reported being bullied, up from 19% in 2017. Bullying, as defined by the WBI’s survey, is a pattern of repeated mistreatment, abusive conduct, or work sabotage that humiliates, intimidates, or harms the target and interferes with their ability to work. “It’s gotten worse,” confirmed Gary Namie, head of the WBI, which has conducted this survey every five years since the late 1990s.

While it should probably go without saying, I will say it anyway: there are no benefits to bullying in the workplace—not to the people suffering it or the employees witnessing it, and not to the company’s bottom line. It does not make organizations more competitive, weed out the weak, or give anyone an edge. It cannot be justified as “just the way things are done” or by the idea that because some workers dealt with it, everyone should, that it’s a kind of “paying dues.”

And more and more employees are recognizing that. Right now, we’re in the midst of a “great resignation” that’s driven in part by people no longer tolerating toxic workplaces. In an article published in the MIT Sloan Management Review in January, researchers Donald Charles Sull, of analytics firm CultureX, and Ben Zweig, of Revelio Labs, analyzed data from 34 million online employee profiles in the US Bureau of Labor and Statistics database, as well as 1.4 million Glassdoor reviews, and determined that “toxic corporate culture” was the single biggest predictor of employee attrition, ten times more significant than compensation.

And if one person makes a stand, others are likely to as well: some evidence suggests that quitting is almost as contagious as COVID—it’s called turnover contagion, a term used by academics to describe how the decision of one employee to quit can influence others to follow suit.

So, when word gets out that a company tolerates bullying, that organization is going to have a hard time keeping and attracting employees. With the talent wars raging, that’s not a position any business wants to be in.

Remote work, remote bullying
What’s driving the reported rise in workplace bullying is complex, but it may be connected to the sudden exodus of employees from the office during the pandemic. Namie says that back when remote work was called telework—because it was literally done over the telephone—he noticed a trend: “There was always a higher level of aggression when the supervision was disembodied. When you do away with face-to-face, it gets a lot worse.”

Reams of evidence—both lived and scientific—underscore that people are less likely to self-censor some behavior when in online spaces, a phenomenon known as online disinhibition. Though this effect is most evident when people are anonymous, many of the conditions that enable it, such as asynchronous communication and the propensity toward cyber-incivility, exist in remote work as well. It’s easier to be mean when you’re hiding behind a screen. Hybrid and remote work also mean that it is potentially easier to exclude individuals—keeping people out of a Slack channel is less of a challenge than keeping them out of a meeting room.

In addition to forcing employees out of the office, the pandemic also moved people out from under the watchful eyes of their supervisors. Not all organizations have managed the shift gracefully—witness the problematic rise of digital surveillance technology, also known as tattleware, that I explored in my last column. That employees were still productive without being watched (read: controlled) has put some bosses on the defensive. Increased employee freedom, Namie told me, “drives the insecure people, already behind a lot of the bullying, crazy.”

“I feel supervisors and managers have a harder time justifying their roles…so they’re ratcheting up the aggression,” Namie continued, adding that in this new remote and hybrid landscape, aggression has increasingly included belittling and humiliating targets during group virtual meetings.

At the same time, remote work also blurred the boundaries between office and home, since these are often the same space now. “Before, you could easily cut off your personal life from your work life—you walk through the front door of your company, and you’re there,” Jana Morrin, CEO of Speakfully, a workplace reporting platform that enables employees to report harassment and bullying anonymously, told me. “Now, everything is happening all in one space. People see where you live; they can see your home.” That access to an individual’s personal life can and has provided would-be bullies with more sensitive areas to pick on; it can also make bullying feel more intense, because it’s never really left at the office.

Fighting back
Though the reported rise in bullying is troubling, there is a bright spot: people don’t seem to want to put up with it. As research demonstrates, the record number of people leaving their jobs in the last six months was propelled by employees fed up with toxic work cultures. “We’re finally getting to a point that people are starting to believe and understand that you need to respect your employees,” says Morrin. “Companies need to start listening, or else they’re not going to have any employees left.”

It’s also possible that the rise in reports of bullying might not indicate that bullying itself is increasing, but rather that employees are now more likely to call out abusive behavior when they see it.

I’m not just being optimistic. According to Rachel Suff, senior employment relations adviser at the Chartered Institute of Personnel and Development (CIPD), the UK’s professional body for human resources, their research has shown that more and more people are willing to challenge inappropriate behavior in the workplace. Exactly why has a lot to do with what the broader culture values now.

Young adults who grew up with anti-bullying messages in school are entering the workplace and are less willing to rationalize mistreatment as “paying dues” or dismiss it as a joke.

Young adults who grew up with anti-bullying messages in school are entering the workplace and are less willing to rationalize mistreatment as “paying dues” or dismiss it as a joke.

Younger generations also reportedly care less about earning potential than they do about maintaining a healthy work–life balance. “They care about being respected and being recognized,” says Morrin. “They want to do good work and do something that matters to them.” In that calculus, putting up with being bullied in the workplace simply isn’t worth it.

Namie, Morrin, and Suff also all point out that we are living in a moment in which entrenched, often protected, and systematic abuse is being publicly called out. Social movements—#MeToo, #TimesUp, Black Lives Matter—are all putting a focus on the structures that uphold abuse, and on the individuals who perpetuate it. People who are standing up to abuse in the streets are far less likely to take it in the workplace.

Unfortunately, not all employers seem to have gotten the message. In the UK, a 2021 survey found that only half of British workers felt their organization took complaints about bullying or abusive behavior seriously. One of the more startling figures the WBI survey uncovered was that 63% of the actions taken by employers in response to reports of bullying just reinforced the abuse. Workers reported that their employers frequently denied or discounted their experiences, rationalized bad behavior as just the way business is done or as “banter,” or even encouraged it as somehow necessary for a competitive atmosphere. Ultimately, 52% of those surveyed said that the bullying only stopped when the target—not the perpetrator—left the job or was fired.

“What’s disappointing is the lack of effective action by some employers in resolving complaints when they are raised,” Suff wrote in an email.

With fewer employees willing to buy into cultures that enable bullying—and a growing cohort of workplace leaders learning, perhaps the hard way, that it’s in their best interest to root it out—change is possible. At the heart of this change is building an environment where bullies of any kind are understood to be unacceptable. “That happens over time,” says Namie, “when you stop letting them get away with it.”

Source:https://www.strategy-business.com/blog/The-bullies-are-back

The list of events impacting organizations and their employees over the past few years has continued to grow. Whether it’s the COVID-19 pandemic or climate change, political turmoil, humanitarian crises, social justice movements, or the “Great Resignation,” they’re all reshaping the employee experience.

Employee feedback is an essential part of understanding what your people need to feel valued and perform at their best, so that the organization as a whole can adapt to external circumstances in a way that ensures ongoing success and employee loyalty.
Our latest report, “Employee Expectations 2022,” reveals how employee priorities are changing in response to events over the past 12 months, based on an analysis of 19 million comments submitted in Workday Peakon Employee Voice throughout 2021 by nearly 1.8 million employees across 1,000+ companies.

Employees were much more likely to comment about external events when responding to engagement surveys in 2021.

Flexibility Remains a Top Priority for Employees
The proportion of employee comments related to flexible working, which includes terms such as remote working, work-life balance, and mental wellbeing, has remained almost unchanged since 2020. This highlights that flexible working is still a primary concern for employees—especially when taking into consideration the 125% increase in comment activity between 2019 and 2020.

