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Planning for 2022 – 5 Priorities for CEOs & the Board (Including Talent Development and Retention)

Planning for 2022 – 5 Priorities for CEOs & the Board (Including Talent Development and Retention)

Reading an article on 2022 priorities for CEOs and the board by McKinsey recently reinforced my view that this is not just for large corporates, as so many people think. The priorities are equally valid for SMEs, too – especially those looking for growth in the years ahead.

So, what are these 5 priorities, and how might they apply to your business?

  1. Sustainability – investors and shareholders are increasingly looking at sustainability issues before investing in a business. This, together with ESG reporting becoming widespread means it is now an essential consideration for business and is also a key component of the next point, Purpose.

Considerations include not just core elements of the business, particularly in higher-carbon environments, but also how to reduce carbon footprint throughout the organization, as well as looking at other environmental and social concerns. All levels of staff should be encouraged to provide input on these areas so an overall strategy can be developed to address the key areas. The greatest success is found when companies look at sustainability issues at a topical level, rather than just having a very broad company overview.

Attribution: Read the complete Businessfitenss article by Guy Whitcroft here: https://businessfitness.biz/2022-planning-5-priorities-for-ceos-and-board/Originally published in the Businessfitness.biz blog

🤖 American companies are buying robots (Not Turkeys 🦃) in record numbers

🤖 American companies are buying robots (Not Turkeys 🦃) in record numbers

Since the start of 2021, orders have been placed for about 29,000 robots, an almost 40% increase from the same period last year, Reuters reports.

During a historic “Great Resignation“—where workers are fighting aggressively for higher pay and better working conditions—it sounds like Puzder’s questionable advice has found new resonance in America’s boardrooms. North American companies are buying robots in record numbers, according to data from the Association for Advancing Automation cited by Reuters. Since the start of 2021, orders have been placed for about 29,000—or nearly $1.5 billion worth, an almost 40% increase from the same period last year, according to the industry group. The second-biggest year in sales was back in 2017 when there was plenty of tech innovation but no pandemic roiling the economy.

Asked his thoughts on raising the minimum wage, the former Carl’s Jr. CEO Andy Puzder once responded that there’s absolutely no downside to hiring robots. You can pay them a $0 an hour, and they’ll never complain, always attempt to upsell the customer, never take a vacation, can’t get injured on the job, and won’t file a sexual-harassment or race discrimination case against you, he said.

The sudden interest is undoubtedly tied to AI’s work ethic and skills. In the past 20 months, factories across the country have ridden out all kinds of disruptions that, were the workforce 100% nonhuman, wouldn’t have slowed things down—by social distancing on the factory floor or staging worker walkouts, for instance. Lots of current human workers also quit during that same period, and companies are struggling to find replacements.

Read the complete Fast Company article BY CLINT RAINEY: https://www.fastcompany.com/90696622/labor-shortage-robots-companies

Planning for 2022 – 5 Priorities for CEOs & the Board (Including Talent Development and Retention)

🎁 How to get ahead in a skills shortage (even if you’re fully staffed)

We’re in the midst of a hiring emergency. This is one area you may be overlooking.

With so many open jobs and so many Americans still unemployed, clearly something has gone wrong with hiring. Hiring solutions are falling short of solving the actual problem—getting people into jobs. Older workers, women, and people of color have higher unemployment rates than the national average. It seems that every day there is a new hiring tool or trend on the market. So many solutions exist that help filter résumés, test applicants, screen social media profiles, and more—all forms of rejection.

All in all, with so many unemployed workers and so many open jobs, it’s time to change mindsets around hiring. Opening up roles to more workers through training, incentives, and more, can help companies tap into under-employed talent markets right now. Many candidates are willing to learn and try something new given the chance.

This compounded rejection is what is causing many workers to retire early, continue collecting unemployment benefits, or needlessly struggle to get by despite the number of open jobs. Hiring needs more supply solutions, thereby increasing the number of potential candidates and addressing the huge amount of open roles. For companies looking to hire, here are some pointers to help get more people into jobs.

