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YOUNG WORKERS WILL BE THE LONG-TERM CASUALTIES OF COVID-19

young workers

YOUNG WORKERS WILL BE THE LONG-TERM CASUALTIES OF COVID-19

They are the ones who will bear the brunt of the coronavirus recession.

A little more than a decade ago, millennial college students graduated into what was then the worst economy in decades. In the United States, the Great Recession wreaked long-term damage on young people, many of whom faced slim job prospects along with mountains of student debt. Compared to earlier generations, these young adults today have less wealth, more debt and are less likely to be financially secure.

Today’s youngest workers could have it even worse. Young workers – who make up a disproportionate share of workers in hospitality, food service, retail and other service industries hit hardest by the COVID-19 pandemic – are likely to shoulder the worst of the coming recession.

Young workers: first to feel the pain

Young workers have been among the first to feel the pain as the restaurant, retail, and hotel industries reel from the initial impacts of the pandemic. Marriott, for instance, has furloughed tens of thousands of employees. So, too, have Hilton and Hyatt. Many small businesses are forced to close shop or lay off most of their workforce. The National Restaurant Association reports that business dropped by nearly half among its members just in the first half of March.

Labor According to the U.S. Bureau of Statistics, workers between the ages of 20 and 24 account for nearly one-third of restaurant waitstaff, one-fourth of all retail cashiers, and one-fifth of all retail salesclerks. Young workers also occupy a large share of other entry-level service jobs in entertainment and hospitality, such as hotel and motel desk clerks (one-third), ushers and ticket-takers (one-fifth) and baggage handlers (one-sixth).

Young people also make up a disproportionate share of the low-wage workforce hardest hit by the pandemic, period, according to new research from the Brookings Institution. Scholars Martha Ross, Nicole Bateman, and Alec Friedhoff find that workers ages 18 to 24 comprise nearly one in four low-wage workers, with the most common occupations being retail, food service, and lower-level administrative support. Many of these young workers can ill afford any loss of income: Among the 13 percent who lack a college degree, the median hourly wage is just $8.55. Worse yet, one in five of these workers is the sole earner in their family; 14 percent are also caring for children.

NiNis worldwide

A new crop of “not in school, not working”

Even before the current crisis, many young people were already in dire economic circumstances. According to the Social Science Research Council, as many as 4.5 million young adults ages 16 to 24 were not in school nor working in 2017, the latest year for which data are available. No doubt this figure has already skyrocketed.

Unfortunately, unemployment might be only the start of young workers’ worries in the coming months.

The sudden closure of colleges and universities means that multiple cohorts of students are missing out on opportunities to lay the foundations of their future careers. “Job fairs and internships have been called off, as have debating competitions, graduate school admission tests and conferences that are essential opportunities to network and get jobs,” writes The Hechinger Report.

A different economy after COVID

Other hazards also loom in the future job market that could disadvantage younger workers. For instance, the pandemic may also accelerate the push to automation, as researchers Mark Muro, Robert Maxim and Jacob Whiton of the Brookings Institution argue, which would also hit younger workers the hardest. According to their analysis, as many of 49 percent of workers ages 16 to 24 are in jobs vulnerable to automation.

Moreover, the current massive disruptions in higher education and in business likely also mean that skills gaps will worsen as training programs are put on hold and businesses struggle simply to survive. Shortages of qualified workers will not only significantly hamper recovery efforts in the future but handicap current industries’ efforts to retool themselves to a radically changed environment.

Vulnerable young workers

Worldwide impacts for youth workers

The same story is playing out globally. According to the International Labor Organization (ILO), young people are roughly twice as likely to be unemployed compared to adults. After the global recession in 2009, adult employment grew uninterrupted but the number of young people employed contracted by more than 15 percent. In 2018, 21.2 percent of global youth were neither employed nor in education and training.

The COVID-19 pandemic is inducing a global labor shock both because workers cannot carry out their jobs and may have lost their jobs, but also because consumer demand especially in services industries has fallen off and could be slow to return to previous levels. In a vicious cycle, billions in lost labor income will further suppress the consumption of goods and services. At the beginning of April, the ILO estimated global unemployment would rise between 5.3 million and 24.7 million, but with 22 million Americans alone filing for unemployment over the last four weeks, this estimate is already vastly inaccurate. The long-term damage to young workers’ prospects is incalculable.

What next?

Economies around the world are already responding with rescue packages aimed at blunting some of the economic hardship the pandemic is creating. But as the crisis wears on and, with luck, economies can begin to recover, the long-term plight of young workers will need much more attention.

