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This is the published version of the Forbes Future of Work newsletter, providing HR leaders and other talent managers with the latest news on trends in disruptive technology, workforce management and the remote work debate.Click here Get it delivered to your inbox every Monday!
HHow do you know someone is a good employee before you hire them?
Companies have long had ways of assessing candidates, from recommendations and portfolio reviews to personality tests or basic assessments of their skills. But as the job market cools in some industries, more companies are expanding pre-employment assessments, new artificial intelligence tools are proliferating to help with the process, and companies are hiring, Emmy Lucas finds The degree requirement has been removed from the information. A survey of HR professionals conducted by SHL, which makes HR software that includes assessment capabilities, found that 40% plan to increase pre-employment testing What they expect candidates to do when interviewing for a new job.
This can be an onerous process for job seekers. Simple tests of basic skills to prove their abilities are one thing, but new AI tools that test applicants’ skills in simulations or hypothetical scenarios (if done fairly) could go a long way toward weeding out unqualified candidates help.But Lucas talks about Each candidate spends 10 to 15 hours on pre-employment work for multiple potential positions– This is on top of interview and preparation time – which can add up quickly. As a talent leader and someone driving the recruiting process, how do you think about balancing the need to validate employee skills with the potential work the employee has to take on? Do you pay candidates as software company 37Signals claims?
I’d love to hear from you about any of these. In the meantime, hope it’s a great week.
economy
Friday’s jobs report presented a mixed picture, showing a resilient job market with 275,000 jobs added (a number that topped expectations), but the unemployment rate Unexpected rise to highest level since early 2022as the Fed begins to raise interest rates, reports Forbes“Derek Thor. Indeed’s director of North American economic research said in a prepared statement: “The rate at which unemployed workers are looking for new jobs does appear to be slowing, but overall remains strong. For those concerned about the unwelcome signs of the market after the past few months, “For people, this report is a welcome breath of fresh air. If you’re worried about labor market instability, you shouldn’t be too scared.”
gender equality
Tuesday is Equal Pay Day, which marks how many hours women must work to earn the same as men the previous year, four days after International Women’s Day on Friday. In a milestone this year, Alabama lawmakers passed a bill aimed at protecting IVF providers from civil and criminal liability after the state’s Supreme Court ruled that frozen embryos are children. The Alabama court’s move is one reason contributor Amanda Nguyen suggested the United States needs a “women’s secretary” — a cabinet-level advocate for women’s equality. Meanwhile, contributor Katy McFee reviews research showing that women at executive levels are leaving the workforce faster than they are promoted.
labor and capital
A coalition of labor groups has ended its proxy campaign to nominate three people to Starbucks’ board of directors after the company reported significant progress in negotiations. The union and Starbucks agreed last week to “begin discussions on a basic framework” to reach a collective bargaining agreement, try to negotiate a resolution to ongoing litigation and begin providing certain benefits to union members.
Diversity and Inclusion
The University of Florida has eliminated positions related to diversity, equity and inclusion and closed offices dedicated to diversity, an administrative memo says — the latest example of the state’s efforts to limit DEI initiatives at public institutions. Yet while the news cycle may make it seem like DEI is dying, contributor Julie Kratz believes companies are actually doubling down on their diversity, equity, and inclusion efforts, She cited a study by employment law giant Littler, which found that more than half of U.S. executives said their organizations had expanded DEI strategies in the past year.
Next step: Focus on CHRO PAY
It’s no secret that CEO pay has risen dramatically over the past few decades. But I wrote this week about a new analysis from Stanford University researchers Nick Bloom and Mert Akan about how much chief human resources officers’ salaries have also increased.
This analysis is interesting because it not only counts the compensation of chief human resources officers (CHROs), who are still overwhelmingly female, but also shows how compensation is finally starting to move toward the levels of other leaders in the C-suite. Their analysis found that in 1992, human resources directors earned only about 40 percent of what other non-executive executives in the C-suite earned. Thirty years later, their salaries are 70% of those of business unit heads or CFOs, who have long been the power brokers in many organizations. That’s still not parity, but it’s a big improvement.
Of course, some of this narrowing of the gap may be attributed to increased awareness of pay equity and more female HR leaders negotiating for higher salaries. But in conversations with Bloom and Larry Emond, senior partner at talent consultancy Modern Executive Solutions, they cited the changing nature of the job and who is filling it as more important factors.
For one, HR leaders have navigated multiple and increasingly complex crises over the past few years, playing the role of corporate nurse during the pandemic, work psychologist during the mental health challenge, and logistics expert during the hybrid work war and the role of peacemaker. But this significant shift can equally be explained by the increase in the number of non-HR executives spending on the role – suggesting the role’s increasing value to the CEO amid labor supply concerns – and the The scope of authority of senior executives continues to expand. More and more people are leading not only HR, but also communications, marketing, legal, or (my favorite) corporate “transformation.”
Emond thinks we’ll see more of this. One thing he shared with me but wasn’t in the story was that those corporate “transformation” projects (which could mean anything from strategy overhaul to downsizing) had already been handed over to the CFO. He is now working with a company that is handing it over to the chief human resources officer because people and talent issues are at the heart of the challenges the company faces. “I think you’re going to see more of this,” he said. For more information about my story, check out my article here.
Strategies and Advice
This is why so-called “soft skills” are actually the hardest to master.
Check out these useful AI tools for the job, writes contributor Rachel Wells.
Here’s the best career and work advice from celebrities, founders, and other power figures Forbes 30/50 Abu Dhabi Summit.
Facts and Comments
If you were laid off in February, or had a layoff at your company, you’re not alone. February made 2024 the second-biggest month for layoffs since 2009, according to Challenger, Gray & Christmas data. Forbes” Mary Whitfield Roloffs reports.
84,638: The report said U.S. employers laid off workers in February.
28,218: The technology industry has shed the most jobs of any sector so far this year, followed by financial companies with 26,856 layoffs.
“Reorganization”: According to Challenger, this is the most commonly cited reason for layoffs so far this year. Next comes closing of stores, units or factories and then cost cutting.
video
test
A major grocery chain announced a $9 billion investment to open 800 new stores in the United States over the next four years. Which grocery giant made the announcement?
- hook up
- Aldi
- costco
- Public places
Check if you got it here.
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