How To Deal With A Hot Labor Market

How to Deal with A Tight Labor Market

How to Deal with A Tight Labor Market

By: Nicole Ferrer

 

Every employer wants the best talent that they can find. They seek the highly educated, the most experienced, and the best leaders that money can buy.

 

While striving for the best is certainly not frowned upon, employers can and should do a better job of understanding how they square in the marketplace so they have a realistic shot at attracting the best talent.

 

Here’s the key - in a tight labor market, the most talented individuals are gainfully employed, and more often than not, they are satisfied with their current employer. This isn’t always the case, but generally speaking, it is.

 

In today’s market, if you’re recruiting strategy produces candidates who aren’t actively working, chances are, you aren’t getting the best talent for your company. A tight labor market requires different strategies to lure passive candidates. If you want the best talent, they will need to be manually extracted from other organizations.

 

Here are two quick areas of consideration:

 

Refine Your Brand / Reputation

 

After talking to a variety of leaders across the country, very few believed that their firms had poor reputations. However, with websites such as Glassdoor, Indeed, and Yelp, employers are able to get a glimpse of how their public profile interfaces with the labor market. Despite the large amounts of data online, this data is often ignored.

 

Companies may not want to dismiss warnings about the need to monitor their online ratings. Job seekers routinely view sites like Glassdoor for insights into the culture and working conditions at a particular company, and they regularly pass over employers with low ratings. 

 

Regardless of its accuracy, it is visible, and savvy candidates are very aware of your online reputation.

 

Only 1 in 5 job seekers would apply to a company with a bad online reputation

 

For those employers who reject these online forums, my advice to them is simple – take a look at your turnover rate. An above-average turnover rate can be a likely predictor of a poor reputation. Employees that leave voluntarily, leave for a reason.

 

Be Realistic About Compensation

 

In the world of business, consumers are usually willing to pay a premium for products that have exceptional value. In the recruiting industry, this is no different. As below average products are almost always priced below average, firms with mediocre hiring strategies will likely be unsuccessful with hiring top talent. As always, there are a few exceptions; however, this is usually the case.

 

Employers that have a lagging market compensation strategy will struggle to attract the best candidates, while those that have leading market compensation strategies will attract talent more easily. Further, from a candidate’s perspective, a firm’s compensation strategy is a central part of their brand.

 

Take the time to think through your firm’s compensation strategy. It speaks volumes about your organization – this is especially so in a hot economy when your competitors are growing.

 

Nicole Ferrer is the managing director of Diversity Recruiters™, an executive recruiting firm specializing in diversity.

Signs of A Tight Labor Market

The job market is so hot right now that workers are 'ghosting' employers without even saying goodbye

By: Mark Abadi 

 

A notorious millennial dating practice is starting to creep into the workplace: ghosting.

 

According to The Washington Post's Danielle Paquette, employers are increasingly noticing that workers are leaving their jobs by simply not showing up and cutting off contact with their companies.

 

"A number of contacts said that they had been 'ghosted,' a situation in which a worker stops coming to work without notice and then is impossible to contact," the Federal Reserve Bank of Chicago said in a report this month cited by The Post.

 

HOW DIVERSITY OFFICERS CHANGE CORPORATE CULTURE

 

According to The Post, experts are blaming the uptick in workplace ghosting on the US labor market. Unemployment is at its lowest point in decades, and there are more job openings than there are people looking for jobs, emboldening workers to skip the awkward conversations with their bosses and move on to other opportunities.

 

"Why hassle with a boss and a bunch of out-processing when literally everyone has been hiring?" Michael Hicks, a labor economist, told The Post.

 

Predictably, experts on workplace etiquette frown upon ghosting your employers, as well as any other mean-spirited method of resigning. It's a surefire way to burn bridges and tank your reputation not just with your higher-ups, but most likely any coworkers you planned on keeping in touch with.

 

"Even colleagues who don't have a stake in it are going to see that and think, 'Wow, that's really unprofessional — that person is so immature,'" Caroline Ceniza-Levine, a career coach with SixFigureStart, told Business Insider's Áine Cain last year.