While the proportion of comments has remained stable, flexible working scores actually decreased between 2020 and 2021, which suggests a disconnect between what organizations and their employees think the future of flexible working should look like.
In particular, organizations with a higher number of frontline workers need to ensure that employee feedback is being incorporated into the design of flexible working policies.

Environmental, Social, and Governance Practices in the Spotlight
Employees were much more likely to comment about external events when responding to engagement surveys in 2021. This points to the growing impact that issues related to environmental, social, and governance (ESG) practices are having on the employee experience.

An increased number of comments related to environmental, social, and governance themes signals the emergence of more purpose-driven employees.

The data reveals 12% of all employee comments in 2021 were related to ESG themes, with those mentioning social issues and the environment seeing the biggest increase compared to the year before.

The importance of ESG practices among employees is likely to remain in the spotlight for years to come, especially as it relates to attracting and retaining top talent. Over 50% of employees evaluate ESG commitments when looking at prospective employers, while those at purpose-driven organizations are 1.4 times more engaged, according to a recent survey.
Growing Influence of Younger Generations in the Workplace
While a number of themes, including flexible work and growth, have remained consistent over the past few years, the increased number of comments related to ESG signals the emergence of employees who are more purpose driven, particularly among younger generations.

As part of our analysis, we found that millennials are driving the conversation across all three areas of ESG, and are much more likely to voice their opinion about social issues. Similarly, Generation Z represents a significant proportion of comments related to ESG themes.
This pattern also extends beyond ESG to other vital aspects of the employee experience, such as belonging and diversity (B&D). Breaking down employee comments by generation reveals that millennials were most likely to leave a comment about B&D throughout 2021.
While Generation X and baby boomers are still well represented in our data, the growing influence of younger generations in the workforce will only continue to grow, especially as millennials already represent a third of the global workforce with Gen Z predicted to reach 27% by 2025.

Source:https://www.humanresourcestoday.com/?open-article-id=20426160&article-title=from-workforce-management-to-optimization–the-evolving-roles-of-hr-and-operations&blog-domain=workday.com&blog-title=workday

The effects of war on the citizens of Ukraine are immediate and horrific. As shocked companies around the world help in any way they can, they’re also trying to understand the likely secondary impact of the Russian invasion on their employees, customers, operations, and supply chain.

The last of these preoccupations has been a familiar one for executive teams over the past decade or so, as a succession of national, regional, and international events shook the world and strained supply chains. The earthquake and tsunami that struck Japan in 2011. The 2015 port disruptions in the US (labor disputes) and China (storage explosions). Escalating trade disputes between the US and China, and Japan and South Korea. The United Kingdom’s exit from the European Union. That’s a far-from-exhaustive list of the turbulence.

And then Covid-19 emerged. The pandemic revealed many lingering vulnerabilities in global supply chains, causing leading multinationals to rethink their supply chain strategy to minimize similar disruption in the future. Amid the current crisis, some executive teams might now be cushioned by continuous improvements to their supply chain resilience undertaken since 2020. Other companies might be regretting reverting to a wait-and-see approach when lockdowns ended.

But regardless of how much they learned during the pandemic and other pivotal episodes in recent history, few companies will think they have a clear idea of how the war in Ukraine—one of the most dangerous and unpredictable developments since the Second World War—will affect their supply chain and for how long. Nor do the questions stop at, “How do we keep serving our customers?” There’s also the cost of maintaining continuity and the impact on sustainability efforts.

Amid ongoing shocks such as these, we find it’s helpful for executive teams to analyze the immediate and longer-term impact on raw materials, logistics/transportation, teams, and infrastructure. Below is our early assessment of the challenges in these areas, as well as a handful of no-regret moves that should help companies strengthen supply chain resilience in almost all scenarios for the war in Ukraine, while also guarding against future turbulence from other sources.

Challenges over the next three to six months
As surging commodity prices have already shown, the war in Ukraine is constraining the short-term supply of natural resources and other raw materials vital to businesses around the world, amid fears of worse to come in the months ahead.

For oil and gas, the volatility reflects the unwinding of partnerships between western and Russian energy groups, such as BP choosing to divest its shareholding in Rosneft and Shell cutting its ties with Gazprom. The impact of supply issues will vary by country and be heavily influenced by actions against Russian oil and gas exports (whether government-mandated or self-imposed). Gas is a particular vulnerability, with almost 40% of the natural gas consumed in the European Union originating in Russia. Italy and Germany are particularly exposed to fluctuating gas prices and supply, when the proportion of gas coming from Russia is considered in combination with a country’s overall dependence on gas as an energy source (see Figure 1). Also expect pricing pressure on oil-derived products such as naphtha, used in resins and plastics.

Figure 1
Europe counts on Russia for a third of its natural gas supply, with Germany most dependent

Agriculture is anxious about the short-term availability of commodities used in fertilizer, such as ammonia, potash, and urea. Their surging prices reflect the importance of Russia and Belarus as major global exporters of fertilizer and its components in peacetime. The impact has been felt as far away as Brazil, where farmers have been scrambling to secure fertilizer supplies. Wheat and corn prices may remain elevated given input cost trends and the importance of Ukrainian and Russian exports. Big grain importers such as Egypt, Turkey, and Nigeria could be disproportionately hit.

The price of steel and other commodities derived from natural resources (e.g., iron ore) may continue to rise, given Russia and Ukraine’s importance to supply. A very large chunk of the world’s supply of neon, vital to the production of semiconductors, is produced in Russia as a byproduct of steelmaking and then purified in Ukraine (see Figure 2). Germany’s automobile makers could be among those hit hard in the short term if semiconductor makers exhaust their inventories of neon and are unable to secure enough supplies to avoid a fresh chip shortage.

Figure 2
Makers of semiconductors and automobiles have relied on Russia for some commodities

The humanitarian imperative to prioritize refugees is likely to have a knock-on impact on commercial air, road, and rail transport and logistics in western Europe, while war-related disruption to maritime traffic in the Black Sea is likely to continue. Companies still doing business and employing people in the region will face obvious short-term operating constraints given the conditions many of their workers are facing. Sanctions and independent decisions by companies may well further redraw local commercial boundaries. Worldwide, companies will have to cope with volatile demand in certain categories as consumers adjust spending amid soaring food and energy costs.

Longer-term challenges beyond six months
The outlook for raw materials (including energy) is mixed. Downstream agricultural products such as ethanol and other corn- or wheat-based derivatives are likely to be affected by production shortfalls and the diversion of supplies to food. Similarly, we expect trade restrictions with Russia to reduce the production and availability of key strategic metals, alloys, and other derivative metal products (e.g., batteries) that use materials such as nickel, tungsten, and neon gas.

However, steel prices may stabilize as international players increase steel production capacity (while trying to balance environmental commitments with any increased coal use needed to deliver that extra capacity). Until global capacity is rebalanced, the price of oil and gas may continue to rise further against a backdrop of deepening sanctions, especially as the winter heating season approaches.

Unless the conflict substantially escalates, road, rail, and air logistics should stabilize, although global disruptions may remain for air logistics, given Russian airspace restrictions and constraints on Ukraine’s heavy cargo capabilities. Similarly, most maritime routes should stabilize, although significant disruption may remain in and around Russia.

Companies operating in the region will likely have to reconfigure their labor pools in areas such as engineering and design, production, and logistics. Businesses worldwide may have to make their global supply chains more transparent to customers wanting to identify and manage future Russian exposure, as well as comply with trade restrictions. Similarly, their customers may also start to demand more flexibility and resilience in situations where global supply nodes are located in areas of heightened geopolitical risk. Catering to those demands for enhanced continuity planning could result in strategic redundancy and higher costs to serve customers.

