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woMEn@woRk 51% of women are less optimistic about their career: Deloitte Global study
According to a new Deloitte Global report, the pandemic has had a significant impact on women and work, creating a “perfect storm” of more work, increased caregiver duties, and non-inclusive behaviors in the workplace. The global survey of 5000 women across 10 countries reveals that
TAlEnT AcquiSiTion PwC plans to hire 100,000 people over five years
PwC unveiled The New Equation based on an analysis of global trends and conversations with clients and stakeholders. As part of this, PwC firms will invest US$12 billion over the next five years, creating over 100,000 net new jobs across PwC, as well as continuing to develop the skills of PwC’s partners and employees. It combines expertise in audit, tax, and compliance activity with an expansion of specialist capabilities including cybersecurity, data privacy, ESG, and AI. 51% of those surveyed are less optimistic about their career prospects today, noting a 35-point drop in mental health and a 29-point drop in motivation at work compared to pre-pandemic times. Unsurprisingly, these conditions are having a detrimental effect on retention, turnover, productivity, motivation, and overall satisfaction.
Enterprise HR Technology company PeopleStrong expands to Australia and New Zealand markets with SaaS-based, AI-enabled HR solutions that range from applicant tracking & recruitment technology to talent management. To give direction & purpose to this strategic initiative, PeopleStrong has appointed Philippa Youngman (previously CEO Pivot Software) as their Principal advisor for the region, who will drive the growth strategy in the region. On the expansion, she says "The HR Tech market in New Zealand and Australia is quite fragmented & has a huge potential for us as an integrated workforce & employee experience platform."
TAlEnT AcquiSiTion The rise of 'work from anywhere' puts 6 Mn UK professional jobs at risk
Tony Blair Institute for Global Change has warned that 5.9 Mn "anywhere" workers - from graphic designers to software programmers - are at risk, many of them in London and Southeast England. The jobs at risk also include 1.7 million in finance, research, and real estate. As per the research firm, the outsourcing and offshoring of these roles would have political, economic, and social consequences similar to the loss of manufacturing jobs in the 1970s, that too on an accelerated time frame.
HR TEcHnology Eightfold AI raises $220Mn Series E Funding led by SoftBank Vision Fund 2
Eightfold AI announced that it has raised a $220Mn Series E funding round, led by SoftBank’s Vision Fund 2. The funds will be used to continue the rapid growth and development of Eightfold's AI-powered Talent Intelligence Platform and expand its growing partner ecosystem. Additionally, Eightfold AI will use the funds to continue expanding its India operations, investing in the most talented data scientists and engineers in the region. This Series E funding round also includes investors from previous rounds, including General Catalyst, Capital One Ventures, Foundation Capital, IVP, and Lightspeed Venture Partners.
HR TEcHnology Skillsoft debuts on New York Stock Exchange
Skillsoft announced that its common stock will commence trading on the New York Stock Exchange under the ticker symbol “SKIL” on 14 June at the market open. This follows the completion of Software Luxembourg Holding S.A.’s merger with Churchill Capital Corp II and combination with Global Knowledge Training LLC (“Global Knowledge”) on June 11, 2021, with the combined company now operating as Skillsoft.
HR TEcHnology HR Tech startup Gloat raises $57Mn in Series C funding
Talent Marketplace platform Gloat announced a $57 Mn Series C funding round led by Accel, with participation from existing investors Eight Roads (Fidelity), Intel Capital, Magma Venture Partners, and PICO Partners. With total funding of $92M, the company will accelerate product innovation and market expansion as it aims to bring workforce agility to every enterprise and more dynamic careers to every individual. Partners. The company will use the latest investment to continue to expand into new markets served by its platform.
HR TEcHnology Workrise raises $300 Mn in Series E Funding
Workforce management platform Workrise has raised a $300 million Series E round led by Baillie Gifford, with new investor Franklin Templeton joining existing investors including Founders Fund, Bedrock Capital, Andreessen Horowitz, Moore Strategic Ventures, 137 Ventures, and Brookfield Growth
Newsmaker oF the moNth
A brewing ‘war for talent’ and flexible working
When the term “War for Talent” was first coined way back in 1997 by Steven Hankin of McKinsey & Company, it referred to a challenge of talent scarcity caused by demographic factors. Over the years, the term has become familiar in the context of hiring the best talent from top institutions.
