Audeliss brings you the latest insights and trends surrounding executive search and diversity, equity, and inclusion in business across the world for August 2023.
‘Work-life fluidity’ is the new answer to employee wellness
Traditional work-life balance is making way to new concept called ‘work-life fluidity’. This idea suggests that instead of strictly balancing work and personal life, employees should integrate them more flexibly. The aim is to reduce stress, guilt, and burnout by adapting to different demands at different times. While promising, successful work-life fluidity requires effective communication with employers, colleagues, and the establishment of healthy boundaries between work and personal life.
Over 50s confidence impacted by career breaks
A new research from pension provider, Aegon, is highlighting the impact that career breaks are having on the confidence of individuals over 50 in the relevance of their skills. While 15% of those still working feel their skills are outdated, this number jumps to 54% among retirees. Experts suggest that employers should value and retain older workers, encourage continuous training to adapt to changing workplaces, and consider their feedback for tailored interventions. The study emphasizes the need for understanding age-related differences in career priorities.
Pay transparency’s role in gender pay gap reduction
Pay transparency can impact the gender pay gap but might not completely eliminate it. Studies show that sharing salary information during negotiations can result in an average reduction of nearly $17,000 in the gap., yet other factors like competitiveness and social comparisons also play a role. Men often use direct comparisons and tend to act more aggressively in negotiations. While pay transparency helps, it’s not the only solution to closing the gender pay gap, and a combination of factors including mindset and preparation is important for addressing the issue.
Source: https://link.springer.com/article/10.1007/s10726-023-09837-x#change-history
Equity gaps in pay and advancement undermine DEI strategies
Findings from a HireVue report on equity in hiring highlighted disparities in employee and HR perspectives regarding pay transparency and career growth support. Only 50% of employees felt their educational backgrounds had equal career advancement chances. The report emphasizes the need for equity in compensation, advancement opportunities, and educational requirements within DEI strategies. It also mentions the importance of skills-based hiring and clear metrics for better workplace culture and fair compensation.
Source: https://www.hirevue.com/resources/report/2023-equity-in-hiring-research-report
Great resignation eases as job market stabilizes
The ‘Great Resignation’ is slowing down as workers settle into new roles and the economy stabilizes. The trend, which began during the COVID-19 pandemic, is now normalizing, with U.S. resignation rates returning to pre-pandemic levels. Economists attribute this to economic uncertainty and increased job satisfaction due to better work conditions. However, certain sectors like healthcare and manufacturing still face high resignation rates. While the peak has passed, experts predict an ongoing unsettled labor market.
Source: https://www.bbc.com/worklife/article/20230731-the-great-resignation-is-over-what-does-that-mean
Post-Brexit immigration policy drives surge in foreign interest for UK jobs
According to data from Indeed, foreign workers’ interest in UK jobs surged, with searches from abroad doubling. Job searches from people outside the UK rose from 2.2% (April 2021) to 5.5% (June 2023), surpassing the 2017-2019 average of 3.5%. Searches within the EU also increased but to a lesser extent, from 1.5% to 2.8%. ‘These trends are seen as the result of a new post-Brexit immigration policy. The UK’s growing attraction for foreign job seekers is seen as a solution to skills shortages.
Source: https://www.reuters.com/world/uk/uk-sees-surge-interest-non-eu-job-hunters-2023-08-21/
U.S. workers express concerns over AI’s impact on jobs and careers
U.S. workers are expressing concerns about AI and automation affecting their jobs, with 74% fearing higher unemployment due to these technologies. Research from the American Staffing Association found that approximately 47% of employed individuals worry that automation could replace their own roles. Industries like IT, engineering, science and office/administrative exhibit the highest job replacement concerns. While 27% believe AI will help their careers, 26% expect disruption. Employers are urged to provide training and communicate transparently as AI becomes more prevalent. Upskilling in cognitive skills also remains essential for career growth.
Source: https://americanstaffing.net/asa-workforce-monitor/automation-outlook/