Articles

TASA ID: 1302

William Shedd, a noted American Presbyterian Theologian in the 1800s, once said, “A ship is safe in harbor, but that’s not what ships are for.” Almost 150 years later, modern businesses are finding the principles behind this saying still hold true. In fact, this same line of thinking can effectively be applied to many information technology (IT) projects today.

IT investments comprise over half the capital budgets of U.S. organizations, but in spite of the obvious importance placed on IT, many projects are cancelled outright, completed late, over budget, or fail to deliver the promised business capabilities and financial ROI. Given the magnitude of the resources utilized, the opportunity costs, and the risks involved, IT projects are clearly an issue that deserves executive-level attention in addition to that afforded it by the chief information officer at your company. 

The planning and management of IT project investments is a material concern for those dealing with requirements of the Sarbanes-Oxley Act of 2002 (SOX), the Statement on Auditing Standards No. 70: Service Organizations (SAS 70), financial forecasts, SEC reports, and other regulatory and reporting requirements. Such concerns are not limited to U.S. companies and their foreign subsidiaries since these laws and standards potentially affect companies outside the U.S. as well.

TASA ID: 22108

As the world slowly recovers from the pandemic, many knowledge workers find themselves at a crossroads. On one hand, the prospect of returning to the office stirs up a cocktail of dread and nostalgia. On the other hand, the threat of AI-driven job elimination looms large. It's like being caught between a rock and a hard place, or more aptly, between a swivel chair and a supercomputer.

But let's take a step back and examine the situation. The office, despite its occasional inconveniences, offers a unique environment for collaboration, innovation, and social interaction. It's the proverbial watering hole where ideas are exchanged, relationships are forged, and corporate culture is nurtured. That’s how I encourage my clients to frame the conversation in formulating their approach to hybrid work policy.

TASA ID: 22108

It’s a sign of major disruption when governments are ahead of the curve compared to major companies, but that’s exactly what’s happening with hybrid work. Flexibility has become a cornerstone of the modern public sector workplace, as we can see from recent federal government negotiations with workers and New York City's agreement with its largest municipal union. It's clear that flexibility is more important than ever, and private companies would do well to take notice and implement a data-driven, employee-centric approach to hybrid work.

TASA ID: 22108

The unemployment rate is surprisingly low, at 3.7%, shocking economists who expected a slowdown in hiring and rising unemployment rate. Frontline work such as healthcare led job growth. Frontline workers are in high demand, and the competition for their services is fierce. Yet wage growth cooled to .3%, the smallest rise since August 2021. That means employers are offering more jobs, but not offering higher wages to attract staff, likely due to fears of a recession, or at least an economic slowdown.

In this setting, non-wage benefits make a crucial differentiator in recruiting and retaining frontline workers. And there’s a surprising benefit that’s cheap to offer, yet incredibly desirable: remote work. In fact, a survey of 1,500 U.S. workers by benefits provider Unum found that after health insurance, flexible/remote work represented the most highly desired benefit. Having consulted for 22 organizations on hybrid and remote work, I’ve seen these benefits boost retention and recruitment, improve productivity and engagement, and cut costs. You might be surprised to hear that my experience applies to frontline settings as well, such as in two hospitals where I helped establish hybrid work programs for frontline healthcare staff.

TASA ID: 22108

As companies continue to navigate the new normal of remote and hybrid work, it is crucial that they establish clear expectations and guidelines for their employees. In addition, unlike Disney and Twitter, it’s very important that they don’t change their minds randomly when the leadership changes.

However, a recent survey conducted by Mercer found that only a third of organizations have formal rules in place for managing flexible work. Mercer assessed 749 organizations and found that 48% rely on informal and ambiguous guidelines to manage flexible work, 17% are completely hands off, and only 34% rely on clear and transparent formal rules. This lack of clear communication and expectations can have a serious impact on both retention and recruitment efforts.