Whitepapers

TASA ID: 22108

After firing half its workforce, Twitter is already asking many to come back. Indeed, research McKinsey finds that even as recession fears grow, 40% of workers plan to quit their jobs. And a survey from Greenhouse, a New York City-based hiring software provider, finds that 57% of 1,500 employees plan to still be actively looking for a new job even if a recession hits. That’s not surprising, and aligns with the early November jobs report, which finds that U.S. employers added 261,000 jobs in October, higher than the 200,000 predicted by economists.

That might not bode well for many tech companies firing workers. For example, responding to its sharply-falling share price, Meta is laying off 11,000 workers, 13% of its labor force. It’s unlikely that such radical layoffs are a good decision. That’s especially the case since the just-released US labor market report for tech jobs shows continued strength, with tech companies actually adding 20,700 workers in October. That includes remote work: job postings for tech positions that specify remote work continue to rise with a year-to-date rate of 34% compared to 27% in 2021 and 22% in 2020. Clearly, remote work seems here to stay.

So what are the most successful strategies for hiring and retaining talent amid these uncertain economic times, and how can you use these strategies to navigate our increasingly-disrupted environment?

TASA ID: 22108

BlackRock CEO Larry Fink claimed in a recent interview with Fox that “we have to get our employees back in the office.” According to him, doing so would result in “rising productivity that will offset some of the inflationary pressures.”

Fink did not provide any data in the form of statistics, surveys, or studies to support his claims. He simply insisted, without evidence, that in-office work would reduce inflation. So what does the data say?

TASA ID: 22108

JPMorgan CEO Jamie Dimon recently claimed that returning to the office will help improve diversity. And if he’s right, that’s an important argument for office-centric work. After all, extensive research shows that improving diversity boosts both decision-making and financial performance.

Yet does office-centric work really improve diversity? Meta Platforms - the owner of Facebook and Instagram - decided to offer permanent fully-remote work options to its current employees and new job applicants as part of adapting to the post-pandemic environment. If Dimon is right, this shift should have undermined Meta’s diversity.

TASA ID: 22108

Organizations need to incorporate constructive feedback from stakeholders to survive pandemic-related disruptions amid today’s turbulent economy. To meet the expectations of their stakeholders, leaders must ensure that they obtain regular feedback from them, since these people make decisions that determine the success of the organization.

Securing constructive feedback is critical in helping you find out which decisions are working and which ones are not. Yet, many organizations fail in engaging effectively their stakeholders due to reluctance to incorporate and act on feedback. This results in communication gaps between executives and their stakeholders.

To address these problems, leaders need to adopt best practices of getting constructive feedback from stakeholders. These practices are a product of insight obtained from both external research, and my interactions with senior organizational leaders.

TASA ID: 22108

Forward-looking organizations use hybrid and remote mentoring to solve one of the biggest challenges in hybrid and remote work: on-the-job training and integration of junior employees. Yet despite solving this major problem, such mentoring programs pairing recently-hired staff with senior employees are all-too-rare.

Instead of using this best practice methodology, many leaders simply complain about how hybrid and remote work undermines on-the-job training and employee integration, and try to force employees to return to the office. Senior leadership and management need to adopt the best practices for leading hybrid and remote teams for mentoring employees in the future of work.