SUCCESS
How PwC’s AI Talent Marketplace Empowers Employees To Grow Their Careers
Employees are feeling overlooked. Nearly half of American workers (42%) don’t feel “cared for” by their employers, according to MetLife’s U.S. Employee Benefit Trends Study.
These employees work diligently for years, grinding away and making little progress, as their employers neglect to offer any meaningful advice, guidance or strategies to help grow their careers. The result is that these workers become disengaged and their productivity declines, which is bad news for them and their respective organizations.
In a Zoom interview with Yolanda Seals-Coffield, principal and chief people officer at Big Four management consulting firm PwC, the talent executive shared her organization’s blueprint for recognizing the skills of its team members and how it enables them to pursue new internal opportunities.
PwC’s program is called My+ and its mission is to prioritize employee empowerment, well-being, career development and flexibility, in response to evolving market trends and employee expectations within the professional services industry.
Target Doubles Bonuses For Salaried Employees
Target will double its bonus payments to salaried employees this year, as the big-box retailer’s profits recover from a bumpy nearly two-year stretch.
Salaried employees at the Minneapolis-based retailer receive an annual bonus, based on Target’s performance and the eligible amount set as part of their compensation. The retailer will pay 100% of employees’ eligible annual bonus amounts for the most recent fiscal year, a company spokesperson said Thursday. That is an increase from 50% in the prior year.
In a statement, Target said the annual bonus payout is based on how the retailer performs against sales and profit goals set at the beginning of the fiscal year.
“Based on Target’s performance in 2023, including the $2 billion in additional profit growth our team delivered that exceeded the goals we set at the beginning of the year, we’re rewarding our team accordingly,” the company statement said.
Elon Musk's SpaceX Retaliated Against Employees Who Discussed Pay, Labor Board Says
Elon Musk’s rocket company SpaceX is facing new labor-related allegations. Officials at the National Labor Relations Board say SpaceX engaged in unfair labor practices after it retaliated against its employees in December of 2022.
SpaceX “interfered with, restrained and coerced its employees” from discussing “wages, hours or conditions of employment,” the NLRB said in its filing. Employees that came together to discuss salaries and employment terms were then fired, the agency said.
NLRB also alleged that SpaceX maintained a hostile work environment that discouraged workers from contacting NLRB. The space company has an estimated 9500 employees, NLRB says.
Could Phased Retirement Become The New Normal?
Retirement in the U.S. isn't a monolith—some work until age 65 before leaving for golf courses and world cruises, while many others never fully retire at all. Others are set on leaving the traditional work world as soon as possible, entering high-paying but stressful fields so they can sock away money and then quit in their 50s—or even earlier. But there's another option that benefits both employees and businesses.
A so-called phased retirement can help near-retirees reduce their workload and stress while still earning income and maintaining workplace connections, and businesses can continue to benefit from their years—or even decades—of experience.
Phased retirements aren't unheard of. According to Principal Financial Group's most recent Financial Well-Being Index, 61% of companies—mostly larger organizations—have some experience in implementing them. But they are becoming more structured—currently, only 16% of employers have experience with phased retirements on a regular basis—as more employees voice how much they value flexibility.
The same report finds that "gradually decreasing hours" is the most desired way of retiring for current workers, particularly for Gen-X, Millennials, and Gen-Z. The shift is starting with Gen-Xers because they're the first to have to rely primarily on 401(k)s and other forms of personal savings for retirement; they may not be able to afford a hard stop at 65, but they do want to take their foot off the gas a little bit.
Many Employees Willing To Trade Pay Cut For Opportunity To Work From Anywhere
Half of employees place such a high value on workplace flexibility that they are willing to accept a pay cut to be able to work from anywhere. A recent survey by FlexJobs founds that 26% of workers would accept a 5% reduction in pay and 24% were fine with a decrease of as much as 20%.
Job Shadowing Programs Can Improve Employee Retention And Support Career Advancement
As the labor landscape continues to evolve in an unpredictable way, talent acquisition and retention remain critical HR priorities for organizations. In a new industry resource, Job Shadowing Guide, global HR research and advisory firm McLean & Company points to job shadowing as a tool organizations can use to address talent retention challenges, highlighting that the number one reason employees leave the average organization is opportunities for career advancement. According to the firm's findings, job shadowing can be used across different stages of the employee lifecycle to support onboarding, career development, and knowledge and skill sharing, ultimately leading to improved employee retention as talent concerns remain top of mind for organizations across a variety of industries.
Job shadowing is defined in the new guide as what happens when employees observe experienced individuals, also called job hosts, as they perform their duties for a short period of time. Occasionally, the observing employee, also called the job shadower, may practice performing tasks. To achieve mutual benefits, such as improved employee engagement and productivity, a job shadowing program must address and provide value to the organization's unique needs while also delivering value to the job shadowers and job hosts.
How To Get A Job In Tough Times: All The Advice You Need To Succeed From A Top Executive Recruiter
There’s an old saying, “Tough times make tough people.” In this book, Jack Kelly will help guide you every step of the way in your job search to ensure that you stay strong, resilient and positive, and get that great, new job.
