Audeliss brings you the latest insights and trends surrounding executive search and diversity, equity, and inclusion in business across the world for November 2023.
Employers cut social mobility efforts amid economic challenges
A study by social mobility charity Making The Leap reveals a decline in recruiting candidates from lower socio-economic backgrounds (LSEBs), dropping from 75% in 2022 to 52% in 2023. Amid economic challenges, only 35% of employers focused on retention and inclusion for LSEB candidates, down from 53%. However, 31% reported increased progression initiatives in 2023. The study underscores the need for sustained diversity, equity, and inclusion efforts, especially during challenging economic periods.
Source: https://www.hrmagazine.co.uk/content/news/social-mobility-initiatives-fall-by-23
UK minister proposes benefits cut for people with disabilities working from home
The UK government considers cutting benefits for people with mobility and mental health issues who choose not to work from home. Chief Secretary to the Treasury, Laura Trott, emphasizes the duty to contribute if able. Critics argue the rushed policy lacks evidence of remote jobs’ suitability. Charities express concern over potential harm to disabled individuals’ well-being and stress that extra support for employment should not come with stringent conditions.
Source: https://www.theguardian.com/uk-news/2023/nov/21/disabled-people-work-from-home-laura-trott-benefits
Indigenous representation lacking on corporate boards, analysis finds
A DiversIQ analysis reveals that Indigenous Americans constitute less than 1% of major, publicly traded business board members, with only five individuals on S&P 500 boards and ten on Russell 1000 boards. This stark underrepresentation contradicts the 2.9% population share. The report highlights a systemic lack of skills training and limited job opportunities for Indigenous talent, emphasizing the need for diversity initiatives and environmental, social, and governance mandates.
DEI programs facing decline in U.S. companies
Glassdoor’s data reveals a slight decrease in U.S. employees reporting access to DEI programs, dropping from 43.5% to 43.1%. This marks a continued trend, signaling a potential waning interest in DEI initiatives. While certain industries saw increased access, the overall shift in DEI conversations, influenced by legal rulings and changing priorities, suggests a transformation in workplace focus from explicit racial justice to broader equity discussions.
Source: https://www.glassdoor.com/research/conversation-starter-diversity-equity-inclusion-access
AI skills boost salaries by 40%, but UK businesses lack upskilling direction
A study by the Oxford Internet Institute (OII) reveals that AI skills, including machine learning and data science, can increase employees’ salaries by up to 40%. Contrary to fears of widespread job automation, the research suggests that AI will be profitable for workers. However, it emphasizes the growing need for companies to reskill and upskill employees in AI-related areas. The recent AI Safety Summit prompted global leaders to sign The Bletchley Declaration on AI Safety, highlighting the urgency of addressing potential negative consequences of advanced AI models.
Source: https://www.ox.ac.uk/news/2023-10-24-artificial-intelligence-skills-can-increase-salaries-much-40
Job growth in U.S. was stronger than expected for October amid fed rate hikes
The U.S. experienced robust job growth last month, surpassing expectations with 261,000 nonfarm payroll additions, despite the Federal Reserve’s ongoing interest rate hikes. While the unemployment rate rose slightly to 3.7%, the report signaled a steady labor market, prompting stock surges. Average hourly earnings grew by 4.7%, fueling inflation concerns. The healthcare sector led job gains, while sectors like retail and leisure showed more modest increases. The Fed’s focus on both inflation and labor market dynamics is evident as the pace of rate hikes adjusts.
Source: https://www.bls.gov/news.release/pdf/empsit.pdf
Flexibility stagnates in UK job market despite employee demand
The UK’s Flexible Jobs Index 2023 reveals a mere 1% increase in job ads offering flexibility, with 31% now providing this option, compared to a 9% rise in 2021. A gap persists between employee expectations (87% desiring flexibility) and employer offerings, potentially hindering talent acquisition. The term ‘flexible working’ encompasses part-time and remote work, with notable variations between sectors. Experts suggest a possible limit to the growth of flexible job ads, emphasizing the need for a default flexible approach to meet evolving workforce needs.
Source: https://timewise.co.uk/wp-content/uploads/2023/11/Timewise-Flex-Jobs-Index-2023.pdf