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Anne Kim is a contributing editor to Washington Monthly and the author of Abandoned: America’s Lost Youth and the Crisis of Disconnection, forthcoming in 2020 from the New Press. Her writings on economic opportunity, social policy, and higher education have appeared in numerous national outlets, including the Washington Monthly, the Washington Post, Governing and Atlantic.com, among others. She is a veteran of the think tanks the Progressive Policy Institute and Third Way as well as of Capitol Hill, where she worked for Rep. Jim Cooper (D-TN). Anne has a law degree from Duke University and a bachelor’s in journalism from the University of Missouri-Columbia.

This article originally appeared on TradeVistas.org. Republished with permission.

corporate

How COVID-19 is Reshaping Corporate Culture

The outbreak of COVID-19 is radically changing how many U.S. companies operate.
Public safety measures have closed physical offices and made remote working the norm. Travel restrictions have heightened the importance of efficient technology, communication, and collaboration. Executives have had to pivot quickly, reorganizing and rallying their workforce to push forward in an unprecedented time.
Some business leaders think COVID-19 marks a permanent turning point. And at the center of the seismic change is the reshaping of corporate culture – the beliefs and behaviors that influence how a company’s employees and management interact, says Chuck Crumpton (www.chuckcrumpton.com), author of The Jagged Journey: A Raw & Real Memoir about the Non-Perfect Path of Life & Business.
“The pandemic unquestionably will have lasting effects on corporate cultures,” Crumpton says. “There’s a growing sense it’s a fundamental shift, a new normal.
“It starts with empathy. Company leaders are seeing they need to listen more to their employees’ concerns, which are really everybody’s concerns right now. Many people have fear and uncertainty. It’s an opportunity to be more understanding and build relationships with the people you work with, and from there as a company, being better able to work in new and more collaborative ways.”
Crumpton explains the ways corporate culture will be reshaped in the wake of COVID-19 and how leaders can influence those positive changes:
Providing emotional support along with technical support. While technology is the key to keeping a remote workforce functioning at a high level, Crumpton says how leaders create a culture of mutual support will be a big factor in company culture and the employee experience. “You want to get people helping and looking out for each other,” Crumpton says. “Not every Google Chat, call or email has to be business-related.”
More, and better, communication. Working remotely, with managers and employees at different locations, places an emphasis on focused and more precise communication – even over-communication if necessary – to keep operations flowing, Crumpton says. “The use of video conferencing is very effective, keeping everyone connected and agendas targeted,” he says. “It increases responsiveness, attention span, and strengthens collaboration.”
More of a family feeling. “Working from home personalizes the workplace, partly because you are working from your personal space, and the imaginary line between family and work is basically gone,” Crumpton says. “People are out of their shell now, more relatable. Colleagues and clients are happy to share a screen with their kids or pets in the background. There’s a blending of the personal and professional, and it’s liberating.”
Better collaboration. “Your relationship with your teammates will improve,” Crumpton says. “Fighting a common enemy, the coronavirus, creates bonds in relationships. Everyone being in this together brings new levels of connection with colleagues and clients. You’re happy to see each other onscreen during this period of physical isolation, and that feeling can be brought forward when things settle down. The bond strengthens with teammates also by having worked together to solve problems and be proactive during difficult times. That means better collaboration and more enthusiasm for teamwork and shared success.”
“This crisis has challenged us in seemingly every way,” Crumpton says. “It’s been sudden, profound, and life-changing. Companies have been forced to make major changes, and in the process, they’re seeing the workplace and the world differently. It’s a great opportunity for growth and positive, permanent change.”
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Chuck Crumpton (www.chuckcrumpton.com) is the founder and CEO of Medpoint, LLC, a global consulting firm serving medical device and pharmaceutical companies in the U.S., Europe, Asia, and Latin America. He is the author of The Jagged Journey: A Raw & Real Memoir about the Non-Perfect Path of Life & Business. He’s a featured keynote and session speaker at multi-industry events in the U.S., Europe and Asia for global organizations.
pivot

How Businesses Can Pivot While Slowed Or Closed During Difficult Times

With businesses across the U.S. having closed temporarily or reduced services due to the coronavirus pandemic, company leaders are trying to find ways to stay afloat until the crisis passes – and figure out how to move forward into an uncertain future.   

Dr. Kyle Bogan,  a business consultant and speaker on workplace culture, says this unprecedented event has caused companies to learn how to pivot on the fly and consider changes that will not only allow them to survive the crisis, but thrive later on.

“Business owners are attempting to balance decreased demand with caring for and providing for their team, and protecting the future of the business they built,” Bogan says. “While there is a negative impact on revenue, many businesses will come out on the other side of this pandemic stronger as a business and stronger as a team.

Bogan suggests ways businesses can pivot during the pandemic that could help them short- and long-term:

Offer online services. “The critical element is to be creative and innovative to find new ways to deliver special services and products to your customers, and discounts where possible,” Bogan says. “They won’t forget that. Going as far as you can for them during an unprecedented time will make it likely they stay with you long after this is over.”