  • DITCH THE SCREENING TOOLS IF THEY AREN’T SERVING YOU
  • OFFER MORE TRAINING OPPORTUNITIES
  • PROVIDE INCENTIVES AND PROGRAMS TO RETURN

Read the complete FastCompany article BY RENA NIGAM: https://www.fastcompany.com/90696074/how-to-get-ahead-of-a-worker-shortage-even-if-youre-still-fully-staffed

Planning for 2022 – 5 Priorities for CEOs & the Board (Including Talent Development and Retention)

👍👎 The Truth About Pay Transparency

Does pay transparency help to attract and retain employees? New software can help make pay transparency easier.

If you’re not transparent about salaries, employees are more likely to leave. Those who stay are more likely to think they’re underpaid even if they aren’t.

Imagine that the next time you’re offered a job, the hiring manager shares the salary range, not just for the position you’re accepting, but for every position along your career path from entry-level to project coordinator to associate director to vice president and beyond.

“The reality is we’re trying to hire and everyone we are talking to has two or three offers,” says Thanh Nguyen, CEO and founder of OpenComp, a software company that offers compensation data and benchmarks to employers. “That means you need to be open about how you pay.”

This scenario might be closer to reality than you think as more cities and states are passing laws requiring employers to provide salary information to employees and job candidates. In Colorado, employers must provide salary information in all job postings. In Nevada, salary information needs to be offered after the first interview, and in Connecticut, it needs to be presented when the job is offered. Beginning in January 2023, Rhode Island employers will need to provide salary information prior to discussing compensation. In Maryland, California, Washington, and in the cities of Cincinnati and Toledo, Ohio, employers must provide this information upon request.

Legislation is not the only reason employers are providing more information about salary ranges. Employers are also realizing that pay transparency is a way to engage and retain employees, especially as a significant number of workers are leaving their jobs during The Great Resignation.

Read the complete article BY LISA RABASCA ROEPE: https://www.fastcompany.com/90692823/an-easy-fix-for-the-great-resignation-pay-transparency

Planning for 2022 – 5 Priorities for CEOs & the Board (Including Talent Development and Retention)

📮 Time to Resign? Get Your Letter Ready

Why you should write a resignation letter when you quit your job.

A resignation letter might seem dated, but it serves an important purpose.

While you may be excited to start your next job, you have to resign from your current one first. The best method of resignation is an in-person meeting or a video call, but don’t overlook the importance of writing a formal letter of resignation.

It may seem like an outdated idea—especially in a day when informal forms of communication are everywhere—but submitting a letter of resignation is still recommended even if an in-person meeting or a phone call has already taken place, says Erica Alioto, global head of people for the cloud-based writing assistant Grammarly.

“The letter not only serves as formal documentation, but it also helps keep HR organized when they need to reference details like last day of employment, offers to assist in the transition, and personal contact information,” she says. “HR can use the formal resignation letter as a guiding star during what can feel like a hectic process.”

WHEN TO SEND A RESIGNATION LETTER

The time to turn in a resignation letter is immediately after speaking with your manager. “No matter when the last day of employment is, employers will be put in a reactionary position as they try to fill a vacating role,” says Alioto. “Helping them through this process by communicating empathetically and in a timely manner is essential.”

EMAIL VERSUS A WRITTEN LETTER

Letters of resignation can be sent as emails or printed out and delivered to your managers and to the HR department, says Alioto.

“With many people working remotely right now, an email is likely the fastest and most reliable way to deliver the letter,” she says. “One advantage of hand-delivering the letter is knowing it was received on time, rather than potentially getting lost in an inbox.”

Read the complete Fast Company article BY STEPHANIE VOZZA: https://www.fastcompany.com/90684471/why-you-should-write-a-resignation-letter-when-you-quit-your-job