Apr. 23, 2018 "Companies see the value in an employee's work-life balance": Today I found this article by Virginia Galt in the Globe and Mail:
While ice rinks, slides and beer carts can add to the fun factor at work, Canadian employers are playing up their more substantial perquisites to gain a competitive edge in a tightening labour market.
Flexible work arrangements “are a really hot topic,” said Conference Board of Canada researcher Monica Haberl, author of the recently released report, Perks at Work. Tuition assistance, gym memberships and daycare are highly rated by employees − although only 8 per cent of 324 employers surveyed in the summer of 2017 offered on-site daycare.
Most employers pay their employees’ annual professional association dues and some offer tuition grants to their employees’ children. While free parking tends to be reserved for the executive ranks, public-transit passes and financial-planning assistance are more widely offered.
“Nothing beats a great compensation and benefits package – a good employer is going to have to always start with that. But perquisites do provide an important additional component that can really add value in terms of recruitment and, in some cases, retention,” Ms. Haberl said in an interview.
Koula Vasilopoulos, a Western Canada district director for human resources consulting firm Robert Half, said highly skilled candidates in the current labour market “may be considering multiple offers, and weighing entire compensation packages ... can help them decide.
“Most sought-after perks include increased vacation time; professional development and learning opportunities; flexible work schedules; telecommuting options; ergonomic work equipment; access to fitness facilities/programs and healthy food options,” Ms. Vasilopoulis said in an e-mail.
(On the food front, a Robert Half survey of 1,000 white-collar professionals, released in January, found that 30 per cent feel they eat healthier meals when they work at home, 76 per cent take their lunch to work and 29 per cent report that the food served at office celebrations sabotages their health and fitness goals. Commuting time is another common grievance that employers can address by offering more work-from-home options or staggering work schedules to avoid rush hour, the firm said.)
Most importantly, Ms. Vasilopoulis said, “professionals want to work for employers that give them greater work-life balance, but also whose values align with their own.
“An attractive corporate culture helps recruit and retain employees and sets the expectation for a supportive working environment.”
Competition for talent is particularly intense in the tech sector. TextNow Inc., a small but rapidly growing software firm based in Waterloo, Ont., recently had 16 job opportunities posted on its website.
Like many in the tech space, TextNow offers “fantastic perks” − employee stock options, matching retirement-savings-plan contributions, top-ups of maternity- and paternity-leave benefits, local craft beer on-site, 24-hour access to a fitness centre and free catered meals.
There’s also an employee lounge with foosball and video games, a beach volleyball court and an ice rink.
Like many in the tech space, TextNow offers “fantastic perks” − employee stock options, matching retirement-savings-plan contributions, top-ups of maternity- and paternity-leave benefits, local craft beer on-site, 24-hour access to a fitness centre and free catered meals.
There’s also an employee lounge with foosball and video games, a beach volleyball court and an ice rink.
The company provides low-cost mobile-phone services through its cloud-based technology, and a key selling point to prospective employees is the opportunity to contribute to the development of a growing and successful venture, said Greg Silva, TextNow’s vice-president of people and culture.
“It’s very challenging [to recruit] people,” said Mr. Silva, who is based in the firm’s San Francisco office. “It’s not just that we are looking for particular skill sets that other companies are looking for, we are also looking for the right fit, so that makes it even harder.”
TextNow’s collaborative culture has played a large part in its success, he said, “and we won’t accept that sort of brilliant jerk mentality … we want somebody who is going to be a great member of the team, somebody who … is going to add to our depth and experience.”
The tech sector “is very creative when it comes to lunches and slides and beer carts and bands,” said Jodi Marner, head of talent initiatives at Communitech Inc., an organization that supports tech growth and innovation in the Kitchener-Waterloo area.
“But to really attract people and to get them to stay, a lot of companies are doing more around work-life balance and what we call bringing the authentic self to work,” Ms. Marner said in an interview.
“Hours of work are not carved in stone. … Firms are giving people things like laptops with powerful WiFi and the opportunity to work from wherever they need to, and they are also doing things to drive diversity and inclusion in the workplace.”
There is a greater focus on making employees feel comfortable – it could involve the provision of nap rooms or other options “for people to just balance themselves without having to call in sick or miss work. …" Ms. Marner said.
“And I think it is making a difference for the tech companies in terms of making sure they understand and recognize all holidays, all religions’ sacred days, making sure that they have prayer rooms available for people.”
“In tech, we really need to have that diverse workforce. We need to have different skills, ideas, perspectives. If we are going to be flexible and agile, we need people challenging the status quo, not thinking all the same.”
"In the search for new hires, keep an eye on the future": Today I found this article by Jennifer Reynolds in the Globe and Mail:
CEO, Toronto Financial Services Alliance
Speak to any CEO in the financial sector and they will no doubt cite attracting top talent as one of their highest priorities. It is also increasingly one of the industry’s top challenges as the pace of technological change accelerates and transforms traditional business models.
Today, the industry must not only attract talent for the roles it has open now, it also needs to anticipate the skills it will require in three to five years in this rapidly evolving landscape.