Expand how you inform and update customers. “Let your customers and audience know how and what the company is doing, how it’s adapting,” Bogan says. “Moreover, show you care how they’re doing. Offer links of advice on your website to help them deal with the many aspects of this crisis. If you’re authentic and honest, social media is a way to connect in a kind and helpful way, and that will add more substance to your brand’s image.”

Tighten connections with employees. Many companies are set up to work from home, and they aren’t as hobbled as others that are not. Bogan says consistent communication, enhanced by video conferencing, is vital to stay on top of business processes and to boost morale. “The entire team needs to be better informed and felt cared for and valued, and email alone isn’t sufficient,” Bogan says. “Owners and CEOs need to be transparent with teams about company situations. That builds trust. Send your team resources for anything that could help them during this difficult time. Encourage professional learning during downtime and get creative input from the team, giving them a stake in the future.”

Consider ways to make your culture stronger. Building stronger relationships can help build a better work culture, but that’s only one piece. Bogan says this is a good time for leaders to objectively look at their business culture and find ways to improve it. “The question is, do you want to be intentional about creating a team-first culture that represents you and your business, or do you want it to create itself without a clear vision?” Bogan says. “If you want to experience accelerated growth when this is over, creating a team-first culture is the path you must take. Financial success will follow. People are more willing to spend time and money with your brand if they can feel your team is happy.”

“Truly, we are all in this together – customers, business leaders, employees,” Bogan says. “That’s how a business should think and communicate now during the crisis and going forward.”

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Dr. Kyle Bogan (www.drkylebogan.com) is a general dentist and a speaker/consultant on workplace culture. He is the owner of North Orange Family Dentistry. Bogan earned a Fellowship in the Academy of General Dentistry and a Fellowship in the International College of Dentists. He is a member of the American Dental Association, the Ohio Dental Association, the International Dental Implant Association and the American Academy of General Dentistry. Bogan earned his Doctor of Dental Surgery degree from The Ohio State University, graduating Magna Cum Laude, and played sousaphone in the marching band.

KC SmartPort

KC SmartPort Shares Leading Differentiators for its Ecommerce Surge

Known as the “hub for food logistics” in the Midwest, the Kansas City region boasts a unique approach to economic development. KC SmartPort – a nonprofit economic development organization – focuses on attracting freight-based businesses to the region through its streamlined efforts in workforce development, real estate opportunities, and thriving logistics-focused operations. The Kansas City region recently reported substantial growth in ecommerce and distribution companies establishing operations in the area with these companies planning to invest $1.3 billion and aiming for the creation of seven thousand jobs. KC SmartPort president Chris Gutierrez and his team attended the Dallas RILA/LINK 2020 conference as exhibitors and shared the latest and greatest developments emerging in the Kansas City region.

“With online sales increasing every year, companies have really been focusing on their omnichannel strategy. The Kansas City region is centrally located and offers a robust transportation infrastructure from road, air, rail and water, ultimately supporting the ability for businesses to reach 88-90 percent of the population in about two days. This really lends itself as a successful strategy around ecommerce,” said Chris Gutierrez, president of KC SmartPort.

“Since 2012, we’ve had over 40 million square feet of industrial buildings built primarily on spec because the ecommerce companies will go through a peak season and if they hit their numbers, they need to be in the next building within a certain time frame to hit next year’s peak. If they don’t have a building to move into, then the opportunity is lost. That’s something our region has been very successful in supporting,” he added.

Among big-name ecommerce and distribution companies that made the move to the Kansas City region in 2019 include Wal-Mart, Hostess, Amazon, CVS Pharmacy, Overstock.com, Tool Source Warehouse, and more. Part of this surge in ecommerce, automotive, and retailers is dually supported by the region’s balancing of business and workforce development efforts.

“What we are doing locally is a three-step process. First, we create an awareness buzz at the elementary and high schools and community colleges around supply chain jobs that serve as career opportunities with great benefits and growth options rather than just filling a position. The second part of local efforts involves public transportation, rideshare, and other mobility solutions to support getting the employee to the job site.”

“The third leg of this approach is encouraging employers to critically think about workplace culture. We take it a step further and educate employers of the importance of the first week during onboarding, eliminating the desire to go to the next company offering a quarter more in pay but offering a potentially more satisfying culture. If the company offers a healthy culture, it makes a huge difference, specifically with non-tangible things that add value to the employee experience.”

These multi-layered efforts not only support the existing workforce and growth in economic development but serve as proactive solutions for future workforce generations in Kansas City. More than 2.3 million people in the region rely on the unique economic development team covering both Kansas and Missouri. The Kansas City Area Transportation Authority (KCATA) serves as a bi-state authority covering a broader regional area while addressing large-scale concerns. This partnership serves as a major differentiator in the region for businesses seeking a myriad of options in amenities, incentives, and transportation.