On a macroeconomic level, the sanctions imposed on Russia could contribute to the end of the era of capital superabundance and capital globalization, constraining foreign direct-investment flows and influencing supply chain investment decisions. A marked increase in defense spending in the European Union and beyond could reduce government spending in other areas. Robust cybersecurity will be essential across the end-to-end value chain—from design through fulfillment. Global and company environmental, social, and corporate governance (ESG) agendas and commitments may also need to be recalibrated as geopolitical and trade bloc dynamics create inefficiencies and a potential delay in energy transition, resulting in prolonged reliance on coal-based energy.

Boosting supply chain resilience amid uncertainty
No company can afford to underestimate the significance of the war in Ukraine, even if it doesn’t seem to directly affect them now. It’s unclear how the crisis will resolve, or whether it sets a precedent that other geopolitical actors will follow. And in the wider analysis, the frequency and magnitude of supposedly once-in-a-generation shocks was already calling for an ongoing strategic response to improve supply chain resilience (see Figure 3).

Figure 3
The frequency and magnitude of supply chain disruption has been increasingly relentless in the decade preceding the war in Ukraine

In addition to their urgent responsibility to safeguard staff and customers in the region, executive teams should consider a handful of no-regret supply chain actions, both to protect their business in the short term and transform their resilience over the next decade.

Assess risks across the value chain, prioritizing key themes and single points of failure. Conduct a data-driven risk assessment of the value chain from product development and the supply base through production and fulfillment. For the key threats, evaluate probable scenarios and assess the potential magnitude of business and customer impacts across multiple dimensions (timeline, service levels, etc.)
Establish signposts that predict changes to your supply chain risk profile and develop the capabilities to monitor them closely. Identify the key signals and leading indicators to flag potential risks such as geopolitical trade tensions, industry capacity-to-demand ratios, supplier health, and commodity capacity/geographic concentration. Develop capabilities to provide early warning notifications and establish processes to run simulations to inform and prioritize risk mitigation. Create a digital roadmap that embraces advanced analytics and leading technology for greater precision and accuracy.
Actively counter the persistent headwinds of inflation. Cost management will remain a strategic issue across industries, as companies confront challenges related to volatile customer demand, commodity costs, supply chain constraints, and labor availability. Establish a cost management program that’s more than a match for inflation, offering visibility into cost pools, key performance indicators, and performance trends.
Upgrade mitigation strategies for the most acute risks, while filling any gaps in your mitigation planning. Create a full set of mitigation options (e.g., product/process redesign, alternative sources, network structure, capacity buffers, back-up or flexible routes for logistics flows, etc.) informed by industry benchmarks and best practices. Specifically, for the supply base, clearly understand where you need to have surety of supply. For manufacturing, evaluate Industry 4.0 applications to minimize labor and raw material requirements (e.g., additive manufacturing) as well as support cost curve reductions for potentially relocating sites closer to demand centers. Confirm internal alignment of your commercial strategy to understand the investment posture to prioritize and mitigate risks associated with your most strategic customers, product lines/offerings, and services.
Enhance traceability by mapping your supply base from the top tier downwards, using tools that offer maximum visibility. Starting with a full mapping of the supply base, initiate a plan to achieve visibility at each tier of the value chain—from raw materials to finished goods to recycling—to improve operational, sustainability, regulatory, and resilience outcomes. Create a flexible long-term traceability roadmap to support the pragmatic sequencing of data, technology, and partnership investments required for successful test-and-learn pilots and enterprise scaling.
Refine your operating model so your resilience strategy infuses the way your company is organized and governed, as well as the tools it uses. Deploy a cross-functional operating model that links business and operations functions to support proactive risk management and rapid recovery capabilities, utilizing the leading technology identified in the digital roadmap. Ultimately, strive to create a culture that views resilience as a necessary competitive advantage.
These actions can all improve supply chain resilience today and tomorrow. But the need to act far exceeds the usual obligations to stakeholders. As shown in the Covid-19 pandemic, when the consistent availability of groceries and other staples was a lifeline for many, keeping products and services flowing amid extreme turbulence can help to stabilize more than just businesses.

Source:https://www.bain.com/insights/how-should-your-supply-chain-respond-to-the-crisis-in-ukraine/

Where in the world are financial services firms closest to achieving gender equity among their leadership ranks?

In 2019, we launched our Within reach series to spark conversations on the progress financial services institutions (FSIs) have made toward achieving gender equity in leadership roles and uncovering strategies that enable meaningful growth in the number of women leaders. To date, our series has focused on some of the largest public US FSIs, but now we are expanding our lens to include women in financial services leadership roles around the world. This article is the first in a new series focused on exploring the data and issues that determine whether worldwide gender equity is indeed within reach.
To get a clear sense of progress across regions, our analyses1 will focus on these key metrics: current share and forecast growth2 of women in financial services over the next decade, by role category (see sidebar), and the multiplier effect3—whether having women in the C-suite created a ripple effect throughout an organization, resulting in having more women overall in senior leadership roles.

Balancing the numbers
Our assessment of the share of women by role categories in FSIs in 2021 establishes a baseline from where we can measure growth or decline annually. Spanning over two decades (through 2021) and encompassing nearly 23,000 FSIs across more than 160 countries, our data analysis employs a time-series model to forecast potential growth through 2030.

Defining the leadership role categories of women in financial services
C-suite
C-titled roles at the corporate leadership level (e.g., chief executive officer, chief financial officer, or chief marketing officer).

Senior leadership
Non–C-titled executives (e.g., line-of-business leaders, division chiefs or regional leaders, EVPs, or SVPs or equivalents). Depending on the institution, this may be 1–3 levels below the C-suite.

Oceania leads the C-suite regional forecasts, with nearly 9% projected growth, and is the only region projected to achieve a 30% share of women in C-suite roles over the next decade (figure 1). This is important, as research shows that reaching this 30% threshold is often considered the tipping point for enacting substantive change across an organization.4 North America and Europe are both expected to exceed 6% growth in women in the C-suite by 2030.

Asia and Oceania are the only regions expected to record growth in the share of women across all role categories—C-suite, senior leadership, and next generation—by 2030. Meanwhile, with a 28.3% share in 2021 and forecasted growth to 33.5% by 2030, Africa leads all regions in current and projected growth in the share of women in senior leadership roles.

That said, our analysis indicates that North America, South America, Europe, and Africa, also reflect a decline in the share of women in one or more role categories by 2030.5

Viewing these numbers with an industry lens, women’s share of leadership roles within FSIs compares favorably across 11 industries, according to S&P Global’s Gender equality in the workplace report.6

Drivers of change
But the numbers only tell part of the narrative. The programs and strategies that FSIs enact to increase the representation of women in leadership are the ultimate drivers of sustainable, long-term change.

External factors, such as public policy, cultural norms, investor expectations, and corporate social responsibility initiatives can impact gender equity progress. Legislative actions to achieve diversity quotas or government-backed nonbinding board diversity targets vary by country. Some countries, such as Finland and Sweden, look to self-regulation to increase the ratio of women on boards.7 Australia, which also doesn’t have legislative mandates, averages 32% representation of women on boards,8 and is notably influencing our Oceania estimate of a greater than 30% share of women in the C-suite by 2030.

While legislative approaches are primarily aimed at increasing gender diversity on boards, Germany and, more recently, France have set nonboard gender diversity targets for institutions.9 Illustrating that a greater number of women in leadership roles tends to influence board diversity, Deloitte’s Women in the boardroom research has shown that organizations with women CEOs have almost double the number of board seats held by women.10 Our research shows that this phenomenon also applies at the organizational level when looking at the ratio of C-suite to senior leadership levels in FSIs.

