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Betterworks Article -Growth, Enablement, and a Fairer Employee Deal

Fri, 11 Oct 2024 08:25:36 GMT

" To meet the future of work, companies must help employees to see a clear and fair path for growth. This means reforging the employee deal and proactively enabling employees to develop their careers, ensuring that development is unbiased and elevating perceptions of inclusion.

The difference a year makes

We began this year’s survey by looking at what had changed compared to our 2022 data. Although some continuity in the results remained, there were also notable changes. Below are the results from the 2023 survey:

Employees are less vulnerable to poaching in 2023

Yes, I’m open to recruitment by a new company:

Career growth is rising in importance in 2023

Pay:

Flexible work options22:

My career goals and purpose20:

Company culture20:

The good news is your employees don’t want to leave you. The bad news is, they might go anyway if you cannot give them the tools and opportunities they need to grow in place. "

Source: https://www.betterworks.com/state-of-enablement-report-2023digital/

Technology as a Catalyst for Value Creation: A Comparative Analysis

Fri, 11 Oct 2024 08:08:48 GMT

By: Dr. Claudine Beckford

An 2 Min Read

April 12, 2023

Introduction

Technological innovation has emerged as a critical driver of value creation in today's rapidly evolving business environment. By leveraging cutting-edge technologies, organizations can enhance their competitiveness, improve customer experiences, and unlock new growth opportunities. This article explores the multifaceted impact of technology on value creation, drawing insights from research conducted across diverse industries

The Role of Technology in Value Creation

Research consistently demonstrates the pivotal role of technology in driving value creation. Rong (2021) highlighted the transformative power of technology within the biopharmaceutical industry, where innovative platforms have accelerated product development and commercialization. Similarly, Sanchez-Gutierrez et al. (2018) emphasized the positive correlation between technological innovation, customer value creation, and organizational competitiveness.

Key Drivers of Value Creation

Several key factors contribute to the value-enhancing potential of technology:

Customer Experience: Technology enables organizations to personalize customer experiences, tailor offerings to individual preferences, and provide superior service. Trischler et al. (2020) underscored the importance of integrating digital technology seamlessly into physical retail to enhance customer value.
Operational Efficiency: Technology can significantly improve operational efficiency by automating processes, optimizing workflows, and reducing costs. This enables organizations to allocate resources more effectively and focus on core competencies.
Product Innovation: Technology fosters the development of innovative products and services that meet evolving customer needs and preferences. Organizations can create unique offerings that differentiate themselves from competitors by leveraging data analytics, artificial intelligence, and other advanced technologies.
Market Expansion: Technology facilitates market expansion by enabling organizations to reach new customer segments and geographic regions. E-commerce platforms, digital marketing channels, and global supply chain networks are examples of technological enablers of market growth.

Case Studies: Real-World Examples

To illustrate the practical applications of technology-driven value creation, let's examine the experiences of the biopharmaceutical companies analyzed by Rong (2021). These companies have achieved significant drug discovery, development, and manufacturing breakthroughs by investing in cutting-edge technologies. These innovations have not only improved patient outcomes but have also generated substantial economic value.

Conclusion

Technology has become indispensable for organizations seeking to create value and sustain competitive advantage. By understanding the key drivers of value creation and leveraging the latest technological advancements, businesses can position themselves for long-term success in today's dynamic market. As technology evolves rapidly, organizations must remain agile and adaptable to capitalize on emerging opportunities.

Endnotes

Rong, Y. (2021). Building technology-enabled platform companies in Biopharma–A perspective on early-stage value creation from Millennium, Alnylam, Moderna, & Kymera. Journal of Commercial Biotechnology, 26(2). https://search.proquest.com/openview/dca0c45761973d3d1bb1a9e3ec4bd5b7/1?pq-origsite=gscholar&cbl=27141

Sanchez-Gutierrez, J., Cabanelas, P., Lampon, J. F., & Gonzalez-Alvarado, T. E. (2018). The impact on the competitiveness of customer value creation through relationship capabilities and marketing innovation. Journal of Business & Industrial Marketing. https://www.researchgate.net/profile/Jose-Sanchez-Gutierrez/publication/328106564_The_impact_on_competitiveness_of_customer_value_creation_through_relationship_capabilities_and_marketing_innovation/links/5cfba5e9a6fdccd1308aa987/The-impact-on-competitiveness-of-customer-value-creation-through-relationship-capabilities-and-marketing-innovation.pdf

Trischler, J. W., Otterbring, T., & Andersson, P. K. (2020). Bridging the value scale with digital technology: A mixed-methods study on customers value creation process in the physical retail space. Journal of Retailing and Consumer Services, 56(C). https://ideas.repec.org/a/eee/joreco/v56y2020ics0969698919307155.html

There are 8 essential aspects in today’s modern human resources management. Let’s examine them!

