What We're Reading: New Skills, Talent and Employment Edition

Highlights
 
New research from the World Bank found that pay inequality leads to $160 trillion in human capital loss, or twice global GDP. Researchers suggest that equal pay could lead to an increase of 21.7% globally in human capital wealth, and that total wealth can be increased by 14%.
 
In the most recent jobs report, released June 1, the Labor Department reported that the latest unemployment rate is 3.8% and 223,000 jobs were added in May. FiveThirtyEight’s coverage of the monthly report highlights the fluctuations in data as unemployment is revised in the months following the report. (The New York Times subscription model)
 
Boeing announced plans to launch a new educational program in partnership with Degreed.com. This new initiative will give employees access to online educational courses and degree programs through the platform. This partnership is one of three workforce development programs that Boeing pledged to fund with $100 million of their savings from federal taxes.
 
A new study by Hewlett-Packard’s Aruba reveals that employees are more productive, motivated, and have a better sense of well-being when they work in a digital workplace. According to the study, 70% of respondents reported engaging in dangerous cybersecurity practices despite 52% thinking about security often.
 
A new survey from Blind found that nearly 60% of tech workers are suffering from workplace burnout. Of the companies surveyed, the one with the most employees suffering from burnout was Credit Karma at nearly 71%. The company with the least amount of employees feeling burnt out was Netflix at nearly 39%.
 
According to research from Werk, 96% of professionals say that they desire workplace flexibility, however only 47% say that they have the flexibility they need. Researchers suggest that the lack of flexibility affects workers’ ability to care give, take care of their health, and manage their productivity levels. Additionally, they suggest that implications for employers include reduced retention, advocacy, and lack of engagement and diversity. (Harvard Business Review, subscription model)
 
An article from Harvard Business Review suggests that partnerships between businesses and educators can help address the talent gap. The authors highlight partnerships such as Google and Khan Academy, and Lake Area Technical Institute in South Dakota who partners with more than a dozen businesses to ensure education and future talent needs are in alignment. (Harvard Business Review, subscription model)

Corporate Learning and Development News
 
A new study by Hewlett-Packard’s Aruba reveals that employees are more productive, motivated, and have a better sense of well-being when they work in a digital workplace. According to the study, 70% of respondents reported engaging in dangerous cybersecurity practices despite 52% thinking about security often.
 
Employers want bilingual employees, but only 10% of U.S. citizens can speak more than one language. According to an op ed in Chief Learning Officer,employers are hoping to fill this gap by listing language skills in job postings and identifying what types of vocabulary employees would be expected to know.
 
According to HR Dive, individual job duties are increasingly out of line with current employer needs, prompting a shift to career frameworks that place emplemployees in “job families”, giving flexibility for careers and organizational structure. According to the author, packages with good salaries, benefits, perks, and upward mobility attract candidates and retain employees in a tight market, and career frameworks strengthen the impact.
 
A new study form Barracuda found that 98% of professionals believe their office’s email systems would benefit from increased cybersecurity, however, just 77% of respondents’ organizations train their workers on cyber security. HR Dive suggests that HR and IT professionals must understand the kind of data they have and where it’s stored, monitor network activity and flag abnormal behavior, keep track of third-party affiliates who should not have access to company systems, and use only authorized software.
 
Chief Learning Officer discusses the value of viewing at learning as an investment; however, the author argues that, to understand the future value of learning investments, companies must understand the most important topics including the value created, depletion, and risk of investments.

 
Credentials, Hiring, and Applicant Tracking News
 
A new survey from Blind found that nearly 60% of tech workers are suffering from workplace burnout. Of the companies surveyed, the one with the most employees suffering from burnout was Credit Karma at nearly 71%. The company with the least amount of employees feeling burnt out was Netflix at nearly 39%.
 
An article from Harvard Business Review suggests that partnerships between businesses and educators can help address the talent gap. The authors highlight partnerships such as Google and Khan Academy, and Lake Area Technical Institute in South Dakota who partners with more than a dozen businesses to ensure education and future talent needs are in alignment. (Harvard Business Review, subscription model)
 
According to research from Werk, 96% of professionals say that they desire workplace flexibility, however only 47% say that they have the flexibility they need. Researchers suggest that the lack of flexibility affects workers’ ability to care give, take care of their health, and manage their productivity levels. Additionally, they suggest that implications for employers include reduced retention, advocacy, and lack of engagement and diversity.
 
Quartz suggests that the common selling point that gig-economy allows for independence and flexibility is a misconception. The author suggests that while there is a degree of truth, this flexibility is limited by the algorithm often used to control time and workflow in popular gig platforms like DoorDash, Lyft, and Postmates.
 
