Workplace trends

Japan is introducing a day off to boost babymaking

2024 marks the 16th consecutive year of population decline in Japan, which has the world’s highest elderly-to-non-elderly ratio, leaving significant gaps in its workforce. In an effort to address this crisis, Japan’s 160,000+ government employees will receive an extra day off each week starting in April. This ruling is not necessarily to boost productivity, but rather to introduce more flexibility into their work culture and encourage higher birth rates. It’s not the first time the government has sought to boost births, with previous efforts including tax breaks, additional daycare facilities, and even a government-funded dating app. However, with the birth rate dropping to just 1.2 babies per woman last year, far below the 2.1 needed for a stable population, this latest initiative represents Japan’s ongoing struggle to secure a sustainable future.

Financial services are facing a costly mental health epidemic

A mental health crisis is intensifying in the workplace, particularly within financial services. In fact, a recent Deloitte survey found that 17% of UK finance and insurance employees experience burnout, compared to just 12% in other sectors. The cost of poor mental health in these industries is significant, averaging $6,805 per employee annually due to factors like absenteeism, healthcare services, and turnover – more than double the costs seen in other industries. This not only strains company finances but also undermines performance. A study from Oxford, which analyzed data from one million workers across 1,782 publicly listed US companies, established a clear link between employee well-being and firm performance. These findings highlight the urgent need for high-pressure industries to prioritize mental health initiatives in order to protect both their workforces and their bottom line.

The AI corner

ChatGPT crashes if you mention certain names…

When a user recently asked ChatGPT, “Who is David Mayer?” the chatbot abruptly abandoned its response, deleted its text, and displayed the message: “I’m unable to produce a response.” As news of this strange glitch spread, users discovered it was not the only name of the British environmentalist and heir to the famed Rothschild family dynasty that triggered this reaction. Speculation suggests that OpenAI is attempting to prevent its chatbot from providing answers that could lead to legal issues. In recent years, multiple individuals have sued the company for generating false statements about them, including a law professor accused of sexual harassment, a man in Australia whom ChatGPT implicated in bribery, and a radio host accused of embezzlement. No evidence exists to support any of these claims, however, this incident with David Mayer is thought to be linked to the cases above and highlights how the entire AI system is still fraught with glitches.

Compliance companies are trying to seize the AI revolution

Following the collapse of Silicon Valley Bank and the ensuing banking crisis, interest in compliance startups has tripled as financial institutions seek to strengthen their regulatory adherence. This surge in attention is accompanied by a growing belief that AI can help compliance officers meet new regulatory standards without the need for additional staff, leading to an explosion of new compliance tech startups. These companies utilize AI to manage data-heavy tasks that would typically require significant time and resources – completing them in minutes. However, despite the appeal of their advanced AI features, there are growing concerns about the potential for errors. A Forrester survey revealed that about 21% of surveyed AI decision-makers reported an increase in legal investigations and litigation linked to their AI initiatives. As compliance tech continues to evolve, finding a balance between innovation and accuracy will be essential for success.

Maximizing new employee energy

An inspiring onboarding experience doesn’t just get new hires up to speed; it sets them up for immediate success. Turns out that 69% of employees will stay at a company for at least three years after a good onboarding experience and they’ll be 50% more productive, according to the Society for Human Resource Management. Unfortunately, only 12% of employees believe their organizations excel at onboarding, per Gallup, and 80% have considered leaving their job after a poor onboarding experience, according to a recent survey by PayChex.

When building the onboarding process on your team, it’s important to recognize that employees don’t just want to understand the business – they want to make an impact. That’s why it’s up to you, as the leader, to channel your new hires’ unique energy, fresh perspectives, and excitement into meaningful opportunities and contributions.

So, how can you set your new employees up for success and harness their motivation? 

Welcome their fresh perspective

New hires bring new eyes to existing projects and old processes, which makes them extremely valuable to innovation. Not only will you benefit from their fresh ideas, but their rethinking will also likely help spark more lightbulb moments from the entire team. So try to be intentional about asking new employees to give their input and suggestions on current projects. Even if they’re not actionable at the moment, those same ideas might contribute to future projects, and at the very least, asking for their perspective and feedback lets new team members know that their opinions matter.

Start small to build confidence

Those who experience success early in a role are more likely to sustain motivation. And employees who receive recognition for those successes are twice as likely to feel inspired and stay at their jobs for the next twelve months, according to The New Rules of Engagement. So, when new members join your team, start by giving them short-term projects that play to their strengths, assigning manageable tasks that allow them to see tangible results quickly – whether by asking them to lead a small project or contribute to a specific part of a larger one. Regardless, creating opportunities for new employees to have early successes will establish a feeling of accomplishment and build a foundation for them to take on more complex projects over time as they continue to gain confidence.

Encourage ownership with guidance

Employees who have autonomy over their work are more productive, according to McKinsey. That said, for new joiners, it’s important to safeguard that autonomy with some guardrails to avoid putting too much pressure on them from the get-go. Try to lay out goals and parameters before stepping back to ensure a solid understanding of their tasks and boundaries, and make yourself available for support along the way. Planning check-ins and making yourself accessible for feedback will give them the guidance they need to move forward with confidence.

Provide thoughtful feedback

As mentioned, new hires are full of great ideas, but sometimes their suggestions don’t align with the company’s current objectives. Be careful not to discourage your employee by shooting down their ideas; instead, use these moments as an opportunity to bring them up to speed and shape their future thinking. Respond to their suggestion by acknowledging the thoughtful creativity that went into it, while offering tactful and clear reasons for why it may not be right at that moment. Or maybe their idea won’t work for a specific project but can be refocused on a different project. Providing constructive feedback will help your new employee feel heard and also build on their creativity.

Direct them to the right resources

Entering a new work environment can be overwhelming, especially if you work at a highly matrixed organization. That’s why connecting new employees with an experienced team member can make such a difference. Think about pairing your new joiners with mentors who can give them insights into company culture, workflows, insights, and best practices. This “buddy system” will help new employees get up to speed faster while strengthening team bonds in the process. Also, be sure to share relevant physical resources, such as strategies, style guides, org charts, and mission statements, and to direct your new hires to subject matter experts they should go to for specific reasons.

Celebrate early milestones

Celebrating your new hire’s early achievements can reinforce positive feelings about working at your company and enhance their enthusiasm, which can have a valuable ripple effect across your entire team. 81% of employees will work harder if they feel appreciated, according to Glassdoor, which highlights the real power recognition has on motivation. Consider publicly acknowledging your new employee’s early contributions during team meetings or all-hands to ensure they know that they are making an impact – and that others are noticing.

Water cooler chatter

Netflix has walked back its unlimited parental leave. The company has expanded rapidly, now employing around 14,000 people – a 60%+ increase since before COVID-19. This move marks a shift from its earlier focus on stand-out perks to attract top talent, of which it now has plenty, to a new emphasis on profitability.

Nasdaq’s diversity rules for company boards were rejected. The decision from an appeals court in Louisiana comes more than three years after the Securities and Exchange Commission approved Nasdaq’s proposal to increase representation of women, racial minorities, and LGBTQ individuals on U.S. corporate boards.

Question of the week

Last week’s answer: 78%

This week’s question: What percentage of working mothers return to work within a year after giving birth?

Just for laughs