Finally, many investors are also monitoring and advocating for gender diversity on boards and within the leadership ranks.11 Credit Suisse’s 2021 “Gender 3000” research found a “diversity premium,” defined as a correlation between more gender-diverse leadership and higher returns on capital, among other financial measures.12

Regardless of region, here are some actions FSIs should consider now that can help improve gender equity:

Address persistent challenges, such as child care needs and remote work options—both amplified during the pandemic—to demonstrate their commitment to recruiting, retaining, and supporting women.
Ensure FSI leaders offer continued support through sponsorship, mentorship, and allyship programs and networking opportunities for women at all levels. This is especially important during the pandemic when many employees are working remotely.
Evaluate and refine succession-planning and promotion practices to ensure each opportunity is pulling from a diverse slate of candidates. This can help build a diverse pipeline of future leaders.

Our research shows that having women in the C-suite matters. In fact, this level of representation in leadership can be inspiring. “She did not mentor me. She did not sponsor me. But she absolutely inspired me. Because she was there,” a facilitator from Deloitte’s 2019 “The future of women leaders in the financial services industry” panel explained.13 This, in part, illustrates a phenomenon we call the multiplier effect14 (see endnotes for details and methodology): For each woman added to the C-suite, we observed a positive, quantifiable impact on the number of women in senior leadership levels just below the C-suite. In North America, the multiplier effect is 2.9—meaning that every woman added to the C-suite results in nearly three additional women among the senior leadership ranks (figure 2). Europe revealed similar numbers—2.6—and Oceania’s were slightly lower, at 1.8.

Among the other regions—Africa, Asia, and South America—a multiplier effect could not be determined. This is because the math, put simply, didn’t add up: While historically the growth of women in the C-suite outpaced those in the senior leadership, there weren’t enough women in FSI C-suites and senior leadership, at the organizational level, to see a ripple effect throughout their organizations. In the coming months, however, this series will delve deeper into data from select individual countries where the multiplier may be evidenced even though at the corresponding regional level a multiplier was not revealed.

For FSIs to drive meaningful change and realize the full power of the multiplier effect across their organizations, they will need to improve diversity at the highest levels. For some institutions, this may represent a fundamental shift in their strategic efforts to build a diverse pipeline. Gender equity in FSIs may be within reach if leadership—both women and men—commit to and act on building and sustaining a diverse workforce.

Where in the world are financial services firms closest to achieving gender equity among their leadership ranks?

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In 2019, we launched our Within reach series to spark conversations on the progress financial services institutions (FSIs) have made toward achieving gender equity in leadership roles and uncovering strategies that enable meaningful growth in the number of women leaders. To date, our series has focused on some of the largest public US FSIs, but now we are expanding our lens to include women in financial services leadership roles around the world. This article is the first in a new series focused on exploring the data and issues that determine whether worldwide gender equity is indeed within reach.
To get a clear sense of progress across regions, our analyses1 will focus on these key metrics: current share and forecast growth2 of women in financial services over the next decade, by role category (see sidebar), and the multiplier effect3—whether having women in the C-suite created a ripple effect throughout an organization, resulting in having more women overall in senior leadership roles.

Balancing the numbers
Our assessment of the share of women by role categories in FSIs in 2021 establishes a baseline from where we can measure growth or decline annually. Spanning over two decades (through 2021) and encompassing nearly 23,000 FSIs across more than 160 countries, our data analysis employs a time-series model to forecast potential growth through 2030.

Defining the leadership role categories of women in financial services
C-suite
C-titled roles at the corporate leadership level (e.g., chief executive officer, chief financial officer, or chief marketing officer).

Senior leadership
Non–C-titled executives (e.g., line-of-business leaders, division chiefs or regional leaders, EVPs, or SVPs or equivalents). Depending on the institution, this may be 1–3 levels below the C-suite.

Oceania leads the C-suite regional forecasts, with nearly 9% projected growth, and is the only region projected to achieve a 30% share of women in C-suite roles over the next decade (figure 1). This is important, as research shows that reaching this 30% threshold is often considered the tipping point for enacting substantive change across an organization.4 North America and Europe are both expected to exceed 6% growth in women in the C-suite by 2030.

Asia and Oceania are the only regions expected to record growth in the share of women across all role categories—C-suite, senior leadership, and next generation—by 2030. Meanwhile, with a 28.3% share in 2021 and forecasted growth to 33.5% by 2030, Africa leads all regions in current and projected growth in the share of women in senior leadership roles.

That said, our analysis indicates that North America, South America, Europe, and Africa, also reflect a decline in the share of women in one or more role categories by 2030.5

Viewing these numbers with an industry lens, women’s share of leadership roles within FSIs compares favorably across 11 industries, according to S&P Global’s Gender equality in the workplace report.6

Drivers of change
But the numbers only tell part of the narrative. The programs and strategies that FSIs enact to increase the representation of women in leadership are the ultimate drivers of sustainable, long-term change.

External factors, such as public policy, cultural norms, investor expectations, and corporate social responsibility initiatives can impact gender equity progress. Legislative actions to achieve diversity quotas or government-backed nonbinding board diversity targets vary by country. Some countries, such as Finland and Sweden, look to self-regulation to increase the ratio of women on boards.7 Australia, which also doesn’t have legislative mandates, averages 32% representation of women on boards,8 and is notably influencing our Oceania estimate of a greater than 30% share of women in the C-suite by 2030.

While legislative approaches are primarily aimed at increasing gender diversity on boards, Germany and, more recently, France have set nonboard gender diversity targets for institutions.9 Illustrating that a greater number of women in leadership roles tends to influence board diversity, Deloitte’s Women in the boardroom research has shown that organizations with women CEOs have almost double the number of board seats held by women.10 Our research shows that this phenomenon also applies at the organizational level when looking at the ratio of C-suite to senior leadership levels in FSIs.

Finally, many investors are also monitoring and advocating for gender diversity on boards and within the leadership ranks.11 Credit Suisse’s 2021 “Gender 3000” research found a “diversity premium,” defined as a correlation between more gender-diverse leadership and higher returns on capital, among other financial measures.12

Regardless of region, here are some actions FSIs should consider now that can help improve gender equity:

Address persistent challenges, such as child care needs and remote work options—both amplified during the pandemic—to demonstrate their commitment to recruiting, retaining, and supporting women.
Ensure FSI leaders offer continued support through sponsorship, mentorship, and allyship programs and networking opportunities for women at all levels. This is especially important during the pandemic when many employees are working remotely.
Evaluate and refine succession-planning and promotion practices to ensure each opportunity is pulling from a diverse slate of candidates. This can help build a diverse pipeline of future leaders.

Our research shows that having women in the C-suite matters. In fact, this level of representation in leadership can be inspiring. “She did not mentor me. She did not sponsor me. But she absolutely inspired me. Because she was there,” a facilitator from Deloitte’s 2019 “The future of women leaders in the financial services industry” panel explained.13 This, in part, illustrates a phenomenon we call the multiplier effect14 (see endnotes for details and methodology): For each woman added to the C-suite, we observed a positive, quantifiable impact on the number of women in senior leadership levels just below the C-suite. In North America, the multiplier effect is 2.9—meaning that every woman added to the C-suite results in nearly three additional women among the senior leadership ranks (figure 2). Europe revealed similar numbers—2.6—and Oceania’s were slightly lower, at 1.8.