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Chris Gutierrez is the President of KC SmartPort, Inc., a KCADC affiliate organization focused on attracting freight based economic development to the greater Kansas City region and providing thought leadership to the supply chain industry in Kansas City. Chris has been active in economic development and logistics for over 30 years. He joined KC SmartPort in 2003.

google

How World-Class Amazon, Apple & Google Have Built Successful Cultures

Every small business wants to be the next Amazon—or the next Apple or Google. Their products and services, as well as their growth and profit margins, are the envy of all. But it is their company cultures that drive their success. After all, without the brain trust and boots on the ground, those enterprises would have remained small and insignificant. Now, everybody wants to work for them. Why?

Their trendy work campuses capture headlines and imaginations, but location and environment are just veneers for the culture they contain. Yet, these headquarters are also extensions of brand. From Apple’s “spaceship” park to Amazon’s geodesic Spheres and Google’s playful Silicon Valley campus, the looks of these businesses reflect brands driven first and foremost by people-centric cultures.

It may seem skewed in priority to place workers before the actual work being done. But if we want to benefit from the lessons of these top organizations, we will focus on culture the way they do. As global competition for talent increases, this is the formula that works.

You can begin to build a better talent infrastructure by working on the seven “pillars” of good culture I’ve identified through researching leading companies. These include how organizations handle transparency, positivity, measurement, acknowledgment, uniqueness, listening, and mistakes. The examples of Amazon and friends, however, are worth studying in more detail. A few key techniques and best practices that these three amigos share warrant special consideration.

Transparency Is Clarity

The design of Amazon’s Spheres addition to its Seattle workplace campus is meant to inject nature into the business environment. But the glass-and-steel structure also embodies the company’s commitment to transparency. Three linked geodesic domes leave precious little in the dark—which is also the way to enable employees to do their best work.

Amazon, Apple, and Google use transparency in two major ways. First, they attract talent that aligns with their stated mission and values. They make these goals and guiding lights clear to all job candidates, weeding out of contention folks who won’t row with the crew. This creates a cohesive workforce that is dedicated to being part of the brand.

This both reveals and capitalizes on the companies’ uniqueness. They all stand out from the crowd. One way that our businesses can do this is to concentrate on hiring for a fit with our core values and a prevailing attitude. Using personality tests to assess potential hires for their inclinations and motivations can help standardize an otherwise subjective practice and get the right people in the right seats.

Second, these companies use technology to employees’ advantage. Access to relevant and accurate information is critical to their job roles, and these high-tech firms know how to centralize data. Amazon even launched a business service called the Transparency Program, which helps brand owners thwart counterfeiting and intellectual property theft.

But the retailer’s greatest wielding of transparency is most visible in its delivery services. Moving vast volumes of merchandise to their destinations requires an intricate web of logistics. Small businesses can imitate that command of information-sharing by giving workers open access to the details they need and the people in the company who can best assist them.

Positivity Is Power

One look at Apple’s massive, ring-shaped Campus 2 tells you how strong the tech giant really is. More than a mile in circumference, the structure’s powerful curved lines reveal something about the company’s working ethos. And any enterprise dependent on innovation would be wise to adopt the Apple staff’s positive mindset.

Because the business world is dynamic and markets fluctuate, many organizations find themselves reacting to problems and challenges rather than proactively getting out in front of them. That’s only a recipe for more of the same. Top companies like Apple and Google employ a positive approach to planning, pursuing goals, and solving problems called appreciative inquiry.

This model optimizes a team’s strengths while ferreting out less successful strategies that can tank morale. Appreciative inquiry adds a methodical element to what might otherwise be chaotic, and a means to innovate that could easily be squelched by negativity or repeated failure. It gives workers a sense of accomplishment, even when actual gains may be small.

The central technique involves four stages: discovery, dreaming, design, and destiny. This 4-D Cycle prompts teams to discover what is working for them, so they can preserve and expand upon it. Next, they dream big and imagine their ideal outcome. From there, they select a likely path and design systems or steps to move them forward. Finally, they do what it takes to achieve that destiny.

Becoming agile in this approach gives small businesses a way to break the cycle of putting out fires and watching morale sink. It sets a positive tone that can be echoed in every other area of planning and workflow. And it’s self-perpetuating: one accomplishment prepares the team for its next success.

Numbers Instill Confidence

Visiting Google’s eclectic California headquarters may seem like downing one gigantic energy drink, with something impish rushing around every corner. From fleets of brightly colored communal bicycles to a statue park of oversized sweets named after the company’s android inventions, the vibe is Google’s brand—and the brand is utterly self-confident. Here is a business that knows exactly who it is and why it exists.

This sense of definition extends to its talent. Most small businesses have only fuzzy outlines to their image. That’s because most of us allow culture to form rather than intentionally building it. Job candidates can sense this, and they will be drawn first to companies with strong, distinct personalities. Google, and other companies that cultivate the cultures they want, enjoy attention from people who want that too.