Fri, 11 Oct 2024 07:25:32 GMT

By: Dr. Claudine Beckford

An 4 Min Read

August 23, 2024

Human Resources Management (HRM) overarching responsibility is to help employers and employees build and maintain positive relationships. So, let us examine the 8 essential functions in today’s modern human resources management department:

1. Recruiting, hiring, and retaining the internal job markets

Recruiting employees is a routine and strategic function essential to any business. Talent acquisition, a well-known function of any HRM department, involves aligning the workforce's capabilities with organizational overarching goals. Human Resources Management departments must be strategic when hiring for new roles, restructuring teams, and making hard staffing decisions, which can significantly impact the organization's success.

2. Employee engagement

Employee engagement is critical to maintaining a positive and productive work environment. The importance of two-way dialogue and engagement between employees, HRM, or senior leadership cannot be overstated. It is the only way to build and maintain a consistent, relatable employee culture where everyone is united around shared goals, mission, and values.

Leadership, managers, and the HRM department are crucial in building solidarity and trust within the organization.1 This trust is critical for maintaining a positive work environment and ensuring employees feel valued and respected. HRM's role in this aspect reassures managers and business leaders of HRM's capabilities in maintaining a positive work environment.

3. Performance management

Performance management is not a one-time event but a continuous process that is important for helping managers and employees align their goals and expectations.2 This constant feedback loop, a crucial part of HRM's role, allows team members many opportunities to improve their work. The continuous nature of performance management engages HRM professionals and keeps them committed to helping teams achieve long- and short-term company goals and objectives.

4. Compensation and benefits

Let’s get straight to the point: the workforce expects this in exchange for their hard work. Compensation and benefits are the reasons why employees are at work. A business's compensation goals should include staying competitive, with salaries aligned with the candidates' or employees' skills and education. According to the SHRM, “63% of U.S. employees said compensation and benefits are important, second only to respectful treatment when determining job satisfaction.”4

In any organization, the HRM department is responsible for recruiting, hiring, and retaining qualified, talented individuals. Some of these perks are:

• Health insurance (e.g., medical, dental, vision)

• Paid holidays Paid time off

• 401k opportunities

• Retirement plans

• Vacation and sick time

• Overtime pay

• Education benefits

• Referral bonuses

• Life insurance

• Parental leave

• Stock options

• Bonuses, commissions, and merit pay

• Reimbursement programs

One of the most powerful tools HRM professionals have is the ability to offer potential/employees a benefits package they cannot refuse.4

5. Development and training

Although employee development and training are often lumped together and crucial to the employee experience, they have some essential distinctions. Job-specific training is needed. To succeed, it ensures that employees have access to the right tools and skills to do their jobs. There is an immediate impact, and it is measured in short-term outcomes. Employee development focuses on employee growth. This is a long-term, behavioral approach.5

Human Resources Management departments are responsible for offering new and exciting employees the appropriate development and training tools to keep employee morale high. This will ensure employees know the company's values and acknowledge their work. A company's human capital is what makes it successful.2

Providing employees with development and training is essential for ensuring they are prepared for their roles, have upward mobility, and have support from their organization. A company's talent management strategy should include development and training, which can directly impact employee engagement and retention.5

6. HRM legal and audit compliance

According to the SHRM article "How to Conduct an HRM Audit," a compliance audit generally has two parts: evaluating the organization’s HRM policies, practices, and processes and reviewing current HRM data.4 Indicators of potential problems include filed internal grievances, pending legal complaints, and turnover and absenteeism rates.

• Most lawsuits can be traced to issues related to hiring, performance management, employee discipline, or termination. Other high-risk areas include:

• Misclassification of exempt and nonexempt jobs.

• Inadequately maintained personnel files.

• Prohibited attendance policies.

• Inaccurate wage and hour or time records.

