Welcome back to the seventh edition of the “compensation corral” - a monthly round-up highlighting 10 relevant articles in the compensation sphere. This month's hot topics include hiring tips in the evolving manufacturing industry, various trends in the war for talent, women in the financial advising industry, and more.
Here’s the top 10 articles from July we feel are worth the read:
1) H-1B Denials and Requests for Evidence Increase under the Trump Administration
The Trump Administration has enacted policies increasing H-IB visa denials and Requests for Evidence. Going back to April 2017’s “Buy American and Hire American” executive order, these policies have limited high-skilled foreign nationals such as scientists and engineers from working in the United Sates.
For more data on changing immigration policies and the effects on the American workforce, read the full policy brief.
2) How to Attract (and Retain) Manufacturing Talent
Many industries are feeling a shortage of workers, but the War for Talent has hit the manufacturing industry especially hard. It is important to understand the factors that have created this shortage, and what steps hiring managers can take to appeal to an evolving workforce.
For background on the talent shortage in the manufacturing industry and our advice on how the industry can stay ahead of the war for talent, check out our article.
￼3) It’s Not a Digital Transformation without a Digital Culture
There’s no doubt about it, organizations everywhere are adopting digital technology in the workplace. By empowering employees to meet the challenges and opportunities of a digital environment, organizations must evolve their cultures as well.
Learn more about how businesses are matching digital transformation with a digital culture in this article.
4) U.S. Independent Workforce Remains Strong, according to MBO Partners’ 8th Annual State of Independence Report
Amidst a strong U.S. economy, the independent workforce (as opposed to folks on payroll) has grown to 41.8 million workers in 2018 and accounts for significant economic growth, according to a survey by MBO Partners. Independent workers are especially active in the IT, marketing, and biotech/pharma industries.
To learn more about the trends and work/life perks of independent work, check out this press release by MBO.
5) Hiring Survey: Lack of Workers May Mean Companies Need Succession Planning for All Levels
According to a survey from Challenger, Gray & Christmas, 64% of companies are hiring right now. But the strong economy has slowed the “churn” of workers available to fill new roles. Organizations must consider succession planning – not just at the C-Suite, but at all levels – to be ready to fill jobs vacated by layoffs or retirees.
Learn more about how companies should consider succession initiatives for the future.
6) War for Talent: Are Winners Quitting Their Jobs?
In May 2018, about 1 in 7 jobless Americans were voluntarily unemployed, and looking for another job – the highest rate of “voluntary unemployment” in more than 17 years. And, for good reason: workers who had switched jobs in the last 12 months saw a 30% increase in annual pay compared to those who stayed in the same roles.
Read more about the viability of job switching and how companies are responding to these flight risks.
7) California Attempts to Clarify Salary History Ban
By signing A.B. 168 into law last October, California banned the question on salary history. Now, Gov. Jerry Brown has signed new legislation – A.B. 2282 – clarifying the terms “applicants,” “pay scale,” and “reasonable request,” used in the initial ban.
Visit our site for to learn more about where the salary question is banned, and check out SHRM’s summary for the specific clarifications on California’s law.
8) Female Financial Advisors Key to Recruiting Women into Industry to Close Gender Gap
Women now control 51% of total U.S. wealth, but just 16% of financial advisers are women. According to a new survey by J.D. Power, female financial advisers are generally more loyal to their firms, but have some unique pain points the industry must address.
For more data on the shifting financial advisement industry, and how these women will impact the workforce, read the press release.
9) Stanford Study Shows How Job Candidates Show Their Emotions Results in Workplace Bias
Taught to go into a job interview calm, cool, and collected? Playing it too mellow may be detrimental. According to a Stanford study, American employers tend to favor excited over relaxed candidates, and put a lot of emphasis on “cultural fit” as well.
Check out the study’s findings to learn more about how candidate emotions and an organization’s culture can lead to hiring bias.
10) Forging a Digital Path to World-Class HR
Salary.com strives to keep consumers and businesses appraised of cutting edge HR practices. World-class organizations spend 26% less than standard HR groups with 32% less staff, according to research by the Hackett Group. The report provides specific efficiency and effectiveness performance metrics and tips to begin a digital transformation.
Download the research here to learn more about how to keep HR ready for the war for talent.
Did you miss all the goodies from June? Review last month’s hot topics with June compensation trends blog post.