This begins with articulating a mission and vision that inspire. It continues through identifying the best-performing employees and attempting to attract more like them. Google does this via data collection and analysis. Having created the foundation, they could take a deep dive into assessing which parts of culture work best and why.

With a legion of employees, Google was able to conduct a two-year study with a decent sample size that showed them which psychological conditions are likely to coalesce with the company’s mission and values—not just to create a happy workplace, but to create the best support system possible in which to perform work. This is the essence of culture at its best.

Google’s study found that successful outcomes correlated to the satisfaction of certain human needs, foremost of which was psychological safety. Workers needed to feel confident in taking risks, free of judgment or possible sanction. This let them stretch and sometimes fail—but ultimately innovate. From this confidence stemmed other areas of fulfillment, such as being able to depend on coworkers and to clearly understand the company’s expectations of them, which also helped teams achieve their goals.

Revealing these key conditions and the high performance that resulted from them allowed Google to continue to monitor variables and outcomes for further insights. The numbers instilled confidence in how the company manages its culture, which in turn lets it promote those traits when recruiting talent. Along with Apple and Amazon, Google leaders have embraced culture as a way to draw the best people—and they never let their employees forget who it is that makes those organizations successful.

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Leadership speaker Chris Dyer is a recognised performance and company culture expert, Founder and CEO of PeopleG2 and author of The Power of Company Culture (Kogan Page, 2018).

2020

Survey: Business Leaders Start 2020 with Lingering Concerns About Talent Shortages & Recession Risk

A new survey reveals that the world’s chief executives view the risk of a recession as their biggest external concern in 2020. Attracting and retaining talent ranks as their top internal concern. They also feel unsettled by trade uncertainty, political instability, and more intense competition from disruptive technologies. However,
they plan to counter such forces by developing more innovative cultures and new business models.

Conducted annually since 1999 by The Conference Board, this year’s survey gauged nearly 750 CEOs and nearly 800 other C-Suite executives from mainly four regions: Europe, Latin America, Asia, and the United States. As part of the survey, participants weighed in on which external and internal issues warrant the most immediate attention in 2020.

External Concerns in 2020

Recession fears top the list

Global: For the 2nd year in a row, CEOs and other C-Suite executives globally rank a recession as their top external worry
in the year ahead.

US: For US CEOs, a recession rose from being their 3rd biggest concern in 2019 to their top one in 2020. The issue surpassed cybersecurity, their top concern in 2019.

Elsewhere: A recession also tops the list of concerns of Chinese and European CEOs, and is the runner-up for Latin American and Japanese CEOs.

Widespread concern over trade uncertainty

Global: CEOs globally rank uncertainty about global trade as their 2nd biggest external worry in 2020.

US: It ranks as the 4th biggest worry of US CEOs, tied with its affiliate issue: global political instability.

China: Chinese CEOs rank trade uncertainty as their top worry, tied with their fear of a recession.

Latin America and Europe: CEOs there rank it 1st and 3rd, respectively.

Chinese CEOs feeling the effects of economic sanctions

China: Chinese CEOs rank the effects of economic sanctions as their 5th biggest external worry, tied with the issue of more demanding customers. Their concern about sanctions is the highest-ranking by any country by a big margin.

What it reveals about US-China trade tensions: The role technology plays in this conflict is deep and enduring. Tariffs are likely to be temporary and easily subject to negotiation, but technology blockades, via economic sanctions, are not.

Competition intensifies

Global: For CEOs globally, fiercer competition rose from being their 4th top external worry in 2019 to their 3rd in 2020.

US: For two years in a row, US CEOs cite the issue as their 2nd top external worry.

China: For Chinese CEOs, concerns about fiercer competition rose from being their 7th in 2019 to their 3rd in 2020.

Cybersecurity budgets increase, but strategy remains elusive

Bigger budgets: More than 70% of responding CEOs globally plan to increase their cybersecurity budgets in 2020.

But unclear strategy: Almost 40% of responding CEOs globally say their organizations lack a clear strategy to deal with the financial and reputational impact of a cyber-attack or data breach.

Climate change heats up

Global: For 2020, CEOs globally ranked the impact of climate change on their business as 9th, up from 11th in 2019.

Driving the momentum: CEOs in Latin America (4th, up from 10th in 2019) and Europe (8th, up from 13th in 2019).

“The ongoing concerns about recession risk among business leaders reflect the slowing economy of the past year and the uncertainties about the outcome of the trade disputes and other policy concerns,” said Bart van Ark, Chief Economist at The Conference Board. “However, given a slightly better outlook for the global economy and an easing of trade tensions, we anticipate that a drumbeat of negative sentiment – which can become a self-fulling prophecy – can be avoided, and that we  will see more confidence about business prospects in 2020.”