 

When people quit their jobs without notice, it's often a symptom of a bad communication between management and employees, said Caleb Papineau, an executive at the employee-survey firm Tinypulse.

 

"Quitting a job abruptly is neither good for the employee nor the employer," Papineau told Business Insider in 2016. "Employees that feel unheard and underappreciated at times can feel as if they have no choice but to leave abruptly."

 

Instead, he recommended finding time to talk to a manager rather than make a hasty, emotional decision.

 

"Have a plan, be professional, and don't burn bridges unless you have to," he said.

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How Diversity Officers Change Corporate Culture

How Diversity Officers Change Corporate Culture

These executives change hiring practices, oversee trainings and measure company climate.

By Rebecca Koenig, US News

 

BY 2045, PEOPLE OF color will make up the majority of the U.S. population.

 

That demographic shift, predicted by the U.S. Census Bureau, is one reason why companies are starting to take workplace diversity, inclusion and equity more seriously. In corporate America, this has manifested in part through the proliferation of chief diversity officers, who are charged with creating policies and climates supportive of workers from an array of backgrounds.

 

As of 2012, 60 percent of Fortune 500 companies had diversity executives, according to the Wall Street Journal.

 

"It's becoming standard across companies," says Allison Scott, chief research officer at the Kapor Center, which aims to increase diversity in the technology and entrepreneurship sectors. "I think that's a promising and important sign."

 

However, having a chief diversity officer on the payroll is not a panacea, researchers say.

 

"That all sounds good and well, but in the past there wasn't as much accountability for it," says Kisha Jones, assistant professor of psychology at Pennsylvania State University. "You could get an A for effort for attempting the different practices but not have to show how change happens."

 

Still, the presence of a diversity executive in the C-suite is one sign job seekers should look for when assessing whether a company is equipped to hire and retain diverse workers and effectively market to the heterogeneous customer base of the future.

 

Learn more about what these officers do and other signs to look for when evaluating a company's commitment to diversity.

 

Duties and Conditions for Success

 

The work of diversity officers, also known as equal opportunity professionals, cuts across departmental boundaries. They influence hiring, training and company cultural practices that relate to three "big buckets," explains Archie Ervin, vice president and chief diversity officer at the Georgia Institute of Technology and president of the National Association of Diversity Officers in Higher Education.

 

The first is diversity, which is descriptive of the ways in which people differ. The second is inclusion, or the extent to which people thrive in a particular institutional setting. The third is equity, or fairness, which is governed in part by federal policies such as Title VII of the Civil Rights Act of 1964 (banning workplace discrimination based on sex, race, color, religion and national origin) and the Americans with Disabilities Act.

 

 For hiring, diversity officers may work with human resources and recruiting teams to measure the breakdown of job applicant and candidate pools by gender, race and other characteristics and suggest changes to remove hiring barriers preventing different sets of people from getting jobs. They may oversee training programs related to unconscious bias, run workshops about communicating effectively in teams or plan classes about civility in the workplace. To better understand the state of a company's climate, officers may issue surveys asking employees how satisfied they are in their roles, then look for patterns in the results that suggest racial, gender or other disparities.
 
 

Among the conditions critical to diversity officer success are reporting directly to the CEO, having a mandate to set strategies and possessing the authority to hold managers and workers accountable for meeting goals. One of the most important conditions is building a strong business case to justify their work.

 

"They can have that moral stance, but that stance alone isn't going to be enough of a motivation," Jones says. "For organizations, it's always coming back to the bottom line."

 

Challenges Diversity Officers Face

 

With movements like Black Lives Matter and #MeToo, diversity dominates today's headlines. That these efforts are controversial hints at the pushback diversity officers sometimes face from "people who are resistant to diversity" and "people who feel like they aren't represented in the diversity initiatives," Jones says.

 

To put it bluntly, she explains, "If white men think things are being taken away from them, that's a tension that needs to be managed."

 

Google grappled with this problem in August 2017, when a software engineer shared an essay that criticized company efforts to boost the standing of women employees and questioned women's general suitability for technology jobs. In reply, Google's vice president of diversity, integrity and governance issued a statement reiterating that the company is "unequivocal in our belief that diversity and inclusion are critical to our success as a company, and we'll continue to stand for that and be committed to it for the long haul."

