Workplace trends

Eager college grads are making prime targets for scammers

In this tough job market, scammers are targeting desperate college graduates with a bolder type of fraud. Using information available online, these scammers are getting eerily personal, claiming to be students’ professors and using real company names in their email addresses. The goal? To lure students into applying, only to steal their bank information or identities. Experts say that with this generation of students more comfortable than ever with online transactions, they’re uniquely susceptible to these types of scams. The trend has become so severe, in fact, that major recruiting agencies and staffing firms have issued alerts and added advisory language to job postings. Even networking sites like Indeed and LinkedIn have had to update their fraud-detection efforts to ensure the authenticity of recruiters.

Employees are choosing culture over cash

While in the past, wages were shown to be the primary driver of workplace happiness and a key factor in retention, workers these days seem to be placing a greater premium on company culture, according to data from the Conference Board, a business research group. The survey found that three-fourths of employees intending to stay at their current jobs were satisfied with their employer’s overall culture whereas among those planning to leave, satisfaction with their work culture was only around 20%. The 55-point gap is the highest to date, emphasizing the significant role culture plays in employee retention. Employees questioned about their shift in priorities expressed that while increased wages may provide initial, short-lasting euphoria, positive and supportive work environments ensure long-lasting work satisfaction.

The AI corner

AI funding isn’t matching AI adoption

Investors poured a staggering $21.5 billion into generative AI deals last year, marking a fivefold increase from the previous year, according to research firm CB Insights. Unlike other software companies, however, the language models required to develop generative AI applications are extremely costly to build, with some AI companies requiring hundreds of millions of dollars just to launch their products. Anxiety in the AI ecosystem is growing as many of the AI startups that have received significant funding and have been operating for years still don’t have a viable business model in sight. Additionally, most companies remain hesitant to rely on generative AI due to its high cost and susceptibility to error. This funding rush coupled with a slow adoption of generative AI has created challenging economics for many AI startups.

The AI boom is also driving a natural gas boom

Amazon, Microsoft, Meta, and Google have a problem: they have committed to powering their AI data centers with renewable energy, but experts say solar and wind energy isn’t enough to meet their increasing needs. According to Wells Fargo, electricity demand is forecast to grow 20% by 2030, with AI data centers expected to demand seven times more power than all of New York City’s current electricity consumption. Natural gas is expected to supply 60% of the power demanded by AI data centers, per Goldman Sachs, while renewable energy is supposed to provide the remaining 40%. This increasing dependence on natural gas production is already causing outrage from environmental groups trying to get fossil fuels to be phased out as soon as possible.

Why promote internal mobility?

By monday.com

More than half of surveyed workers are looking to leave their jobs, according to Gallup’s State of the Global Workplace: 2023 Report. And unfortunately, more often than not, when an employee decides to start looking, they brush over the idea of seeking a new role within their current organization.

This is a missed opportunity for companies because hiring internally can significantly shorten the process and lower the costs of bringing in a new team member. Unlike external candidates, which require job board listings, extended interview processes, background checks, more competitive salaries, additional benefits, and training, internal candidates are much quicker to find and onboard because they’re already part of the organization.

With internal hires, you can easily and quickly get feedback from their managers, analyze their performance, and assess their cultural fit. And according to research from Cornell University’s School of Industrial and Labor Relations, internal hires not only tend to be high performers, they are also more likely to stay with the organization over time. The research even found that the highest-performing internal hires are likely to stay the longest, while the highest-performing external hires are actually most likely to leave.

Additionally, internal mobility can also be extremely beneficial for the employees, because moving roles within the same organization enables a much smoother transition. Between already being familiar with the company culture, software, and product(s), they require less hand-holding to start feeling settled. They also already have friendly faces at the company so they won’t encounter the same social stress that comes from starting from scratch.

All this said, placing greater emphasis on internal shifts can prove really effective – both to retain star employees within your larger organization and to inspire other managers to refer their talent to your team when relevant opportunities arise.

So, how should you navigate internal mobility with your team members?

Identify desired development paths

Sit down with each of your team members to understand their personal career goals. Help them identify what they believe their strengths and weaknesses are and which elements of work they find to be most fulfilling. Many employees are often not seeking promotions, but rather a new opportunity and challenge, per the study from Cornell University. So, with the information your team members share with you, you can recognize exciting opportunities for them to learn, develop, and advance based on their individual interests, experience levels, and needs – both within your team and within your organization at large.

Communicate relevant opportunities

Sometimes someone may have reached their ceiling on your team, but they still have plenty of room to grow and contribute to other areas of your organization. So first and foremost, help your employees understand that internal mobility is an option at your company. Then, when there are specific team members you know are starting to feel ready for a change, encourage them to check the company job listings and if you yourself hear of openings that could be relevant, let them know to increase the likelihood of them sticking around. This way, the business can continue to benefit from your team members’ talent and they can continue to serve as resources to your current team members going forward.

Share success stories

When someone in the company has had a positive experience moving internally, mention it in growth-related conversations with your team members. Nearly 80% of surveyed employees would be more likely to stay with their company long-term if it offered effective training and development opportunities, per online education platform edX, so spotlighting successful internal moves can empower your employees to feel like they too have a future in the organization.

Be transparent

When your team member expresses interest in moving teams, do your best to set expectations and explain how the process would work. Share typical timelines, outline who would be involved, and summarize general logistics to ensure they feel prepared. It’s important to also be transparent that they may not be the only applicant for an open position, which could mean that they ultimately would not be chosen. Let them know that you will do everything on your end to advocate for them, but that just like with any job, it’s a process and it may take time to find the right role.

Be proactive

When someone on your team shares that they want to make a move, take action. Make introductions, speak with relevant managers, and let HR know there’s interest to show your employees that you’d go to bat for them in order to support their growth and development at the company. Additionally, be sure to follow up with them when you have relevant updates or new information to share so that they know you’re on top of it. Having an advocate within the organization can really influence their decision to move internally versus seeking employment elsewhere.

Don’t make it personal

Employees are often afraid of letting their managers know they’re interested in a change because they don’t want to insult or offend them. That’s why, as the leader, it’s so important to make it clear that you don’t take it personally. Emphasize that you want what’s best for them and that if they believe making a move is right for their careers, you see it as them being loyal to themselves, not disloyal to you. This kind of attitude shows your team members that you really care about them and their success, which is the greatest way to ensure they stick around.

Water cooler chatter

Japan’s Kansai International Airport claims they haven’t lost a piece of luggage in 30 years. Their secret? A multi-layered system where two to three staffers meticulously check the numbers and types of bags. To put this into perspective, in the US, a staggering 2.987 million bags were mishandled in 2022 on domestic flights alone.

Florida has banned lab-grown meat. The bill, originating from one of the top five cattle-producing counties in the state, is aimed at supporting rural economies and agriculture, according to the governor. With the meat industry worth approximately $283 billion per year in the US and 150 companies working on lab-grown meat, this law marks the beginning of a culture war that’s bound to get messy.

Question of the week

Last week’s answer: 92%

This week’s question: Which country is considered the best country in the world for remote workers?

Just for laughs

Diverse nepotism