Among the other regions—Africa, Asia, and South America—a multiplier effect could not be determined. This is because the math, put simply, didn’t add up: While historically the growth of women in the C-suite outpaced those in the senior leadership, there weren’t enough women in FSI C-suites and senior leadership, at the organizational level, to see a ripple effect throughout their organizations. In the coming months, however, this series will delve deeper into data from select individual countries where the multiplier may be evidenced even though at the corresponding regional level a multiplier was not revealed.

For FSIs to drive meaningful change and realize the full power of the multiplier effect across their organizations, they will need to improve diversity at the highest levels. For some institutions, this may represent a fundamental shift in their strategic efforts to build a diverse pipeline. Gender equity in FSIs may be within reach if leadership—both women and men—commit to and act on building and sustaining a diverse workforce.

Source:https://www2.deloitte.com/global/en/insights/industry/financial-services/women-in-leadership-roles.html

Step 1: Determine Your Niche
Before starting a business, research the market and understand the factors that affect your future success. That will help you decide what direction to take and choose your niche.

Although you can choose to start a recruitment agency with a broad scope that seeks job applicants across all levels and industries, the data will show whether that market is oversaturated. In that case, you might prefer to minimize the risk and narrow your operational approach, opting for something more specialized.

Thus, if you’re not a veteran yet in human resources, it’s better to know what you’re getting yourself into before opening a company. Knowing the relevant facts and industry-related insights will help you be more careful and ensure you’re not rushing or overlooking details.

Even if you have substantial experience in the HR field, the latest reports will make your decision-making data-driven and result in a business that has higher odds of success. Once you gather the information you need for a well-informed decision, it’s time to determine which type of recruitment agency you want to establish.

Perhaps you could be an IT-focused agency or a retail business-oriented staffing team. Consider your network, knowledge, and expertise when choosing a market to provide your service.

Also, think about the candidates you worked with in the past or kept in touch with. – Are they fresh graduates or seniors? Ask yourself these questions to get insights that will help you better position your business.

Here’s a list of the five types of recruitment services commonly offered by agencies in the market.

5 Common Types of Recruitment Services

1. Executive Recruitment

Alternatively known as ‘executive headhunting,’ executive recruitment is a type of recruitment service that seeks out high-qualified candidates for senior or executive positions across the industries such as CXOs, directors, etc. These are passive candidates who already have huge expertise and experience in their field. At the same time, executive recruitment also sorts after and recruits specialists or highly skilled candidates for specific and competitive job positions such as the best Data Scientists.

Usually, companies or organizations rely on leading executive recruitment agencies like Korn Ferry International, N2Growth, JB Hired, Heidrick & Struggles, Egon Zehnder, Spencer Stuart for their executive search. Headhunters would usually scout for talents who are working for competitors or organizations in the related industry. Once candidates are identified and the shortlist has been made, the executive recruitment agency will then approach candidates and offer them the opportunity to join their client’s team. Executive recruitment firms usually support their clients during the whole recruitment process, the offer stage and will keep in touch with the candidate past the onboarding to ensure that all parties are satisfied.

The typical fee for executive recruitment services is between 25 to 35% of the candidate’s total annual income for their first year of service. Contracts can also include a retainer for the headhunting agency to begin the search and exclusivity rights (meaning that only one agency is offered to work on the job).

2. Temporary Recruitment

As the name suggests, this recruitment service revolves around employment for companies or organizations that require a workforce in a specific role for a limited amount of time. This type of recruitment is under a fixed contract. The demand for temporary employment arises when a company is in need of additional workforce in response to increasing workload or when full-time employees are on maternity and/or sick leave. In some cases, companies require temporary staff for special projects requiring a specific skill set for a limited period.

Agencies that provide temporary recruitment like Manpower, Randstad, Adecco, Aquent, or Kelly would advertise open job positions via their websites, social media platforms, job boards, and mass emailing. Once they have sourced candidates, an agency will conduct background checks and interviews, and finally, offer work contracts. Once candidates are employed, those agencies usually take care of payroll and employee benefits.

The regular fees for temporary recruitment service are between 20% to 75% of temporary staff’s compensation.

3. Vertical / Niche Recruiting

Vertical recruitment refers to recruiting for a specific market, such as agencies specializing in the IT staffing industry. Niche recruiting goes even a step further by narrowing down even more. For example, an agency that focuses on “Executive Directors for Nonprofit Companies”.

Keep in mind these companies are specifically dedicated to serving their target market and do not operate outside of their realm apart from larger recruitment agency groups that will have teams specializing in certain roles or industries.

As such, recruiting agencies that are offering vertical recruitment services must have expertise and knowledge of specific markets and industries. The appeal for companies to use these types of recruiting stems from the fact that these recruiters have a strong network and expertise in their industry.

When it comes to niche specifically, the problem for most recruiters is that they are generally not too narrow, but rather not narrow enough. Going deep into a chosen niche will allow you to gain the benefits of credibility, name recognition, and momentum.

Some examples of niche agencies are Aquaculture Talent which specializes in aquaculture or seafood-related jobs, and Niche Recruitment which focuses on digital, creative, marketing roles, head office and management, and HR roles.

Fees vary per agency and specialization but usually, these agencies will charge a percentage of each placed candidate’s yearly package.

4. Mass Recruitment

To exemplify what mass recruitment is, take for instance fast-growing e-commerce companies like Amazon. These companies’ rapid growth leads to regular high demand for new warehouse workers and delivery drivers. This is the challenge mass recruitment agencies aim to tackle, the recruitment of a large number of people for both permanent and contract positions in a short time frame.

A company carrying out mass recruitment by itself faces many challenges due to the inherent scale of mass hiring. It takes time and effort to recruit a single employee so imagine multiplying that by a hundred for each opening. Agencies specializing in mass recruitment are able to overcome these challenges through meticulous planning, systematic execution, and streamlining each step of the recruitment process such as the sourcing of candidates, screening and assessing applicants, setting up interviews, and onboarding candidates.

Agencies like Robert Half and Allegis Group are examples of companies offering mass recruitment services.

Once again fees can vary depending on the role and headcount for each position but are usually calculated based on the package of each hired candidate. Fees can also be tied to performance metrics such as “how many candidates were selected by the client”.

5. Social Recruitment

Social recruitment takes a rather different approach to candidate sourcing than other types of recruitment. Even though some agencies have made it their point of focus, more often than not social recruitment is more of an extra channel that any agency can leverage rather than the sole candidate acquisition channel.

The idea is as follows, instead of having recruiters doing the sourcing, openings are shared on as many platforms (like social media) as possible and invite people to refer relevant candidates by offering to share revenue for each successful placement. Thus in order to guarantee a steady flow of candidates, is it key to grow or at least maintain your community of referrers, and market a large number of openings.

The positive side of social recruitment for an agency is that it reduces the costs associated with sourcing candidates as fewer recruiters are required.

Social recruitment agencies usually charge their clients on a placement basis, between 15% to 25% of the candidate’s yearly packages, and then share a percentage of that revenue with the referrer.

Step 2: Assess Your Competitors
Once you decide the market and type of recruitment agency you want to establish, assess your principal competitors. Never enter a game without knowing its rules and whom you’ll encounter while trying to build your position and land clients.

That’s why you should start by researching the principal players in your target market, their reputation, accomplishments, and business history. Find out what makes their agency different from what you envisioned and how you can use the gaps they fail to address.

Use the SWOT analysis to determine your strengths, weaknesses, opportunities, and threats. Also, use the four Ps of marketing assessment to identify how you stand out and where you should improve your business. That way, you’ll know what to expect and how to use your unique value proposition efficiently.