 

The episode exemplifies the common misconception that "diversity officers are only concerned about particular groups," which is "untrue," says Richard Anthony Baker, assistant vice chancellor and assistant vice president of the Office of Equal Opportunity Services at University of Houston and president of the board of the American Association for Access, Equity, and Diversity. "They're concerned about the overall health of the organization by being concerned with everyone."

 

Workers and managers who aren't necessarily opposed to diversity may still find it uncomfortable to talk about, having grown accustomed to "colorblind models" of operating that experts consider to be outdated, Jones says.

 

"We've been trained that we don't talk about race, that these protected classes are things we don't openly, strategically discuss," Baker says. "It's a challenge to get over that apprehension to have the conversation."

 

Other Indications That Companies Value Diversity

 

To figure out whether a company takes diversity, inclusion and equity seriously, diversity officers are just one factor to consider. The Kapor Center's research identified four other criteria as essential to the success of such efforts at technology companies:

 

 

Information about most of these criteria should be easily accessible to job seekers on a company's website, Baker says: "It shouldn't be hard for me to find a diversity statement, diversity office or programming. Do they have affinity groups that have some role within the governance?"

 

These days, company diversity goals should go beyond boilerplate statements, Scott says. When assessing potential employers, she recommends looking for "really sophisticated messages about why it's important and embedded in the work they do and the product they develop." Similarly, check not just that employee resource groups exist, but also whether they have meaningful budgets to carry out programs and channels to communicate with company leaders.

 

Job interviews present candidates with opportunities to do more research. Baker recommends job seekers ask interviewers about company policies on issues important to them, such as accessibility, gender expression and sexual orientation.

 

"If they don't know, that would be concerning to me," he says. "I actually want to hear from employees if that's part of the consistent message."

 

 

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How to ‘Really’ Attract Diverse Candidates

Where Is Your Welcome Sign?

Ideas On How To Become A More Attractive Employer

By Anthony J. Wright

 

Some employers have welcome signs. And unfortunately, some do not.

 

When talented individuals are assessing their career options, they look for obvious “welcome” signs. These individuals want some assurance that they are genuinely supposed to be a part of any new organization. Like in any establishment, if we don’t feel welcome, we eventually leave.

 

As an African American male, I have always assessed organizations based on the diversity within their leadership teams (which in my case, also includes the organization’s board of directors). While there are many different criteria that I use before engaging with a new employer or vendor, assessing organizational diversity will always be among my top three.

 

I’ve also learned over the years that a homogenous work environment is usually a sign of intolerance. Quite frankly, in today’s political environment, it can also be a bit scary. Further, a lack of diversity can also signal inadequate strategic thinking, as most of us know that diverse workgroups offer wider experiences and sparks tremendous innovation over the long run.

 

Why then, do so many organizations – especially non-profits – fail to invest in diversity initiatives? While the answer to this question may vary, let’s focus on those firms who get it right. Their results are impressive.


Locate Diverse Executives & Professionals


A recent study by McKinsey & Company sampled the outcomes of approximately 1,000 organizations and determined that firms who invested in diversity had higher profits. Specifically, it was concluded that firms in the top quartile for ethnic diversity are 33% more likely to have above-average profitability, according to the report. The same is essentially true for gender diversity.

 

The least diverse companies are 29% less likely to perform. Go figure.

 

Diverse applicants in any talent pipeline can recite these statistics (and many others) without effort. These individuals almost always prefer forward-leaning organizations. And, during stronger than usual economic conditions, individuals in the talent pipeline can be a bit more thoughtful about their next career move. They will almost always opt to work in a welcoming environment.

 

Many firms unknowingly communicate to diverse audiences that they are not welcome. It only takes a small amount of effort, and potentially a little courage, to make positive change. As America (i.e., your customer) becomes more diverse, it just makes sense for organizations to start thinking more strategically.  

