- Talent Edge Weekly
- Talent Edge Weekly - Issue #209
Talent Edge Weekly - Issue #209
Glassdoor's 2024 workforce trends, Indeed's 2024 jobs and hiring trends report, new BCG report on 32 people practices, internal mobility, and CHRO effectiveness.
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THIS WEEK'S CONTENT
Here’s a glance at this week’s content. A deep dive is in the section that follows.
Glassdoor’s 2024 Workplace Trends | Glassdoor Economic Research | Shares 8 anticipated workforce trends for the upcoming year.
Indeed’s 2024 US Jobs & Hiring Trends Report: Reasons for Cautious Optimism | Economic Research by Indeed | Addresses 5 trends shaping the 2024 hiring outlook.
Set the Right People Priorities for Challenging Times | BCG and World Federation of People Management Associations | A new 23-page report that provides an analysis of 32 HR and people management practices.
A New Talent Operating Model: Becoming an Agile and Learning Organization Through Internal Talent Mobility | Organizational Dynamics | A new article by Edie Goldberg that covers the various components of an internal talent mobility strategy.
Voice of The CHRO: Evolving the CHRO Role in A Rapidly Changing World of Work | Mercer | Shares survey results from over 100 Chief Human Resources Officers on what helps and hinders their effectiveness.
Also, check out the 2023 job cuts tracker & Chief HR Officer hire of the week.
Let’s dive in.
THIS WEEK'S EDGE
In its new 2024 Workforce Trends report, Glassdoor highlights eight anticipated workplace trends for the upcoming year, spanning various topics such as shifts in generational demographics, the ongoing transition back to in-person office settings, wage growth and benefits, the impact of layoffs on morale, the changing role of middle managers, and the influence of generative AI. Two insights include: 1) Gen Z (born 2001 to 2020) is projected to outnumber Baby Boomers (born 1946 to 1964) in the full-time workforce by early 2024. This demographic shift may have implications for workplace culture and the employee value proposition workers seek, considering the value that Gen Z places on community connections, having their voices heard in the workplace, transparent and responsive leadership, and diversity and inclusion. 2) Smaller organizations offering more flexible remote work arrangements are poised to attract workers, especially with many larger firms maintaining stringent return-to-office policies. This aspect of an organization's employee value proposition is likely to become a differentiating factor for individuals prioritizing flexible work arrangements, potentially giving smaller organizations an advantage over larger counterparts in talent attraction. These and other insights in the report can serve as guidance for organizations as they shape their workforce planning and talent strategies for 2024 and beyond.
As organizations fine-tune their 2024 hiring strategies, Indeed’s Hiring Lab's latest report provides valuable insights to shape these plans. The report delves into five key trends, including the decrease in job postings, stabilization of wage growth, potential impacts of an aging population on labor force participation, and a noticeable upswing in AI-related job listings. Regarding job postings, the Indeed Job Postings Index, which tracks the percentage change in job postings, is down 22.5% as of Nov. 3, 2023, from its peak on Dec. 31, 2021. Software Development, in particular, has seen a significant 51% decline, attributed partly to reduced stock valuations. Conversely, industries reliant on in-person services, like restaurants, hotels, and hospitals, show robust hiring demand. While overarching trends offer guidance for hiring and workforce strategies, individual organizations must consider various factors, such as economic growth, labor market conditions, and new technologies, among others, which disproportionately impact their specific operations, supply chains, and demand. As such, organizations can benefit from scenario planning— where they consider both external and internal factors to anticipate and prepare for potential future scenarios they may face. In this context, I am resharing three resources aimed at assisting business and HR leaders in anticipating potential shifts in worker demand based on different business scenarios.
This new 28-page report marks the latest phase of an ongoing study of 32 HR and people management practices grouped into nine clusters. Conducting surveys among 6,893 leaders across 102 markets (93.5% in HR roles), the study gauged their perceptions regarding the future importance of each practice for their organization and their company's current capability in these areas. Exhibit 5 on page 7 (image shown below) categorizes these 32 practices into high, medium, and low urgency based on their combined future importance and current capability scores. A few of the urgent priorities (high importance, lower capability) include 1) Leadership behaviors and development (e.g., developing individuals into leaders who can influence, motivate, and enable their staff to reach organizational, team, and individual goals), 2) Strategic workforce planning (e.g., systematic forecast of workforce supply and demand scenarios, including job architecture and skills taxonomy). The report also explores differences in results across geographic regions and offers five key recommendations for closing gaps in urgent priority areas. The framework of 32 practices and nine clusters serves as an effective tool for planning, measuring, and communicating diverse aspects of people practices within organizations. Definitions of all 32 practices are available in the appendix.
