The best talent-related articles curated by your friends at TGA
Quote of the Month:
"If Taylor Swift were an economy, she'd be bigger than 50 countries. The Eras Tour is projected to generate close to $5 billion in consumer spending in the U.S. alone."
– Dan Fleetwood, president of research and insights at QuestionPro
Where the Talent Went and What To Do About It
Despite the waning of the COVID-19 pandemic, hiring and retention remain a significant challenge for businesses. Factors contributing to this shortage include demographic shifts, declining birthrates, and lower labor force participation rates. Here are four strategies to address this issue. And start now, because it's not going to get easier anytime soon.
Candidate Ghosting: New Insight Into Today’s Hiring Epidemic
As the number of job openings surpassed the number of unemployed workers, candidate ghosting skyrocketed. The rise of 'click-to-apply' technology and expectations of younger job seekers who expect quick communication exacerbates the problem. To mitigate ghosting, talent acquisition processes must be optimized, communication dramatically improved and the speed to engage candidates re-engineered.
The State of Hybrid Work in the US: 2023 Findings
This interesting and timely study includes the following headlines: Many employees feel their companies prioritize office work due to traditional expectations; a notable number of workers changed jobs in 2023, with more full-time office workers switching compared to those in hybrid/remote roles; a significant number of employees are engaging in side hustles; and workers are open to returning to the office, but expect pay increases if remote work is no longer an option.
What is Fractional Talent and Why It's Needed: One Perspective
The article explains "fractional hiring" - a recruiting model that seeks off-site talent capable of achieving results in a specified time frame with minimal oversight - and why it's needed in our current talent marketplace. The author believes that this approach, particularly well-suited to remote work environments, can save resources and inject fresh insights into a team.
Why Some Companies Are Phasing Out the Annual Performance Review
This article is an excerpt from Stanford University professor Behnam Tabriz's book "Going on Offense: A Leader’s Playbook for Perpetual Innovation (IdeaPress; August 22, 2023)." Bottom line on this topic: performance reviews often focus on impressing managers rather than actual performance, leading to competition among employees. Microsoft's stack ranking system, where employees were graded on a bell curve, is an example of the worst of these issues. Companies like Netflix and Tesla have shifted towards frequent, immediate feedback throughout the year, which is more motivating and effective - and provides better data for the making of talent decisions.
A Return-to-Office Plan that Employees Actually Like
J.M. Smucker is ordering workers to be at its Ohio headquarters for 22 ‘core’ weeks. The company expects its roughly 1,300 Orrville-based corporate workers to be on site as little as six days a month, or about 25% of the time, depending on their roles. Employees are told to hit that threshold by coming in during these 22 “core” weeks a year. Many employees can live anywhere in the U.S. so long as they pay their own way to get to Orrville during this time. This has led to a growing group of super-commuters who reside elsewhere but work in Orrville. This strategy just may resolve the tug of war over how we work.
The Best Advice a Boss Ever Gave Me, As Reported by the WSJ
The WSJ asked five luminaries for the most indelible counsel that has stuck with them over the years—and they're worth sharing: