Audeliss brings you the latest insights and trends surrounding executive search and diversity, equity, and inclusion in business across the world every month.
In DEI news, the Parker Review have announced that UK companies listed in the FTSE 350 will need to improve their ethnic diversity outside of the boardroom by 2027. Although the results of the 2022 review found that 96 FTSE 100 companies fulfilled the target of having at least one ethnically diverse director on the board, and FTSE 250 organizations are on their way to meet their 2024 targets, the same cannot be said for senior management. This new goal is also being extended to 50 of the UK’s largest private companies. The Parker Review hopes that this target will ensure diverse talent across all levels are given equal opportunities to contribute to the success of their business.
A Neurodivergency at Work report found that almost half of those surveyed will leave their jobs if their employers do not meet their needs. Currently, only 30% of neurodivergent employees have formal adjustments in place which enable them to carry out their tasks to be the best of their ability. The research also found that there are barriers when it comes to neurodivergent workers disclosing their conditions to employers and leading to appropriate support, which includes fearing discrimination from managers and colleagues, lack of supportive and knowledgeable staff, and inadequate existing support.
Speaking about experiencing barriers at work, a research published in MIT Sloan Management Review shows that women in U.S. workplaces are 41% more likely to experience toxic corporate culture than men, including in C-Suite, where this increases to 53%. This results in women either disengaging from their work or leaving the company entirely.
The U.S. is also seeing a huge representation gap between men and women in technical roles. Data from LeanIn.org and McKinsey &Co. shows that representation of women has declined between 2018 and 2022, where currently only 37% of IT services and telecom roles are taken up by women. Women in technology are also more likely to state that their gender has played a part in being overlooked for career progression, while 1 in 5 women in tech have experienced verbal abuse, sexual harassment, or intimidation in the workplace.
In executive search news, recent research by the Pew Research Center found that over 90% of working adults have changed roles in the U.S. during the pandemic. Covid-19 inspired many people to quit their jobs in search of more meaningful roles, especially younger employees who were unimpressed with their employers’ response to the crisis. This huge shift has resulted in companies changing mindset regarding how and where employees worked and placing emphasis on their ESG responsibilities. A big shift also occurred for older workers who used this opportunity to retire, with more than half of adults aged over 55 years old quitting the working place by the end of 2021.
In the UK, when it comes to hiring, almost half of organizations ‘ghost’ candidates within four weeks of receiving their application. According to data from Resource Solution, research also found that companies are lacking in transparency and accessibility in the job application process. An astounding 95% of job adverts don’t divulge salary information, 39% doesn’t specify whether the role is hybrid, remote or on-site, and 76% of online job applications require candidates to create user accounts.
The Office for National Statistics in the UK found that redundancy rate has increased to pre-pandemic levels. Between November 2022 and January 2023, people who have reported redundancy in the three-month period rose to 3.3 per thousand employees. Vacancies also dropped to 1.2 million in the quarter.
Despite this and worries about recessions, a report from ManpowerGroup, found that employers are still optimistic about their hiring plans in the next quarter of the year. Of the 41 countries that took part in the Employment Outlook Survey, 22 of them reported higher intentions compared to the last quarter, and the rest remained unchanged. The most optimistic outlooks are reported by IT, Communications Services, and Financial industries.