As one ancient Chinese saying states, “know the enemy, know yourself, and in every battle, you’ll never be in peril’’. Hence, the first step towards being ahead of your competition is understanding their actions, strong points, and potential pitfalls.

Step 3: Assess Your Finances
Although starting a recruitment agency doesn’t require as much money as most other startups, you should still know what resources you have at your disposal. Be intentional and find out what it takes to run an HR-related business efficiently, or you’ll launch your business blindly and without the necessary means.

Consider costs like office equipment, digital tools, staff, insurance, etc. Gauge your finances, identify how much money you have available, and whether you could ask for a credit loan or help from the state.

If you decide to introduce a third party to the process (e.g., investors or lenders), you should first know how much you need. Create a budget spreadsheet and seek financial advice to ensure you cover the essentials.

Don’t hesitate to seek help or even partnerships with other people, but calculate whether you can pay off loans. When you have someone to back you up, that can lead to a more efficient and productive workforce, especially when you’re just starting.

However, avoid debts and financial commitments to third parties if possible. Otherwise, you could put your recruitment agency at risk before even starting.

Step 4: Research Laws and Regulations
Just as much as you should research the market and competition, you should also know the law and regulations of the industry. Without that data, you risk breaching the law unwillingly or missing critical steps.

If you want to run a successful recruitment agency, you need to arm yourself with data and hire the relevant team that can help you inform yourself about the latest policies and rules. Thus, most companies depend on lawyers and counsel to take care of legal business.

Yet, as the founder of your agency, you should continuously spend time researching relevant laws and regulations to prevent future juridical problems. For instance, recruitment agencies should strictly follow GDPR regulations focusing on data protection.

Knowing the industry-related legislation is crucial as it helps you protect and prevent your company, clients, and candidates from legal issues that could arise. Besides researching manually, you can also consider investing in top-notch software that helps you track the latest policy changes and requirements.

Step 5: Develop Marketing Plans
Before launching your recruitment agency, it’s essential to have a well-thought-out marketing plan and ensure people can discover your business. Otherwise, you’ll find it hard to reach people and land clients.

Because of that, you should establish an online presence that aligns with your company culture, values, and mission. That includes creating a logo and marketing material that embodies your agency’s style and qualities.

Develop a website, set social media channels, create relevant content, and leverage SEO and AdWords. Think about whether you’ll use organic or paid marketing, and establish a consistent and efficient strategy.

The visual, content, and advertising efforts should align with the tools and skills you can use. For instance, you can use various graphic design tools for creating images.

You should also determine your target audience and decide how to reach out to them and spark their interest. For example, you could use LinkedIn or organize webinars and attract your first clients.

Thus, consider company diversity, equity, and inclusion when establishing agency policies and procedures. Leverage your website to express your commitment to DE&I values, and make most of your career pages to highlight your employer branding and perpetuate a company culture that people would want to work in.

Ensure you pay attention to detail and present yourself well because it takes 0.05 seconds for people to form an opinion about your website. But if you follow these steps, you’ll be surprised at the number of quality candidates that will attract.

Step 6: Set Up Business Goals
Do you strive to go big? – That’s a great spirit, but objectivity is the key.

A successful staffing agency relies on positive experiences and a large number of candidates but also clear business goals. Adopt a comprehensive yet flexible business model for your agency.

Establish short- and long-term goals to motivate your recruiters and give them direction. For example, you could strive to increase stable clients by ten percent in two months. Or, maybe you’d like to expand your service area during the next half year.

Besides, you should create relevant KPIs that help you track progress and pinpoint bottlenecks to achieve more. After all, numbers and figures are essential for a thriving business.

Step 7: Invest in Tech Tools
Recruitment agencies and technology have an interconnected relationship nowadays. Because of that, you should invest in the right tools, as that way, you’ll end up saving a great deal of time and money.

The Applicant Tracking System (ATS) is one of the most popular and reliable digital software recruiters use. For example, Manatal’s ATS allows you to automatically collect candidates’ LinkedIn profiles, score out the best candidate, and track candidates’ status with ease.

If you opt for this solution to accelerate your recruitment agency growth, you’ll understand how faster and simple it is to manage your talented applicants and organize work. Furthermore, Manatal has dual functionalities, encompassing a reliable recruitment CRM.

That way, you’ll also get to continuously communicate with clients and generate more sales for overall company success.

Step 8: Invest in People
Finally, you hire stellar recruiters and continuously invest in their development and knowledge. For example, tips on recruiting a recruiter could help you reach and hire recruiters with substantial experience.

However, avoid giving up on junior recruiters. Instead, spot each recruiter’s strength and help them thrive, as that way, you’re also doing a huge favor to yourself. Having the right people on board will help you tie together your entire recruitment system, and you’ll reap the rewards faster than you know it.

Other Important Things You Should Know About Launching Your Recruitment Agency
Regardless of how passionate you are about starting your recruitment agency, finances often dictate how realistic your plans are and whether you have all it takes. Because of that, we’re sharing what costs you should consider in the beginning:

Additionally, once you are certain of the type of services that you would like to provide, take a good amount of time to consider your service fees. Also, calculate how much you will have to spend on advertising. It could be short-term as you begin. Make a six-month plan where you will put your investment in terms of advertising. Study where would be the most effective and suitable channels to market your services. It could be physical ads on newspapers or magazines or digital ads on websites or social media platforms.

After that, make a plan on expanding your network. As a service provider, it is important to always broaden your network to attract more customers and create more business opportunities. Business expos and conventions are a good place to start. Try to meet as many people in the industry. This is a good chance for you to introduce yourselves and your company to potential clients. Don’t hesitate to exchange name cards while verbally advertising your services. The name cards you receive will be the foundation of your network.

Finally, think about the appropriate amount of recruiters you should hire for the scope of your business. This goes back to the consideration for your cost before launching a business. When the number of your staff is settled, the next step is to calculate your cost for how much each of your staff would be paid per month.

Once you cover the essentials, you can take action and materialize your plans. However, do not forget to continuously track your progress and ensure your recruitment agency is growing and that this growth is sustainable.

In conclusion, starting your recruitment agency can prove to be a highly successful and fulfilling endeavor when done well. Not without risk, but with careful planning, the right technology to support your agency, and a well-crafted strategy it is possible to maximize your probability of success.

Source:https://www.manatal.com/blog/8-steps-for-starting-your-recruitment-agency/

Work-life balance has always been important, and never more so than in our new normal. With work happening more and more often outside of the office, it’s not easy to unplug and unwind, even mentally. The effects of burnout are very real and are impacting organizations across industries on a daily basis, reducing employee productivity, engagement, and retention.

The importance of work-life balance
Think of the times you’ve felt most productive at your job. They were probably when you were satisfied, engaged, and rested, both mentally and physically. You had the energy and motivation to complete your tasks and even go beyond the baseline requirements of your position to make helpful suggestions, assist coworkers, and contribute to improving organizational culture.

Now think of when you’ve struggled on the job. At least some of those times were likely the result of work demands that prevented you from caring for yourself and taking the time to do things that mattered outside of work. It’s difficult, if not impossible, to give your employer your all when there are so many ongoing concerns outside of work that you don’t have the time or energy to address.

Work-life balance is the foundation of personal success and, by extension, business wins. It’s rare to find an organization today that doesn’t at least mention work-life balance when recruiting and onboarding team members. But that doesn’t mean more organizations are actually taking the time to actually address it and ensure every employee is able to keep their work and personal lives in sync. Fortunately, there are steps you and your organization can take to prioritize and restore work-life balance.

How to improve work-life balance
There’s no single “right” way to address work-life balance for yourself or at your company. Every person and organization is different and must address different issues to build a healthy work-life cycle. But chances are that trying out the practices below will help both you and your organization as a whole.