Shifting customer preferences, increasing competition from non-traditional players, big data and emerging technologies are all changing the way financial products and services are delivered. Too often the discussion around talent today focuses on what skills and jobs will disappear, not on the skills we need in the future and how we are going to find and attract that talent.
Today, the industry must not only attract talent for the roles it has open now, it also needs to anticipate the skills it will require in three to five years in this rapidly evolving landscape.
Shifting customer preferences, increasing competition from non-traditional players, big data and emerging technologies are all changing the way financial products and services are delivered. Too often the discussion around talent today focuses on what skills and jobs will disappear, not on the skills we need in the future and how we are going to find and attract that talent.
A recent Toronto Financial Services Alliance study done in partnership with PwC looked at how roles and skills will change in the financial services industry across key functional areas, including customer service and sales, product development, technology, operations, and risk and compliance controls.
In the context of automation, big data and emerging technologies such as artificial intelligence and blockchain, the study sought to identify the skills people working in the industry will require to harness the value of these technologies.
Key skills of the future were found to be more highly weighted to critical thinking, innovative problem solving, emotional intelligence and interpersonal skills such as the ability to communicate and influence.
In environments where change is expected to be the norm and not the exception, the highest value talent will have to be able to pivot and quickly acquire new skills and take on new roles.
Holding key technical skills will be critical for employees; however, those in-demand skills will evolve and shift, so employees and employers will need to proactively build those new pools of expertise.
In the context of automation, big data and emerging technologies such as artificial intelligence and blockchain, the study sought to identify the skills people working in the industry will require to harness the value of these technologies.
Key skills of the future were found to be more highly weighted to critical thinking, innovative problem solving, emotional intelligence and interpersonal skills such as the ability to communicate and influence.
In environments where change is expected to be the norm and not the exception, the highest value talent will have to be able to pivot and quickly acquire new skills and take on new roles.
Holding key technical skills will be critical for employees; however, those in-demand skills will evolve and shift, so employees and employers will need to proactively build those new pools of expertise.
To support this more agile, innovative and skilled work force, talent management in the financial services industry will need to take on a more integral role in the strategic planning process and in the performance evaluations of leaders and managers at all levels in the organization.
A greater focus on anticipating the new skill sets that will be required and on developing strategies to attract and retain that talent will be key competitive drivers for organizations.
Hiring for core skills that can adapt to new job descriptions and adopt new competencies will provide a stronger talent pool with lower friction costs. Retraining and regular education will need to be a principal element in any successful talent strategy.
A greater focus on anticipating the new skill sets that will be required and on developing strategies to attract and retain that talent will be key competitive drivers for organizations.
Hiring for core skills that can adapt to new job descriptions and adopt new competencies will provide a stronger talent pool with lower friction costs. Retraining and regular education will need to be a principal element in any successful talent strategy.
Undoubtedly, all this will mean managers and leaders will spend considerably more time managing and developing talent. As the investment in the talent pool increases, attracting and retaining that talent will be increasingly important to organizations.
To facilitate the evolution and development of the skill sets required for the future, academia and the private sector will need to work together to ensure Canadian post-secondary institutions are equipping students with skills that are relevant and in-demand.
A critical role that the private sector can play will be to create more work-integrated learning experiences for students. These practical work experiences will allow students to graduate with more sophisticated and well-rounded skill sets and enable them to transition into careers more effectively.
The financial services industry is increasingly recognizing the value of these programs for students and is creating a growing number of co-op and internship opportunities, both through independent programs and as part of collective initiatives such as ASPIRE, a sector-wide, work-integrated learning program led by the Toronto Financial Services Alliance. Reaching students earlier ensures organizations can help equip the future work force with the skills our economy requires.
A critical role that the private sector can play will be to create more work-integrated learning experiences for students. These practical work experiences will allow students to graduate with more sophisticated and well-rounded skill sets and enable them to transition into careers more effectively.
The financial services industry is increasingly recognizing the value of these programs for students and is creating a growing number of co-op and internship opportunities, both through independent programs and as part of collective initiatives such as ASPIRE, a sector-wide, work-integrated learning program led by the Toronto Financial Services Alliance. Reaching students earlier ensures organizations can help equip the future work force with the skills our economy requires.
Technology is significantly and rapidly shifting the landscape in the financial services industry and those who lack the expertise to leverage that technology will surely fall behind.
For Canada’s financial sector to remain globally competitive, the industry will need to revolutionize how we think about talent. This will require a much higher investment in both our future and existing work force in the financial services sector.
Organizations will need to prioritize bench strengths such as people development and coaching skills much more highly than in the past.
Rapid change and continuous retraining and upgrading skill sets will challenge both employees and managers, but if successfully navigated, can be a defining element of success.
For Canada’s financial sector to remain globally competitive, the industry will need to revolutionize how we think about talent. This will require a much higher investment in both our future and existing work force in the financial services sector.
Organizations will need to prioritize bench strengths such as people development and coaching skills much more highly than in the past.
Rapid change and continuous retraining and upgrading skill sets will challenge both employees and managers, but if successfully navigated, can be a defining element of success.
As we head into new and uncharted territories in the evolution of the financial services industry, and the economy more broadly, we should not underestimate the competitive advantage that can be derived from investing in the development of a leading world-class talent base in Canada.
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