 

 

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FIVE WOMEN OF COLOR WHO SHOULD BE ON YOUR RADAR

Five Women of Color Who Should Be On Your Radar

By: Lauren Wesley Wilson

 

(Forbes) - There is no doubt that 2018 is becoming the “Year of the Woman,” with the celebration of the first anniversary of the Women’s March to the launch of the Times Up Movement and much more to surely come. Our voices are actually being heard loud, clear, and more than ever before. I proclaim that this year will not only become the “Year of the Woman” but the year for women of color.

 

Women of color are making great strides in the workplace, breaking barriers, and becoming C-suite leaders with impact and influence. While there are many women of color who should be on your radar, I’ve narrowed it down to just five for now. These women are dynamic and making changes inside and outside their office. They’re not speaking at every conference or sucking up all the awards at every industry show. They are strategic where they spend their time, how they show up and what they deliver.

 

Get to know these five insightful women:

 

   

 

1. Rose Stuckey Kirk, President of the Verizon Foundation at Verizon

 

Why you should know her: Rose Stuckey Kirk became president of the Verizon Foundation eight years ago, but has been with Verizon since 1998. She is a shining example of how successful you can be despite gender or race. As a woman of color, she has broken the glass ceiling with her C-level position, serving as a chief corporate social responsibility officer. In her role at Verizon, she is able to provide access to new technology and STEM programs to youth who traditionally come from underserved communities. Rose delivers the type of speech that leaves audiences begging for more time and time again. She is poised, deliberate, and entertaining.

 

 

2. Gloria Mayfield Banks

 

Why you should know about her: Gloria is an internationally renowned motivational speaker who leads a successful sales team as the #1 ranked Elite National Sales Director for Mary Kay Cosmetics. Her latest book “Quantum Leaps” outlines the steps to take to excel in your life. Gloria has spoken all over the nation on topics such as women empowerment and instilling leadership goals in girls. Gloria is an electrifying speaker and will keep you focused and holding on to every word. She has overcome domestic violence and dyslexia. Her podcast "Women Do It Better" has Gloria speaking about the gifts we all have and how to find, understand, and master them in order to excel in your personal and professional life. She is a force to be reckon with.

 

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3. Susan Jin Davis, Vice President Environmental Affairs, Chief Sustainability Officer, Comcast/NBCUniversal

 

Why you should know her: Hilarious, intelligent, and spot on. Susan Jin Davis knows her worth and the stakeholders she serves. In her time at Comcast, Susan negotiated a historic memorandum of understanding between Comcast and the Asian American community as part of the Company’s merger with NBCUniversal, creating an unheard of commitment in the areas of programming, supplier and employment diversity and community investment. She serves on Comcast’s Internal Diversity Council and is a Company liaison to the Comcast and NBCUniversal Joint Diversity Council. Susan is also an executive sponsor of Asian Pacific Americans at Comcast, a Company Employee Resource Group.

 

 

4. Radhika Jones, Editor in Chief of Vanity Fair

 

Why you should know her: Radhika is not only the first ever Indian American to be Editor in Chief at Vanity Fair, but she is also the first woman of color to ever be Editor in Chief since the publication’s inception in 1913. Radhika Jones is a Harvard University graduate and has a PhD in English and Comparative Literature from Columbia, where she was also a lecturer. Her position in Vanity Fair has broken new grounds, and will hopefully open the door for other women of color to be in such roles in the near future.

 

 

5. Linda Sarsour, Political Activist and Co-Chair of the Women’s March Movement

 

Why you should know her: As a child of Palestinian immigrants, some of Linda’s early activism entailed defending the civil rights of Muslims living in America. She helped to organize the American Muslim community's response to the Black Lives Matter protests by forming "Muslims for Ferguson." In 2017, the organizers of the Women’s march recruited Sarsour as co-chair of the event. She became co-chair of 2017’s Day Without a Woman, which took place on International Women's Day. She is a loud and strong advocate for women’s rights as well as for underrepresented women of color around the nation.

 

Lauren Wesley Wilson is the founder of ColorCommwhich holds its annual ColorComm Conference for women of color in communications, marketing, & advertising. Follow her on Instagram and Twitter.

 

 

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