Internal Concerns in 2020

The number-one priority: attracting and retaining top talent

-Widespread agreement: Regardless of a company’s location or size, attracting and retaining top talent ranks as the number-one internal stressor for CEOs and other C-Suite executives globally in 2020.

-What’s intensifying the talent battle? A tight labor market, among other issues. CEOs globally, for example, cite the tight labor market as their 5th biggest external worry in the year ahead.

Developing innovative products and cultures are a key focus

Create new business models because of disruptive technologies: CEOs and other C-suite executives globally rank it their 2nd top internal priority.

Create a more innovative culture: CEOs and other C-Suite executives globally rank it their 3rd top internal priority.

Widespread commitment to cultivating leaders for the future

Global: CEOs and other C-Suite executives globally rank developing “next-gen” leaders as their 4th top internal priority.

Japan: Japanese CEOs rank this issue as their number-one internal priority, ahead of all other internal issues.

Women C-Suite executives more concerned about equal pay for equal work

Women: Globally, implementing equal pay for equal work ranked as their 6th top internal priority.

Men: Globally, the issue ranked as their 15th top internal priority.

“The global challenge in acquiring and retaining talent requires companies to be more strategic – knowing not only what qualities and skills to recruit for, but also how to recruit more efficiently and effectively,” said Rebecca Lea Ray, Ph.D., Executive Vice President of Human Capital at The Conference Board. “To support such efforts, they can consider leveraging artificial intelligence, a valuable tool when used with the proper understanding and safeguards.”

Mature-Market CEOs vs Emerging-Market CEOs

The survey results reveal much agreement between CEOs in mature economies (436 respondents) and emerging markets (304 respondents). But, some stark differences exist when it comes to which issues they plan to prioritize in 2020.

3 External Differences

Tight labor market
-Mature-market CEOs rank the issue as their 3rd biggest external concern. Emerging-market CEOs rank it 10th.

Uncertainty about global trade
-Emerging-market CEOs rank the issue as their number-one external concern. Mature-market CEOs rank it 4th.

Declining trust in political and policy institutions
-Emerging-market CEOs rank the issue as their 5th top external concern. Mature-market CEOs rank it 8th.

3 Internal Differences

Create new business models because of disruptive technologies
-Emerging-market CEOs rank the issue as their 2nd top internal priority. Mature-market CEOs rank it 4th.

Manage mergers and acquisitions
-Mature-market CEOs rank the issue as their 7th top internal priority. Emerging-market CEOs rank it 12th.

Build a more inclusive culture
-Mature-market CEOs rank the issue as their 8th top internal priority. Emerging-market CEOs rank it 16th.

“When it comes to creating new business models because of disruptive technologies, there is more urgency among  emerging-market CEOs than those in more mature economies,” said Chuck Mitchell, Executive Director of Knowledge,  Content, and Quality at The Conference Board. “This should raise a warning flag about possible complacency considering the current speed of disruption. The truth is that, today, companies no longer enjoy the luxury of a decades-long lead time to adapt to the digital revolution.”

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Media can contact The Conference Board for a copy of the full survey results.

The Conference Board is the member-driven think tank that delivers trusted insights for what’s ahead. Founded in 1916, they
are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conferenceboard.org

Republished with permission

talent retention

How Generational Gaps Impact Talent Retention & Recruiting Strategies

Workforce development in the modern age presents a new level of opportunities and challenges to companies seeking to enhance their talent pool. Factors such as technology innovation, information overload, and new generations entering the workforce require thought leaders and experts to identify the best options to meet company needs. In order to attain this, recruiters must understand potential employees at their core and visualize the potential value and growth for both parties. This level of expertise is difficult to find. Dozens of talent recruiting websites and services exist in the marketplace with a similar promise: guaranteed results. What they don’t guarantee is the right kind of results. If a company is provided with five candidates with years of experience, but lacking the knowledge, skills, and company culture needed to thrive, the “results” go stale and the process is restarted, resulting in a never-ending cycle with a low success rate. 

“This is a relational business, not a transactional one. If you view it as the latter, you’ll surely fail long term,” explains Anthony Fletcher, President and CEO of My Future Consulting. “Whether you’re in search of a new business opportunity or an exceptional candidate, I found that organic, genuine, and empowering relationships enable businesses to build a network comprised of the most talented, knowledgeable, influential, and accomplished professionals in the world.” 

Anthony Fletcher boasts a wealth of knowledge developed over 20 years managing Fortune 100 company’s operations, manufacturing, planning and sales. Through his dedication to understanding people, Mr. Fletcher demonstrates competitive knowledge required to develop a successful approach in matching the right people with the right jobs and beyond. My Future Consulting differentiates the recruiting process through a carefully developed process that considers the needs of both employers and candidates, ultimately ensuring life-long partnerships while tackling the challenges in workforce development head-on. 

