Here is your March guide to the latest trends impacting the world of work. Every month, we provide perspective on the biggest news affecting the industry and explain what to expect as new trends continue to emerge.
KEY CONSIDERATIONS FOR COMMUNICATING YOUR DEI STRATEGY ON YOUR CAREER SITE (WITH EXAMPLES)
Three in four job seekers and employees today report that a diverse workforce is an important factor when evaluating companies and job offers. Throughout the job search process, job seekers will turn to a variety of resources to evaluate a company’s approach and commitment to DEI. Most important among those sources is the company’s own career site. Recently we audited the career sites of 30 employers who have high relative DEI ratings across employer review sites, and consistently appear on notable “Top Employer for Diversity” lists.
In the audit we looked at over 70 points across 7 categories to identify common best practices as well as areas of opportunity for employers building out their DEI practice.
- 72% of employers had any form of an accountability statement
- 62% of employers had a message from their CEO
- 42% offered a statement from a DEI executive on staff
Employee Testimonials & Employee Resource Groups
70% of surveyed, underrepresented candidates to Radancy’s network of career sites said that when understanding diversity, equity, and inclusion at a company, testimonials from diverse employees influenced their decision to work there.
- 66% of employers shared employee testimonials on their career site
- 24% of employers had individual sections for their employee resource groups
According to Radancy’s proprietary DEI survey of career site visitors, 72% of all candidates suggested it is highly important that a company disclose its workforce demographics and progress toward its workforce diversity and equity goals on its career site.
One key observation during our audit was that while 76% of the most progressive companies for diversity disclosed their workforce demographics, only 45% of them did so on their career site. Commonly, employers will share this information, but only in their annual report, or buried on the investor relations page of their corporate site and out of view of the job seeker. This is an important, yet easy problem to address.
- 76% of employers shared their workforce demographics, but if we’re counting only those employers who shared their workforce demographics on their career site, the number is 45%
- 45% of employers shared their workforce demographic goals
- Nearly all of the employers who shared their workforce demographics, broke it down by managers vs. non-managers, and 48% even did so by key roles
- Only 14% of employers showed promotion rates by gender and ethnicity/race, an important consideration for candidates looking to understand if upward internal mobility is occurring at your company.
- 52% of employers disclosed investments they’re making in the community (Examples: AT&T investment in the Trevor Project; AbbVie’s commitment to racial justice)
- 69% of employers shared information about their involvement with community organizations (Example: Abbott’s involvement with Future Well Communities and Kids)
- 55% of employers shared information about supplier diversity (Example: Salesforce’s partners in supplier diversity)
Of course, there is no silver bullet when it comes to developing Diversity, Equity and Inclusion content. DEI content provides an opportunity to help candidates evaluate a company’s position and commitment to DEI in the workplace and in their broader communities. A thoughtful approach ensures that candidates can easily find information on your career site, helping them make an informed decision about working at your company.
RECRUITING WORKERS 55+
The pandemic has had a disproportionate impact on workers 55+, causing outsized labor market exits among older workers. In fact, between February of 2020 and June of 2021, the number of retirees increased by 3.6 million people vs. the projected 1.5 million. However, many economists have noted that claims for retirement benefits have not increased at the same rate, suggesting many of these retirements are temporary.
“The recent increase in retirement since the pandemic has mainly been driven by a decline in the number of people transitioning from retirement back to employment, rather than an increase in the number of people transitioning from employment to retirement” – Federal Reserve Bank of Kansas City.
It’s projected that the 2.1 million excess retirees who left the labor market during the pandemic will return to work by November of 2023.
- “Returnships” can help older workers reacclimate to work while offering important training, professional development and support. (Examples: Dell’s ReStart program; Amazon Returnship program)
- Mentoring and job shadowing programs
- Consider offering phased retirement programs to help older workers ease out of the workforce
- Pre-retirement programs (Example: Abbott)
- Dependent care flexible spending accounts (DCFSA)
Support and Certification from Organizations that Support Seniors in the Workplace
- Consider getting certified by the Age-Friendly Institute, an organization that ensures you maintain policies, practices and programs supporting people age 50+ https://institute.agefriendly.org/initiatives/certified-age-friendly-employer-program/
- Partner and pledge with AARP to show your commitment in supporting the careers of seniors https://www.aarp.org/work/employer-pledge-companies/
- Use CareerOneStop to find older workers in your area. This is run through the U.S. Department of Labor Employment and Training Administration’s Senior Community Service Employment Program (SCSEP) https://www.careeronestop.org/LocalHelp/EmploymentAndTraining/find-older-worker-programs.aspx
In addition to the influx of retiree’s expected to rejoin the labor market in the next two years, between now and 2030 the percentage of workers 55+ will increase by 10%, with workers 75+ growing 96.5%. Employers should review their company’s benefits, discrimination policies and overall approach to recruiting and onboarding older workers to take advantage of this growing demographic of workers.