Internal mobility (IM)—the movement of employees across roles and work opportunities within an organization—plays a pivotal role in effective talent management. While technological advancements like internal talent marketplace platforms facilitate IM, organizations tend to disproportionately prioritize these tech elements, overlooking equally critical non-tech aspects. In this new article, Edie Goldberg, co-author of The Inside Gig: How Sharing Untapped Talent Across Boundaries Unleashes Organizational Capacity, delves into the holistic components of IM. They include six core principles of an IM strategy, talent mobility metrics, and six questions leaders should ask about IM: 1) What are the current rules for sourcing for open positions? Do you look internally first? If so, for how long? 2) How will you conduct performance reviews in a project-based work environment where employees report to different project leaders on each project? 3) Should all opportunities be put on the talent mobility platform, or should managers withhold some for high-potential talent development? 4) How do you promote people in a project-based work system? Do titles matter? 5) How do you move from paying for jobs to paying for skills or should you do this at all? 6) How do you recognize and reward managers for sharing talent across boundaries? The answers to these questions will inform various aspects of an organization’s IM philosophy, guidelines, tech requirements, and practices. As a bonus, I'm resharing my one-page editable template to help identify and mitigate non-technological IM barriers within an organization.
The evolving responsibilities of the Chief Human Resources Officer (CHRO) demand that CHROs adapt and learn quickly to enable their effectiveness and that of the HR function and organization. To identify opportunities for enhancing CHRO capabilities, Mercer’s 2023 Voice of the CHRO Survey explored the viewpoints of more than 100 CHROs based in the United States, representing various industries. Despite 86% feeling adequately prepared (including 79% of first-time CHROs) for their role, about 40% expressed a need for deeper understanding in non-HR domains such as finance, operations, and data analytics upon assuming the CHRO role. Both seasoned and first-time CHROs report seeking skill diversification due to the proliferation of transformative technologies reshaping work dynamics and the HR function itself. The paper provides ideas on how CHROs can make these shifts. As CHROs continue to develop in various areas, I am resharing my one-page summary of 15 resources categorized into five sections: 1) AI in HR, 2) Transitioning to a New CHRO Role, 3) HR Strategy and Operating models, 4) CHROs and the Boards of Directors, and 5) Attributes of Effective CHROs and Determining the Effectiveness of an HR team. This curated resource aims to assist not only existing CHROs but also individuals aspiring to the role.
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MOST POPULAR FROM LAST WEEK
Here is my editable template to help HR teams document and track progress toward goals and objectives for the upcoming year. It also includes a section on What HR Won’t Do. This section assists in identifying and tracking areas of work that will no longer be part of the HR operating model, practices, and service offerings. This resource can also be used by non-HR functions. You can also view my post on LinkedIn related to this resource.
2023 JOB CUTS AND LAYOFF TRACKER
Here is my tracker, which includes announcements from a segment of organizations that have announced job cuts and layoffs since the start of 2023.
A few firms that announced job cuts this past week include:
Advance Auto Parts (NYSE: AAP). The retail chain announced it will eliminate roughly 400 positions. AAP stock is down about 7.5% as the formerly profitable car parts company struggles to reconcile falling revenue.
Amazon (NASDAQ: AMZN). Will eliminate several hundred roles in its Alexa division as part of a broader shift in priorities and a focus on developing new forms of artificial intelligence, according to an internal memo.
Chewy (NYSE: CHWY). The online pet supplies company that sold to PetSmart in 2017 for $3.35 billion but then split off a few years later has laid off more than 200 employees — a figure Chewy confirmed — including those in its Plantation, Florida headquarters.
Click here or the image below to access all listed announcements from 2023.
CHIEF HR OFFICER HIRE OF THE WEEK
J.Jill, Inc. (QUINCY, MASSACHUSETTS) [NYSE: JILL]—a premier omnichannel retailer and national lifestyle brand— has announced the appointment of Maria Martinez as its Chief Human Resources Officer, effective immediately. Martinez joins J.Jill from Axogen, Inc., a publicly traded company focused on surgical solutions for peripheral nerve repair. Prior to her time at Axogen, Inc., Martinez served as CHRO at HSNi, a $4 billion direct-to-consumer retail portfolio consisting of HSN and Cornerstone. READ MORE
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FROM X (FORMERLY TWITTER)
Allstate cut half its office space after embracing a flexible work strategy. 99% of its 54K employees work either remotely or hybrid. Job applications increased 23%, with large increases among women and people of color.
— Brian Heger (@Brian_Heger)
Nov 14, 2023
TALENT EDGE WEEKLY REWIND
Effective performance management (PM) aims to provide objective and fair performance feedback. And while most people try to be meritocratic when assessing the performance of others, PM is imperfect and subject to bias. This article identifies several sources of bias in the performance review process and shares six “behavioral nudges” — four for managers and two for employees — that will make the PM process fairer.
THE BEST OF OCTOBER
Did you miss the “Best of October” issue of Talent Edge Weekly? If so, check out issue #206, which includes 16 of the most popular resources from October.
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Talent Edge Weekly is a free weekly newsletter that brings together the best talent and strategic human resources insights from various sources. It is published every Sunday at 6 PM EST.