Candidates in the modern workforce come with a variety of personalities, levels of skills, experience, and expectations. Furthermore, generational gaps create complexities that can be difficult to navigate, especially for a company looking to fill a vital position quickly and successfully. The hiring process has evolved significantly in recent years and now requires a granular approach to recruiting the right people to build a lasting team. Simply put, there is no “one size fits all” approach and it takes an expert in people to successfully achieve such results. That’s the difference My Future Consulting brings to companies in eight different industries, boasting a 93 percent employee placement retention rate. 

“’Your Future is Our Priority’” is embodied in every phase of the search process. Our end goal is to make the process both seamless and stress-free for all stakeholders,” adds Mr. Fletcher. “Unlike most recruitment firms where recruiting is approached transactionally, My Future Consulting approaches it as a relationship-based business. We take tremendous pride in critically evaluating necessary steps to ensure all of our clients have a phenomenal experience during each and every phase of the recruitment process. Additionally, 95 percent of our candidates and 90 percent of our clients lack the knowledge and/or resources to effectively negotiate salary and compensation. This is another reason why our services are greatly valued as we are able to propose a competitive compensation – a package that presents a win-win outcome for both the candidate and client.” 

Taking it a few steps further, My Future Consulting focuses on presenting candidates to clients that bring results through a thorough understanding of company culture and the differences presented in different generations of employees seeking a family of companies to grow with. Among the major differences in the talent market today is the emergence of Gen Z into the mix of millennials and baby boomers. Communication, experience, goals, and skills are unique to each candidate presented. An example of this is seen with the level of experience in technology. While a seasoned Millennial candidate presents skills in communication and writing, a Gen Z candidate with less experience might present a deeper knowledge of platforms vital to a company’s audience. If an overwhelmed supervisor is tasked with the responsibility to fill a position quickly, identifying these factors could very well be overlooked and the right candidate dismissed. 

“From a recruitment standpoint, it can be extremely challenging for Baby Boomers who may not be knowledgeable of the many social media platforms and networks that exist today, as this has become a primary connection point for most millennials, Gen Z and a few straggling Baby Boomers,” adds Fletcher. “Lack of engagement on the aforementioned could result in a competitive disadvantage in the war of talent that exists in today’s job market.”

More so than before, finding the right talent has proven to be increasingly difficult as more factors present themselves in a variety of industries. The workforce culture is changing while technology is advancing and companies are confronted with the need for change in developing a strong team. What proved to be successful previously is not guaranteed to work in the modern age. Hiring managers and business owners alike are beginning to realize addressing these challenges is best left for the experts to tackle. 

“For Gen Z and Millennials, technology is the most appealing aspect of a job and lack thereof will only lead to high turnover. Today’s candidates lean towards organizations that are always on the cutting edge of technology. For those companies that have an antiquated approach in running their organization, they are perceived to be out of touch, stifling the individual capability of the organization, thus leading to morale and performance issues – a recipe for mass exodus.” 

Understanding a candidate from a generational, cultural, and skills point of view is not something companies can rely on an average recruiting website or firm to deliver on. What many recruiters fail to understand is how to determine which candidates are ready for the next step in an industry and which candidates need some finessing for placement success. From the personalized, 10-point resume assessment services to its career transition services, the experts at My Future Consulting address recruiting from both sides to ensure the right candidates are set up for success and while companies are paired with the best option. Instead of isolating one side, both participants in the process are evaluated holistically, resulting in satisfied clients and employees. 

“Every search begins with the goal of it lasting. When uniting candidates with clients, we go into each search with the thought of it being a long-term business marriage,” adds Fletcher. “Long term viability is our end goal, so we go to great lengths to understand the needs and goals of both the candidate and the clients. Once we identify what we perceive to be the ideal candidate we begin to court them accordingly.” 

“Based on the unsolicited feedback we’ve consistently received from both the candidate and our valued client base, our unique methodology, timely and personalized style of communication clearly differentiates us from any perceived competitors. We firmly believe that effective communication is critical and serves as the foundation for our firm. It enables us to provide clear direction and impeccable service to our clients.” 

Another critical element in today’s workforce is the theme of diversity and inclusion – regardless of the industry. This directly ties in with the Gen Z and Millennial generations entering the workforce and what is expected as a standard, not a “perk.” There’s a direct correlation between company culture and employee satisfaction, quality of work, and most importantly, company reputation. If a company neglects its own culture (i.e. people), employees can lose motivation, creating more positions to fill, raising turnover rates, and restarting the never-ending cycle. If a company is known for extensive hours, poor culture, and lack of technology, a qualified candidate – particularly a Gen Zer, can become quickly disinterested and offer their skills to a competitor. Even worse is when that employee spreads the message of poor culture and working conditions to other potential candidates. Word of mouth plays an equal part in developing your company’s profile in the talent pool. 