In 2021, it seems like the "war for talent" will now also depend on a new ingredient —flexibility. Multiple studies over the past several months note that employees are considering leaving their employers for various reasons. Research by The Future Forum, a consortium launched by Slack showed that flexibility ranks only second to compensation in determining job satisfaction. Over 90 percent of knowledge workers say they want a flexible schedule and 76 percent say they want flexibility where they work.
The survey also noted that one in five knowledge workers may jump to a new company in the next year, while 56 percent say they’re open to looking for new positions. A second survey that made similar observations was EY’s 2021 Work Reimagined Employee Survey. According to which more than half (54 percent) of employees surveyed from around the world said they would consider leaving if they aren’t afforded some form of flexibility where and when they work.
Job retention crisis
While the pandemic offered employers the opportunity to go the extra mile, whether it is by addressing issues related to burnout and stress or by introducing additional workplace benefits such as emergency financial aid, the extended lockdowns also provided workers an opportunity to reboot their careers, assess key work and life priorities and align their long term and short term career goals.
A survey by Prudential Financial on the pulse of American workers found that 1 in 4 workers are planning to look for opportunities with a new employer once the threat of the pandemic has subsided. According to the survey, 80 percent of them said they’re concerned about career advancement, 72 percent said the pandemic caused them to rethink their skill sets.
Workplace experts suggest a variety of solutions to stop the free flow of talent — from reviewing compensation and benefits, allowing opportunities to experiment with jobs internally, to reviewing brand-centered communication and empowering managers and leadership to motivate people.
The scoop on flexibility
The hybrid workplace — that is set to be part remote and part onsite still remains a black box to companies that haven’t already identified jobs that can be exclusively remote. According to a study by Microsoft, “73 percent workers say that they want more flexible remote work options to continue post-pandemic. But at the same time, a remarkable 67 percent of employees say they also want more in-person collaboration.” And for many knowledge workers, flexible working hours is more important than flexible location.
This “hybrid paradox” requires companies to think critically about the complex nature of challenges that their new workplace models need to account for — across people, process, and technology.
MicRoSofT ElEvATES cEo SATyA nADEllA AS cHAiRMAn Microsoft has announced that Satya Nadella is becoming the chair of the company's board replacing John Thompson. Thompson, who took over as Chairman of the software giant's Co-founder Bill Gates in 2014, will serve as a lead independent director. “In this role, Nadella will lead the work to set the agenda for the board, leveraging his deep understanding of the business to elevate the right strategic opportunities and identify key risks and mitigation approaches for the board’s review,” Microsoft said in a statement.
HSbc APPoinTS DAviD liAo, SuREnDRA RoSHA AS co-cHiEf ExEcuTivES foR APAc HSBC announces that David Liao and Surendra Rosha have been appointed Co-Chief Executives of HSBC Asia Pacific, taking over from Peter Wong with immediate effect. David, formerly Head of Global Banking Asia Pacific, and Surendra, formerly CEO of HSBC India, will share pan-regional leadership responsibilities that include jointly leading regional businesses and functions, embedding purpose, values, and culture, developing leadership and talent, and overseeing risk, capital and liquidity levels.
SEREnA H. HuAng JoinS PAyPAl AS globAl HEAD of PEoPlE AnAlyTicS & HR TEcH Serena H. Huang joins PayPal as Global Head of People Analytics and HR Technology. "On Jan 1st of this year, I had shared my 2021 would be a year of growth, adventures, and self-care. Excited for the new challenges ahead," shared Dr. Huang in a LinkedIn post. Her expertise spans people analytics, HR technology, future of work, and employee experience. Dr. Huang is also a long-time practitioner of mindfulness and leads guided meditations in corporate settings to boost employee well-being.