• Form I-9 errors.

• Outdated federal and state labor and employment law posters.

• Insufficient record retention.

Research the requirements for each of these areas, determine the scope of the audit, gather the necessary information., and then create action plans to correct or mitigate the risks.” The bottom line is that the HRM department can regularly conduct compliance audits to ensure that labor laws, internal policies, and procedures follow best practices.4

7. What is HRM risk management?

Managing human resources risks is increasingly challenging for organizations to thrive and remain compliant in the 21st-century world of work. Risk is an inevitable part of business. In risk management, potential downfalls are anticipated and prepared to minimize their impact. It is the HRM department's responsibility to assist leadership, management, and employees across organizations in applying risk management to their operations. Still, HRM should focus on the risks for which it is uniquely responsible.5

A company's cybersecurity and data privacy are crucial responsibilities. HRM must implement a privacy policy that ensures employee data collection and storage are handled safely and ethically.5

8. The effect of AI revolution on employee morale in the context of HRM

McKinsey & Company estimates that AI could consume as much as 30% of work hours by 2030 and that there could be as many as 12 million occupational transitions. The casualty is the people in the workforce that AI will replace over the next 5 – 10 years. The urgency of HRM leaders is to identify the appropriate development and learning to reskill and retrain employees affected by this inevitable AI technology shift and the current and future workplace. Leadership and HRM should work together to pay attention to this critical topic and consider how HRM can positively use technology in the workplace.

Key HRM Risk Areas to Have on Your Radar

Workforce risks: The intricacies of hiring personnel present significant challenges for organizations. Issues like turnover rates, employee burnout, workplace relationships, conflicts, harassment, and insufficient employee engagement can adversely affect the company’s performance and hinder its growth. Changes in work dynamics introduce additional risk factors. An example is offering a remote/hybrid work setup. Employees may find this desirable, but lacking in-person dialogue and connection can lead to isolation and communication failures.2
Compliance: Regarding human resources activities and policies, it is critical to comply with several laws and regulations, often in numerous states and countries.2
Employee data management: A company's cybersecurity and data privacy are crucial responsibilities. HRM must implement a privacy policy that ensures employee data collection and storage are handled safely and ethically.2
Ethics: Human Resources is crucial in promoting ethical behavior within organizations concerning their employees. Maintaining ethical standards in hiring and employment practices can significantly minimize the likelihood of disputes between employers and employees.
Learning and Development: The Human Resources department plays a crucial role in ensuring that the organization is staffed with individuals possessing the necessary skills to meet its objectives. Additionally, employees seek opportunities for career advancement and skill development within the company.4
Compensation and Benefits: Equitable pay and benefits across the entire workforce are essential. Human Resources must strive to offer compensation packages that are both competitive and fair, aligning with market standards while also considering the organization's financial objectives. It is essential to ensure equitable pay and benefits across the entire workforce. Human Resources must strive to offer compensation packages that are both competitive and fair, aligning with market standards while also considering the financial objectives of the organization.3
Mergers and Acquisitions: The M&A process involves many risks involving staffing and other HRM matters, so HRM professionals play a vital role. For instance, turnover is often a significant issue within leadership. According to GRIN.com, research shows “employee turnover in the context of mergers and acquisitions transactions, approximately 50-75% of key managers leave voluntarily within two to three years after a company has been acquired.”5

Conclusion

This article aimed to review the literature on the effectiveness of essential aspects of modern human resources management in maintaining employees' human capital. However, the research found that the relationship between Artificial intelligence (AI) and employee role retention is an ongoing concern in the global workforce. Navigating other factors include job satisfaction, work-life balance, opportunities for career development, employee engagement, recognition, and communication on the importance of retaining employees, company culture, leadership, and other benefits such as offering learning and development opportunities that can affect employee retention. Additional research is required very shortly.