Fletcher adds: 

“Jobs that lack an intense level of engagement from a digital space could lead to boredom, which if not addressed could result in high turnover. Gen Zers appear to be more motivated by security versus millennials, who tend to be motivated by purpose. This explains the constant job-hopping and indecisiveness when it comes to career choices among these generations of workers. This also shows how critical it is to know your employee’s career goals and motivations as well as talent opportunities.” 

“Work experience and skill set are equally critical when identifying solid talent to present to our clients. However, a vibrant, inclusive, and engaging work environment is where we expend immeasurable energy in to ensure that we’re putting candidates in a position to succeed from the moment their step on the campus of the new employer.” 

Taking it another step further is balancing the needs of both employers and employees once the right candidate has been identified and hired. This is one of the most critical steps once an employee has been selected and begins integrating into a company’s atmosphere – beyond the deliverables and daily tasks. An example of this is commonly found with Gen Z candidates and accurately assessing career paths against personal goals, expectations, and skills development. Today’s workforce requires career-mapping and consistent goal setting for success. 

“Gen Zers operate with an entrepreneurial spirit and work ethic, meaning they are high energy, self-motivated, and independent in thought. This poses a tremendous challenge for most hiring managers that typically oversee more traditional operations where policies and procedures not only guide, but sometimes place a stranglehold on employees and their success. Striking a balance is the key to success,” adds Fletcher. “Studies have shown that both Gen Zers and Millennials want to be catered to quite intensely. I believe that applies to all generations, but the latter is simply more outspoken about it. This can pose a problem to hiring managers that are Baby Boomers, as their inclination is to not to coddle candidates, leading to miscommunication and unmanaged expectations which ultimately results in loss of job opportunities, career advancement, and retention rates dropping.” 

From managing expectations to providing the right amount of challenges and feedback for this generation, it takes an expert in people to ensure the match is successful in the long-term. This is another way My Future Consulting differentiates itself among talent recruiters. It’s through the extensive knowledge and expertise offered that 93 percent of their candidates thrive in their new roles, followed through with consistent checks and balances to ensure retention is achieved. 

“We identify the five most critical skills sets that are required to be successful in the role we’re recruiting for and provide a detailed analysis of each that is included in our candidate submission summary. Once a candidate is converted to employee, our firm check-in with the candidate on day 60-90-180. No other search firm in the world has a similar practice. We send congratulatory gifts to the client and candidate up signing. We also celebrate the candidates 1st year anniversary and follow-up with the candidate twice a year to discuss performance, culture, and transition.” 

The My Future Consulting difference speaks for itself through satisfied clients and successful employees the firm has placed in a multitude of industries over the years. The unmatched knowledge found within the team of experts at My Future Consulting goes beyond addressing recruiting and retention roadblocks and spotlights the importance of company reputation. Not only does the firm take pride in connecting companies to candidates but takes the time to prepare the next generation of workers for their ideal job while growing businesses nationwide. 

“Over 95 percent of the candidates that we look to present to our industry leading clients are passive professionals, thus not actively searching for a new opportunity. We are often referred to them by trusted associates, both past and present. New business opportunities tend to arise from satisfied clients and business partners who refer new clients to our firm. In fact, 80 percent of our new business is a result of unsolicited client referrals. This data point, as you would imagine, makes us very proud as an organization,” Fletcher concludes. 

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Anthony Fletcher, Sr. (@Real_AFletcher) is the owner and president of My Future Consulting and Integrity Sports Agency. Drawing from over two decades of Executive Management experience in leading innovative solutions, staff building and talent recruitment, Mr. Fletcher founded My Future Consulting (MFC) in 2007. Working towards innovation based on his experience of matching the right person with the right job, this innovative staffing company has revolutionized how organizations meet their need with experienced and high-potential talent. My Future Consulting was founded on the principle that people are an organization’s most important asset and was ranked as a Top 20 Employment Agency in Chicago by Expertise.com in 2018 and 2019. 

Mr. Fletcher is a popular keynote speaker and can often be found sharing his story and insights on leadership, empowerment, and the importance of people with professional, civic, and community organizations. He is also a lecturer and visiting professor at colleges and universities throughout the U.S. 

Anthony lives in Orlando Park, Ill. with his family. He is a dedicated philanthropist and volunteer, serving as a chairperson and fundraiser for many area nonprofit organizations. Mr. Fletcher has raised over $54,000 for MS Walk and volunteers as an executive advisor to organizations, 

including the American Diabetes Association, Boys and Girls Club of America, and Feed Our Starving Children. 

GT Podcast – Episode 117 – Anthony Fletcher with My Future Consulting

Acquiring top talent is more challenging than ever. In this episode Anthony Fletcher, CEO and President, of My Future Consulting shares his expertise on what it takes to attract winning talent, and keep them.