Unsurprisingly, prioritizing wellness — both emotional and physical — is the first step towards living a balanced life. And while you can’t control the stressors you face on and off the job, you can control habits that enable you to better respond to them. Try these practices to preserve work-life balance even in the most challenging circumstances:

Make mindfulness a part of your daily life. Taking even a few moments to check in with yourself, become aware of how you’re feeling, and act mindfully in response can go a long way towards improving mental wellness.
Build healthy physical habits. Exercise, healthy eating, and getting enough sleep is just the tip of the iceberg. When you take care of your body, it takes care of you.
Use your PTO and take advantage of any flexibility your organization provides. Taking time off is something everyone needs — even employees with jobs they love need a break to recharge. Similarly, if your company allows you to work out of the office some or all of the time, move hours around to accommodate appointments and other personal needs, or provides additional forms of flexibility, don’t hold back from using them as needed.
Of course, your organization plays a big role in work-life balance, and there’s much they can do to foster a healthier balance for you and your fellow team members. Encourage your organization to adopt the following practices – or, if you’re in leadership or an HR professional, work towards adoption yourself:

Work to build a better culture. Organizational culture is at the root of work-life balance. Companies with a great culture prioritize it and take steps to avoid overwork and burnout, while organizations with suspect cultures treat work-life balance as an afterthought. Your organization can start changing its culture for the better by developing wellness initiatives, training leadership and HR on the importance of work-life balance, and giving employees the flexibility they need to thrive in the modern world.
Listen to and act on feedback. No company is perfect, and employees often have the best insight into what issues plague an organization – and how to fix them. Listening to feedback begins with accepting and acting on in-person suggestions from employees, but it doesn’t stop there. Your company should provide channels for anonymous, honest feedback, like pulse surveys and always-on, intelligent HR chatbots. And it should adopt a platform that makes it easy for managers and HR to analyze that feedback and turn it into action – before employees decide that their voices don’t really matter.
Make showing appreciation easy and fun. It feels great when someone at work – whether a peer, manager, or executive – recognizes you and your accomplishments, doesn’t it? Recognition is the biggest driver of employee engagement, and it’s a great way to make the “work” part of the work-life balance equation weigh just a bit less. Technology is again the key here, as today’s remote and hybrid workplaces need a solution that enables both social and monetary recognition anytime, anywhere.

Source:https://www.humanresourcestoday.com/?open-article-id=21070803&article-title=how-to-write-an-inspiring-vision-statement-and-4-great-examples&blog-domain=achievers.com&blog-title=achievers-

As we prepare for our Irresistible Conference (where I will be launching my book), I’ve been thinking back about all we’ve been through over the last five years. It’s a lot.

We’ve suffered through the pandemic, political instability, a global climate crisis, and now a war. Employees are burned out, stress levels are at all-time highs, and companies are struggling to hire. How do we, as business and HR leaders, make sense of all this?

I would suggest that there’s “one big thing” that matters. And this one thing, which you may not have considered, is what business success is all about.

Unleashing human potential.

Every one of us wants to do more. We all wake up in the morning wanting to have a great day. We want our children and families to thrive. And we want to find a place in the world where we can succeed.

For some of us, this means going to college, finding a great career, and working our way up the pyramid. For others it means becoming a loving parent, friend, or caregiver. For others it may mean becoming a scientist, inventing something, or discovering something new. And for others our life is all about art, creativity, and invention – we want to make the world a more beautiful place.

These are the existential, irresistible components of human nature. We all want to “become something” in our lives. And even dictators, as evil as they seem, are trying to “become something” in their own wierd and twisted way.

I believe our jobs in business, as leaders or HR professionals, is to help our companies do this for people. Because when our organizations enable people to “reveal and reach their potential,” the company and the organization will thrive.

What does this mean for our companies? It means we have a few important things to do.

First, we have to treat people well. We need to respect each individual, pay them a fair wage, and listen to their grievances. We need to love and respect their uniqueness, and not try to turn them into something they aren’t. That means creating a safe place to work, giving people the support they need, and treating them as owners. (We call this The Healthy Organization.)

Remember that your employees are your company. They don’t “work for you,” you in a sense “work for them.” Many years ago I learned something important: people don’t “join a company” – they “make a company.” So if you hire and care for people well, the company itself becomes stronger.

Second, we have to help people grow. This doesn’t mean just giving them training and development, it means enabling them to “find their best self.” We need to give people opportunities to experiment, grow, make mistakes, and then thrive. This means thinking about management as a role as coach, and focusing on development at all times.

My old boss years ago, who was an ex-Admiral in the Navy, told me something I never forgot. “In the military we only do two things: we fight or we train. When we aren’t fighting, we’re training.” I’d suggest in business it’s even more true. You must be learning every day. And that means learning about your job, your customers, and your own personal desires.

Third, we have to create a sense of trust. As all our Employee Experience research shows, trust is the #1 driver of employee satisfaction. And that means employees should come to work feeling that their company will be well run, it will be fair, and our leaders will listen. And they’ll take action when things are amiss, because something is always in need of improvement.

And this means setting a direction. When we create purpose and values in our companies, people want to lean in. They see themselves in the context of our companies, and then, in turn, they contribute, feel energy, and perform.

Finally, we have to help people become who they want to be. Years ago, when I worked at IBM, I remember having conversations with my boss where he kept giving me “alternative futures” for my life. Would I go into sales? Marketing? Leadership? Consulting? Have a family? He was an old-school IBM-type guy, but he understood that only when I figure out what I wanted could he (and IBM) meet my needs as an employee.

And this means letting people be themselves, and fulfill their dreams in the context of their work.

Listen, I know there are hundreds of important things to do in HR. We have to focus on employee engagement, performance management, succession, pay equity, diversity and inclusion, career development, skills, and much more. I would suggest you wrap the whole thing in a gigantic bow and say one thing: are we helping people truly reach their human potential?

As Chevron likes to put it, they’re in the business of “creating human energy.” If you figure out a way to do this in your company, I promise you’ll be unstoppable. Or as we like to call it, Irresistible.

Come join us on May 23-25 in Los Angeles at our Irresistible Conference. We’re going to spend three days talking about what this means. And you’ll see what the world’s most Irresistible companies do to unleash human potential in their organizations.

Thanks for indulging me in this article. Right now the world seems mixed up. I feel like we need to focus on the basics. It will bring us to a better place.

Source:https://joshbersin.com/2022/03/unleashing-human-potential-the-real-secret-of-business-success/

To transform organizations for both the new normal and the future of work, HR leaders must reconsider traditional leadership training, said Rashim Mogha, Skillsoft General Manager, Leadership & Business Portfolio, in a session at the HR Exchange Network Corporate Learning Spring online event.

“If there’s anything that we’ve learned [from the pandemic], it is how to be agile, how to be nimble, how to transform overnight to be successful as a business,” she adds.

In fact, businesses need culture, innovation, and agility to thrive, according to Mogha’s session at the event, “The Road to Transformative Leadership: Build, Coach, Reinforce.” The message was that all these pillars depend on effective leadership, which can only happen if organizations enable people to lead. It requires a shift in priorities.

“In the past, organizations – especially after they embarked on this journey to digital transformation – have focused more on technology than on people,” she said. “That’s why that’s not where we need to be when it comes to digital transformation.”

Mogha shared data that proves the necessity of effective leadership. An organization’s leaders can influence many aspects of the business, even those that are not as obvious. For example, poor leadership can result in a 30% talent turnover. Also, it can cause an 8% annual revenue loss. On the other hand, better leadership can generate 3% to 4% improvement in customer satisfaction and can eliminate a 5% to 10% productivity drag.