Endnotes

Mary K. Pratt and Sharon Florentine (2022). Employee retention: 10 strategies for retaining top talent. CIO. https://www.cio.com/article/251060/employee-retention-10-strategies-for-retaining-top-talent.html

William Brewer. (2024). 7 Key Things That Should Be On HR’s Radar In 2024. HR Excellence Magazine. https://www.hr.com/en/magazines/all_articles/7-key-things-that-should-be-on-hr%E2%80%99s-radar-in-2024_lv517kii.html

Sorn, M.K., Fienena, A.R.L., Ali, Y., Rafay, M. and Fu, G.H. (2023) The Effectiveness of Compensation in Maintaining Employee Retention. Open Access Library Journal, 10, 1-14. https://www.scirp.org/pdf/oalibj_2023071016420224.pdf

Society for Human Resource Management (SHRM) (2021). Conducting Human Resource Audits. https://www.SHRMm.org/topics-tools/tools/toolkits/conducting-human-resource-audits

Peter Cappelli and Ranya Nehmeh (2024). HR’s New Role. Harvard Business Review. https://hbr.org/2024/05/hrs-new-role

Bryan Hancock, Bill Schaninger, and Lareina Yee (2024). Generative AI and the future of HR. McKinsey & Company. https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/generative-ai-and-the-future-of-hr

Remote Reskilling and Retraining: A Strategic Response to the Changing Workplace

Fri, 11 Oct 2024 07:25:30 GMT

By: Dr. Claudine Beckford

An 2 min Read

June 10, 2023

The COVID-19 pandemic has significantly impacted businesses worldwide. Restrictive measures such as lockdowns and social distancing have forced companies to adapt their operations (World Health Organization, 2020). Zou et al. (2020) argued that remote reskilling and retraining are crucial strategies for organizations navigating this "new normal." This article examines the claims presented by Zou et al. (2020) regarding remote work and employee development. We will explore how companies can leverage reskilling and retraining programs to maintain productivity and a positive work environment for a remote workforce.

The Rise of Remote Work and its Impact

The pandemic accelerated the adoption of remote work technologies and policies. Companies like Walmart and Amazon, already equipped for remote operations, thrived during this period (Statista, 2023). However, for many organizations, the transition to remote work presented challenges.

Challenges and Considerations for Remote Work

Zou et al. (2020) identified several key challenges associated with remote work:

Employee Comfort and Work-Life Balance: Companies must implement measures to promote a comfortable and healthy remote work environment. This includes providing ergonomic furniture and encouraging breaks to prevent burnout.
Maintaining Organizational Culture: Remote work can potentially weaken a company's culture (Claim 3). Effective communication, clear expectations, and fostering a sense of belonging are crucial for maintaining a robust remote work culture (De Smet et al., 2023).
Employee Engagement and Productivity: Disconnection and feelings of isolation can negatively impact productivity. Regular virtual meetings, clear communication channels, and community fostering can help mitigate these challenges (Handfield & Pearce, 2022).

The Importance of Reskilling and Retraining

Zou et al. (2020) emphasize the importance of reskilling and retraining employees for success in a remote work environment. This includes training on new technologies, software, and hardware. Zou et al. (2020) also advocated for gamified learning elements to enhance employee engagement. While massive open online courses (MOOCs) can be a valuable resource, immersive learning experiences offer a more engaging and effective approach. Companies should explore virtual reality and other immersive technologies for training purposes.

Conclusion: A Strategic Approach to Remote Work

The pandemic has presented a unique opportunity for companies to embrace remote work and reskill their workforce. By prioritizing employee well-being, fostering a solid remote work culture, and investing in reskilling and retraining initiatives, companies can build a resilient and productive workforce for the future. Additionally, Zou et al. (2020) suggest that a hybrid work model, combining remote and in-office work, maybe a viable long-term solution.

Moving Forward

Investing in a remote-ready workforce is critical for success in the evolving work landscape. By adopting a strategic approach to remote work that prioritizes employee development and well-being, companies can position themselves for continued success.

Endnotes

World Health Organization. (2020, April 14). Coronavirus disease (COVID-19) pandemic. https://www.who.int/emergencies/diseases/novel-coronavirus-2019

Zou, C., Zhao, W., & Siau, K. (2020). COVID-19 Calls for Remote Reskilling & Retraining. Cutter Business Technology Journal, Cutter Consortium. https://doi.scholarsmine.mst.edu/bio_inftec_facwork/365/

Statista. (2023, January 18). Most valuable brands worldwide 2023. https://www.statista.com/statistics/269852/most-valuable-global-brands/

De Smet, A., Gast, A., Lavoie, J., & Lurie, M. (2023). New leadership for a new era of thriving organizations. McKinsey & Company. https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/new-leadership-for-a-new-era-of-thriving-organizations