Asian Americans are the least likely racial group to be promoted to positions of leadership in Silicon Valley according to an article from Harvard Business Review. This is in spite of the fact that they are the most likely to be hired for technology jobs. The authors suggest that this “asian glass ceiling” can be addressed if corporate leadership is intentional about including Asian Americans in their diversity and inclusion goals. (Harvard Business Review,subscription model)
 
As recruiters are increasingly looking into automationHR Dive suggests that they can attract and retain more talent with innovation. The author suggests that employers that allow employees to be innovative, provide specific space for innovation, are transparent about success and challenges of the organization, and are established innovators have a better opportunity to attract the right employees.

General HR News
 
New research from the World Bank found that pay inequality leads to $160 trillion in human capital loss, or twice the global GDP value. Researchers suggest that equal pay could lead to an increase of 21.7% globally in human capital wealth, and that total wealth can be increased by 14%.
 
Research from Paychex finds that 73% of employees would like access to human resources tools that they can use themselves. Additionally, 80% would like to access these tools on computers or mobile devices. Researchers suggest that this type of shift would be beneficial for HR professionals as it would allow them time to work on more strategic goals.
 
An article in Biz Journal shares how companies can develop diversity and inclusion strategies - even when they start small. Some suggestions include intentionality around developing an approach, ensuring that leadership is involved in selecting the approach, reviewing current recruitment strategies, consistently communicating a desire for diversity internally and externally, and being willing to learn along the way.
 
A study from Comparably finds that 46% of generation Z employees, 50% of millennials between 31-35, and 52% between 26 and 30 feel that they are not fairly paid in comparison to a majority of more financially satisfied group those between ages 40 and 50.
 
CareerCast.com released the 2018 Jobs Rated Report which ranks the top jobs in the U.S based on income, growth outlook, work environment and stress. This year’s top rated job was Genetic Counselor. The job that received the lowest rating was taxi-driver, which researchers attribute the decline to ride-sharing apps that have caused slower hiring and stagnate pay.

 
Employer Partnerships/Company Innovation
 
Google and Udacity announced a partnership that will offer twelve career courses for free to recent graduates, mid-career professionals, and those re-entering the workforce. The goal of these courses is to help employees improve chances of getting a job, whether it is through updating their resumes or how to strengthen their LinkedIn Networks.
 
Boeing announced plans to launch a new educational program in partnership with Degreed.com. This new initiative will give employees access to online educational courses and degree programs through the platform. This partnership is one of three workforce development programs that Boeing pledged to fund with $100 million of their savings from federal taxes.
 
The owner of a Chick-fil-A restaurant in California announced a $5 raise for frontline workers, from the current $12-13 to $17-18 beginning June 4th. This comes at a time when it is becoming increasingly more challenging for fast food chains to retain quality workers. The owner of the store hopes that this pay increase will allow them to maintain a high standard of workers. (The Washington Post, subscription model)

 
Startups, Innovation, and Investment News

iCIMS, Inc., a cloud based talent acquisition platform, announced a partnership with Ultimate Software, providers of HR, payroll and talent management products. The partnership will combine products from each company’s platform to provide an integrated product for mutual customers.
 
CNBC announced plans to launch a new editorial franchise and event series called @Work: Tech, Transformation and the Future of Jobs. This will include three conferences: Talent@Work tailored to Human Resources Officers, Productivity@Work geared toward Chief Information Officers and Chief Technology Officers and Capital@Work targeting Chief Financial Officers and senior financial managers. The first conference, Talent@Work will be taking place June 20, 2018, request an invite here.
 
Innovate + Educate has opened their request for presentations for their CLOSE IT 2018 Summit, due no later than June 30, 2018. The summit will focus on solutions to the talent and skills gaps to ensure that actions now can lead to equitable work and learning in the future. The summit takes place later this year. You can request an invitation here.

 
Macroeconomic Trends and Public Policy

In the most recent jobs report, released June 1, the Labor Department reported that the latest unemployment rate is 3.8% and 223,000 jobs were added in May. FiveThirtyEight’s coverage of the monthly report highlights the fluctuations in data as unemployment is revised in the months following the report. (The New York Times, subscription model)
 
According to the recent 5-4 ruling by the U.S. Supreme Court, employers can require arbitration agreements which protect organizations from class action lawsuits. The party-line decision has prompted lower courts to compel arbitration, as well. Ruth Bader Ginsburg has called upon congress to correct, what she sees as, a decision that will take away employees right to utilize the court system.

 
Other

The state of Vermont announced that it will pay out-of-state remote workers up to $10,000 in moving expenses to move their mobile offices into the state. 
 
Google announced that they will not be renewing their contract with the Pentagon after more than 4,000 staff members signed a petition demanding that Google end the program. Many were concerned that their work was being used to kill without their knowledge, promoting a dozen employees to leave Google altogether.
 
Howard Schultz, the CEO of Starbucks, announced his retirement on Tuesday. Seen as an executive with an especially progressive view of labor, Schultz is known for advocating for the individual workers – leading a company that spends more on healthcare than on coffee and that provides flexible schedules, tuition assistance, and more.