Pain Points of Leadership Training
Still, companies rarely can provide effective leadership training. One problem is that different employers have different beliefs about how to lead. What executives learn at one organization may be useless when they move to another job elsewhere, said Mogha. Also, leadership programs may help participants learn more about themselves, but they don’t always result in lessons that can be immediately applied to the role they currently hold.

To educate people in a way that allows them to continuously upgrade their leadership skills and adjust to new roles, organizations should turn to a format for behavioral change, says Mogha. She breaks down the curriculum like this:

Awareness and Desire – Determine a potential leader’s skills gap with a 360-degree assessment.
Knowledge – Have participants take courses to build those skills and fill in the gaps.
Ability – Have peers assess one another’s progress and determine what skills could still use improvement.
Reinforcement – Allow students the chance to recognize their growth and practice skills they are still perfecting.
Rolling out these programs can be intimidating, Mogha admits. However, she suggests beginning with a core group of people who will be part of the leadership bench or a business unit that will be an area of focus in the next year or first-time managers, for example.

“Eventually, you have to scale it,” she added. “That’s how you build a culture of continuous learning, but you have to start small.”

Relating L&D to DEI
What many organizations are realizing is that leadership training is related to diversity, equity, and inclusion (DEI) efforts. To achieve DEI goals, the organization needs leaders to think outside of traditional boundaries.

“We have to have a 360-degree view of diversity. It’s not just launching a diversity program and making sure the numbers are where the company expects you to be,” she said. “It’s also about how diversity shows up in every conversation that you have, in every product that you have, in the UX, in the CX. That’s the conversation we have to start having.”

For instance, Mogha referenced a time when she was working in a group delivering solutions for people in rural Africa and India. Many came up with digital solutions. But the people living in those areas didn’t have access to the necessary technology or WiFi.

Another trend that will require additional leadership training is the personalized approach to employees and the need for empathy. Mogha talks about how she has one employee, who works remotely and needs to check in with her daily to feel connected and on the right path, whereas she has another who wants to meet only when there’s something in particular to discuss.

“I have to adjust my leadership style based on the individual requirements of my team members,” she said. “That’s how we should start looking at it. It’s not one size fits all.”

Source:https://www.hrexchangenetwork.com/learning/articles/how-to-train-leaders-for-transformation

In 1993, management theorists Steve Haeckel and Richard Nolan introduced to the business world a concept borrowed from cellular biology, “sensing-responding-adapting.” The idea behind their framework was simple: the introduction of information technology had allowed companies to be more flexible and responsive to changing customer needs and market conditions, which led to a new means of developing strategy. Almost 30 years later, as COVID-19 sent shock waves through global economies, companies revived the sense-respond-adapt playbook as they attempted to evolve faster than the virus.

Adapting to a new world
by Blair Sheppard, Daria Zarubina, and Alexis Jenkins
Working with researchers from the Disaster Recovery Institute International (DRI), my team at the National Preparedness Leadership Initiative at Harvard University (NPLI) interviewed leaders from nine organizations in sectors including aviation, energy, healthcare, higher education, manufacturing, retail, and technology. In launching the 2021 study, we wanted to better understand the nature of COVID-19 crisis management across the global economy to help others navigate the ongoing challenges of the global pandemic and prepare for future disruptions.

What we found was revealing and instructive. Every organization we interviewed sensed, responded, and adapted in some way. At the very beginning of the pandemic, myriad organizations with operations in China sensed trouble brewing in Wuhan through communications channels with employees and suppliers. When it became clear that supply chains and other operations would fracture, organizations began scenario planning to shift production sources, relocate employees, and secure key supplies.

As the virus spread to Europe, many senior executives responded by prioritizing the health and safety of their employees. As one study participant noted, “The CEO stated unequivocally that the company would do everything necessary to protect our people, even though it would hurt our financial position.” Indeed, throughout our study we heard several variations on the mantra “Do the right thing.”

Great expectations: Global executives respond to business disruption
An illustration of a man looking at a globe.
Sustaining COVID-era urgency for the long run

Global Crisis Survey 2021: Building resilience for the future
Putting people first required adaptation. Executives needed to shift their mindsets and operational strategies to provide their employees with the necessary social and financial support and remote-working capability. This involved more than just tinkering at the edges of workforce strategy. It meant devising a new playbook. In several cases, we saw evidence of what is known as “double-loop learning,” through which members of an organization question underlying assumptions about their strategies and tactics rather than just making slight modifications to them. One interview participant noted that the pandemic forced the organization’s senior management team to reexamine how all decisions were made. Another told us their organization decided to hold town halls with their CEO for the first time. Town halls gave executive teams a clearer window into employee engagement and morale and helped them understand specific concerns about the virus. In yet another case, the pandemic inspired one organization to allocate more money to mental health programs.

In every case of business failure, the factors leading to collapse were there to be seen if executives had been open to seeing.

Organizations also used the sensing-responding-adapting model to combat misinformation and confusion about masks and vaccines. With conflicting guidance from the Centers for Disease Control and Prevention (CDC) in the US and the World Health Organization (WHO), one organization we studied opted for “full transparency” with a “fully digital” solution. The company built an app that included data from sources the company considered reliable, and it updated policies, outlined precautions, and offered ways to report vaccination status. The app turbocharged the company’s sense-respond-adapt capabilities by getting quality information in everyone’s hands and opening a new channel for regular two-way communication. There was no waiting for an “all hands” meeting to get meaningful questions and feedback.

Reflecting on the results of the study, one takeaway became clear: it’s worthwhile for leaders of any team to absorb the lessons of sense-respond-adapt, even if there is no emergency at hand. Here are three ways to employ each step of the model.

Sensing: Treat the far-flung parts of your enterprise as listening stations. For some organizations, these will be geographically dispersed suppliers. For others, they will be customer service centers. The question leaders must ask is, “What are we learning from our interactions beyond the usual information about costs and sales?” Train your people to listen for potentially significant anomalies, and ensure that important information is not trapped in organizational silos. In our research, we found that during the pandemic C-level executives were engaging directly with business continuity and other relevant functions they might not encounter every day. By moving beyond the “usual suspects,” they were able to hear fresh voices and ask probing questions to reveal faint signals of change on the horizon.

Responding: Improve communication across intra- and inter-organizational boundaries. Leaders should view business continuity as an essential function that acts as connective tissue for the enterprise. Our interviews showed that in highly connected companies, business continuity was working together with business intelligence, supply chain management, human resources, health and safety, and other functions. Managers saw the logic of working together and had the means and inclination to do so. The result was faster identification of major problems and a more efficient system for coming up with solutions.

Adapting: Challenge assumptions, and question orthodoxies. There’s always the temptation to mitigate threats simply by applying existing practices harder and faster. The result can be efforts to conform the incident to the response rather than the other way around. That is a sure path to missteps and potential disaster. One way to get at those deeper issues and encourage double-loop learning is to ask, “What needs to be true for this to be the right approach?” It helps separate evidence-based facts from speculation and conjecture that may underlie assumptions.

In every case of business failure, the factors leading to collapse were there to be seen if executives had been open to seeing. To be sure, there are many filters and barriers that can distort or impede one’s view of reality. But actively adopting and promoting a sense-respond-adapt mindset will better equip you and your team to navigate these turbulent times.

Source:https://www.strategy-business.com/blog/The-best-way-to-lead-in-uncertain-times-may-be-to-throw-out-the-playbook