Here is your August 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.
DISABILITY INDEX REPORT EXAMINES INCLUSION AT WORK AND WHAT EMPLOYERS CAN DO TO IMPROVE
In July 2022, Disability:IN, in partnership with the American Association of People with Disabilities, released their eighth annual Disability Equality Index (DEI) Report, which looks at the disability inclusion and belonging progress of 415 companies. The companies that volunteer to participate in the Index are graded on a 100-point scale that evaluates their workplace accessibility, inclusive employment practices and disability inclusion at all levels.
The report highlights three specific practices, or phases, that propel the disability agenda and how the participating companies fared:
Foundational practices: fundamental standards that accommodate people’s basic needs, adopted by most companies that took the Index. Example findings include:
- 96% offer flexible work options
- 91% encourage employees to identify as a person with disability
- 79% have employee retention and advancement programs that focus on or include employees with disabilities
Emerging trends: help organizations adopt more wide-ranging cultural inclusion, which was embraced by about half of the companies that took the index. Example findings include:
- 66% use data to track progress in hiring people with disabilities
- 61% make all job interview candidates aware of the option to request an accommodation(s) for the interview
- 55% have a centralized accommodations fund or budget margin for disability-related expenses
New imperatives for success: which move the disability agenda forward and drive belonging are embraced by only a smaller subset of companies. Example findings include:
- 30% have a Senior Executive (within first two layers reporting to CEO) who is internally known as being a person with a disability
- 3% of new hires self-identify as having a disability
- 11% use services provided by disability-owned businesses to accommodate hard-of-hearing, deaf or deaf/blind employees
People with disabilities are an underemployed global population representing more than one billion, or 15%, of all people, and that few employees openly identify as disabled, the report states. In today’s tight labor market, talent acquisition teams are constantly being challenged to find new ways of expanding talent pools and progressing disability inclusion and belonging. Focusing on improving this will have myriad benefits, not least helping fill some of the record-high vacancies, and that people with disabilities also bring unique work skills and perspectives that foster innovation.
ACCELERATION IN THE PACE OF CHANGE OF REQUIRED SKILLS FOR JOBS
Boston Consulting Group (BCG) analyzed 15 million job listings from 2016 to 2021, creating a Skill Distribution Index that evaluates how rapid and significant changes are in specific job roles, which are highlighted in their Shifting Skills, Moving Targets and Remaking the Workforce Report (May 2022).
The report identified that an acceleration of pace of change has happened, with 75% of jobs having changed more from 2019 through 2021 than they did from 2016 to 2018. The pandemic has been the main catalyst with organizations needing to rethink how they work and what skills they need, but also technological disruption has been a driver, both directly (jobs and skills changing in the tech sector) and indirectly (jobs that are being impacted by technology).
The four major trends in skills change that the report identifies are:
- Digital skills, like technical fluency and abilities including data analysis, digital marketing, and networking, are becoming more prevalent in non-digital roles.
- Soft skills, like verbal communication, listening and relationship building, are now needed in digital/technology occupations.
- The use of data visualization and visual communications has increased across occupations. “Talent acquisition/recruiting manager” was one role highlighted as needing MS Power BI, Business Intelligence and Tableau skills.
- Social media skills, such as experience with Facebook, LinkedIn, and Adobe Photoshop, are in demand in the current media climate. “HR Assistant” and “HR Manager” jobs were specific roles called out for requiring social media, Facebook and LinkedIn skills.
BCG reported on highly disrupted roles in HR (among other occupation groups), the most notable being “talent acquisition/recruiting manager,” likely due to the challenging times talent acquisition teams face in lieu of tight labor markets and the need to find creative ways of doing more with less to acquire talent.
MORE EMPLOYERS INCREASE REFERRAL BONUSES TO SUPPORT EMPLOYEES WITH TODAY’S COST-OF-LIVING CRISIS
A research briefing produced by the UK House of Commons Library highlights how the cost of living has been increasing in the UK since 2021, as it has in many countries around the world, with the highest rates of UK inflation in over 40 years. This has largely been driven by strong consumer demand, continued supply chain challenges, increasing food, energy and fuel prices, and the effect of the conflict in Ukraine. According to the UK Office for National Statistics (ONS), 91% of UK adults in Great Britain reported an increased cost of living between June and July 2022.
Many employers are increasing their employee referral bonuses to not only extend their talent acquisition capability to employees to support with the challenging labor market, but to support those employees with the cost-of-living crisis by rewarding them for making referrals.
“I would rather give this money to my own employees than a recruitment agency. They are magnets for new talent and thus deserve an extra holiday or a new car. It is beneficial for them and for us.”
Fokke de Jong, founder of international menswear brand, Suitsupply, recently told Dutch broadcaster, NOS, “I would rather give this money to my own employees than a recruitment agency. They are magnets for new talent and thus deserve an extra holiday or a new car. It is beneficial for them and for us.”
According to Indeed, the mention of “referral bonus” in job ads has doubled in the last year (source: NL Times). There has never been a more critical time to harness the power of your employees’ networks and giving them a much-needed bonus for referring talent.
Connect with us today to learn how Radancy can help you attract exceptional talent through employee referrals.
- The Scoop: Recruitment Trends & Industry Insights | November 2023 - November 30, 2023
- The Scoop: Recruitment Trends & Industry Insights | May 2023 - May 31, 2023
- The Scoop: Recruitment Trends & Industry Insights | April 2023 - April 27, 2023
- The Scoop: Recruitment Trends & Industry Insights | March 2023 - March 30, 2023
- The Scoop: Recruitment Trends & Industry Insights | February 2023 - February 28, 2023
- Top 10 Talent Acquisition Trend Predictions for 2023 | The Scoop: January 2023 - January 26, 2023
- The Scoop: Recruitment Trends & Industry Insights | November 2022 - November 30, 2022
- The Scoop: Recruitment Trends & Industry Insights | October 2022 - October 27, 2022
- The Scoop: Recruitment Trends & Industry Insights | September 2022 - September 30, 2022
- The Scoop: Recruitment Trends & Industry Insights | August 2022 - August 31, 2022