Handfield, S., & Pearce, J. (2022). New ways of leading teams in a hybrid environment. Deloitte Insights. https://www2.deloitte.com/us/en/blog/human-capital-blog/2022/leading-hybrid-teams.html

Artificial Intelligence in Banking: A Catalyst for Transformation

Fri, 11 Oct 2024 06:00:38 GMT

By: Dr. Claudine Beckford, CEO

An 5 Min Read

June 8, 2024

Introduction

Artificial intelligence (AI) has rapidly emerged as a transformative force across industries, and the banking sector is no exception. Banks can enhance efficiency, improve customer experiences, and mitigate risks by leveraging AI-powered solutions. This article explores the applications of AI in the banking sector, its impact on profitability, and the challenges and opportunities associated with its adoption.

The Growing Adoption of AI in Banking

The banking industry has been at the forefront of technological innovation, embracing new technologies such as the Internet and mobile banking. AI represents the next frontier, with banks investing heavily in research and development to harness its potential. According to Kaya, Schildbach, and Schneider (2019), AI can revolutionize various aspects of banking operations, from fraud detection to customer service.

Critical Applications of AI in Banking

Fraud Detection: AI-powered algorithms can analyze vast amounts of data to identify patterns indicative of fraudulent activity, enabling banks to detect and prevent fraud in real-time.
Customer Service: AI-powered chatbots and virtual assistants can provide personalized customer support, answer queries, and assist with transactions, improving customer satisfaction and reducing operational costs.
Risk Assessment: AI can help banks assess credit risk more accurately by analyzing customer data and identifying potential risks. This enables banks to make more informed lending decisions and reduce non-performing loans.
Process Automation: AI can automate routine tasks like data entry and document processing, freeing employees to focus on more strategic activities.

The Impact of AI on Bank Profitability

Studies have shown that AI can significantly impact bank profitability. Kaya et al. (2019) found that AI adoption can lead to a 7% increase in bank profitability.1 AI can drive revenue growth and strengthen a bank's competitive position by improving efficiency, reducing costs, and enhancing customer satisfaction.

Challenges and Opportunities

Despite its many benefits, adopting AI in the banking sector is challenging. Regulatory hurdles, such as the General Data Protection Regulation (GDPR), can limit the use of AI for specific applications. Data privacy and security concerns must be addressed carefully to ensure public trust.

However, the potential rewards of AI adoption far outweigh the challenges. By embracing AI, banks can position themselves as industry leaders, improve customer experiences, and drive sustainable growth.

Conclusion

AI is rapidly transforming the banking sector, offering new opportunities for innovation and efficiency. By understanding AI's key applications, its impact on profitability, and the challenges associated with its adoption, banks can develop effective strategies to leverage this powerful technology. As AI evolves, banks must remain at the forefront of technological advancements to maintain their competitive edge.

Endnotes

Kaya, O., Schildbach, J., & Schneider, S. (2019). Artificial intelligence in banking: A lever for profitability with limited implementation to date. In Deutsche Bank Research. ISSN (Online): 1612-028. https://www.dbresearch.com/PROD/RPS_ENPROD/PROD0000000000495172/Artificial_intelligence_in_banking%3A_A_lever_for_pr.PDF

Community Impact and Philanthropy

Wed, 10 Jul 2024 08:09:42 GMT

Giving Back To The Community Nationally and Internationally

The culture at BECK-THOM thrives on inclusion, collaboration, high performance, and honesty. This combination helps our professionals make a difference individually and collectively on any task or project. That makes our company one of the most rewarding places to work.

"Our contribution has helped us lengthen our thoughts and incorporate an engaged mass point of view, keeping our company connected with several economies, communities, and cultures." - Dr. Claudine Beckford, CEO and Founder. There is more to doing business than just business. Giving back to our

communities nationally and internationally is essential to our company's culture. We actively support numerous organizations worldwide through charitable contributions and hands-on participation. Many of our efforts focus on helping underprivileged children.

BeckThom devoted giving campaign to nonprofit organizations such as:

The World Vision International

(Learn more: https://www.wvi.org/

St. Jude Research Hospital

(Learn more: https://www.stjude.org/

SOS Children's Villages

(Learn more: https://www.sos-childrensvillages.org/

By promoting advanced medical and scientific research for children and economic justice.