HP APPoinTS kRiSTEn luDgATE AS cHiEf PEoPlE officER HP announced the appointment of industry leader Kristen Ludgate as Chief People Officer. Ludgate will lead HP’s global human resources organization, including employee experience, workforce planning, talent acquisition, people development, compensation, and benefits, as well as diversity, equity, and inclusion. “Kristen’s leadership will be a terrific addition to HP as we continue to execute on our strategy to drive long-term sustainable growth and I look forward to welcoming her to my staff,” said Enrique Lores, HP President, and CEO.
ocbc APPoinTS iTS HEAD of gRouP oPERATionS AnD TEcHnology AS nEw coo OCBC Bank has announced the creation of a new role, Group Chief Operating Officer, for a unified leadership to drive and accelerate transformation. The Group COO will build on the Bank’s strength of innovations and transformation in the use of technology, data and design to develop solutions and customer journeys that meet the changing needs of individuals and businesses. To spearhead the Bank’s next phase of transformation, Lim Khiang Tong, who is currently OCBC Bank’s Executive Vice President and Head of Group Operations & Technology, will be appointed the Group COO with effect from 21 June 2021. Lim will report to Helen Wong, the Group CEO.
kynDRyl APPoinTS MARyJo cHARbonniER AS cHRo Kyndryl, the new, independent public company that will be created following the separation of IBM’s Managed Infrastructure Services business, has been on an
appointment spree. In one of the recent developments, Kyndryl named Maryjo Charbonnier as its next Chief Human Resources Officer. The latest appointment marks Kyndryl CEO Martin Schroeter’s ninth executive appointment since March 2021. Charbonnier joins Kyndryl from Wolters Kluwer, where she has served as Chief Human Resources Officer for the global provider of professional information, software solutions and services for professionals since the start of 2015.
gRouPM APPoinTS nEw cHiEf PEoPlE officER, SouTH ASiA GroupM, WPP’s media investment group has named Madhvi Pahwa as its new Chief People Officer for the South Asia region (APAC). Pahwa, who was previously Chief People Officer at Mindshare APAC was promoted into the role to lead the GroupM India talent team and develop the company's talent proposition for the region.
fERRARi APPoinTS bEnEDETTo vignA AS cHiEf ExEcuTivE officER Ferrari announces the appointment of Benedetto Vigna as its Chief Executive Officer. Vigna will join Ferrari on 1 September from STMicroelectronics, where he is currently President of its Analog, MEMS (Micro-electromechanical Systems), and Sensors Group. He is also a Member of the ST Group’s Executive Committee.
RivERbED APPoinTS DAn SMooT AS PRESiDEnT AnD cEo Riverbed announced the appointment of Dan Smoot to President and CEO. Smoot, who has more than 30 years of experience holding top leadership roles including at Salesforce, Cisco, and VMware, joined Riverbed in June 2018. At Riverbed, he has held several executive leadership roles, including most recently COO and leading the company’s Worldwide Sales, Channels and Alliances, Sales Operations, and Customer Experience teams.
viRTuSA APPoinTS SAnToSH THoMAS AS cHiEf ExEcuTivE officER Virtusa Corporation, a global provider of IT services announced the appointment of Santosh Thomas as its new Chief Executive Officer. Virtusa’s Board of Directors appointed Santosh as successor to the company’s founder, Kris Canekeratne, who announced his transition from the business in May 2021.
zingHR APPoinTS MicHAEl gooD AS iTS globAl cHiEf oPERATing officER ZingHR, a Microsoft Accelerator and a fully integrated cloud-based HRMS platform, has announced the appointment of Michael Good as its Global Chief Operating Officer. Michael will fulfill this role from his base in Brisbane, Australia. Michael is an IT and Business professional with 30 years of global experience. He is also an entrepreneur having run his own SaaS venture in the US, Europe, and Australian markets, and is well versed with all facets of the business of ZingHR.
biTPAnDA APPoinTS linDSAy RoSS AS cHRo Bitpanda, the leading European digital investment platform, and Austria's first unicorn welcomes a new chief to its C-suite, appointing Lindsay Ross to the position of Chief Human Resources Officer. In her role as CHRO, Lindsay will be a key factor in leading Bitpanda's most valuable asset, its team members, and will be responsible for all facets of Bitpanda's global HR, including people functions, internal communications, and office spaces, as well as planning and executing the key organizational factors that Bitpanda needs to achieve its short- and long-term business goals.
