Welcome back! Usher’s performance last night is the source of our Monday motivation. Excuse us while we listen to “Love in This Club” and swoon a little longer.
In today’s edition:
Doubling down
’Tis the season
World of HR
—Kristen Parisi, Amanda Schiavo
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Eoneren/Getty Images
While some reporting has suggested that businesses are backing off DE&I, a new survey found that most companies made it a bigger priority over the past year, and that leaders largely believe DE&I has a positive impact on their business.
“Even with some of the pushback people are getting, DE&I is still an investment for people,” Carin Taylor, chief diversity officer at Workday, exclusively told HR Brew. “We’re seeing that through the investment that people are continuing to make with budgets around DE&I.”
Nearly all (97%) companies have at least one DE&I initiative, and 78% prioritized it more over the last year, Workday found in its 2024 global survey of 2,600 HR professionals and business leaders. Companies also appear to be putting their money where their mouth is: 85% have a dedicated DE&I budget, compared to 76% in 2022, and 45% foresee increasing their DE&I budget over the next financial year, up from 35% in 2023.
Looking ahead. While nearly one-half (49%) of companies track diversity metrics, just 39% measure inclusion and belonging. Taylor told us that companies need to focus more on inclusion and belonging for DE&I programs to succeed moving forward.
Keep reading here.—KP
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Anna Moneymaker/Getty Images
A burrito bowl with a side of student debt relief? Yes, please.
It’s “burrito season” at Chipotle—aka the old go-to you hit up when you don’t know what to get for lunch. And to make it through the busy season, the company is prioritizing recruiting and retaining Gen Z restaurant workers, announcing on Jan. 23 new employee benefits, including a student debt relief program.
Through the program, restaurant employees have access to SoFi’s student loan verification service, which allows employers to offer their staff a low cost loan repayment benefit while contributing to their 401(k) accounts following one year of employment with the company. Chipotle’s corporate employees have their own 401(k) match benefit that also kicks in after a year, Erin Wolford, a company spokesperson, said via email.
Zoom out. Employers that offer student loan repayment benefits may have a leg up when it comes to employee retention, according to insurance brokerage and consulting firm Woodruff Sawyer.
Keep reading here.—AS
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Francis Scialabba
Employers offer their workers a lot of incentives to do things like boost retention, sales, and productivity. But one company in South Korea is taking incentivization to a new level, by offering its employees cash to get pregnant and expand their families.
Where in the world? Booyoung Group, a South Korean construction firm with 2,500 employees, said it wants to help the country’s declining birth rate by offering its staff 100 million Korean won (or $75,000) for each baby they have while working for the company. The policy applies to women and men, and extends to the 70 employees who’ve had children since 2021 and will receive lump payments. The move is the first South Korean country to provide “substantial cash support” for this purpose, according to Korea JoongAng Daily.
Satellite view. Declining birth rates are becoming a global issue, and some economists speculate that they could eventually lead to worker shortages in many countries. Some countries trying to combat this include Japan, which is encouraging more births by expanding parental leave, and China, where some local governments and employers are offering financial incentives to have babies. But some studies indicate that the incentives aren’t doing much to reverse the birth trends, the BBC reported.
Keep reading here.—KP
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Backup for background checks. Nearly half of employers aren’t sure if their background checks comply with federal, state, and local laws. (Yikes.) Checkr’s first-ever State of Screening report surveyed 1k non-Checkr customers to get a snapshot of compliance concerns and challenges. Read the report + start screening your screening process.
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Francis Scialabba
Today’s top HR reads.
Stat: 64% of US workers are concerned about how technology and automation will impact jobs. (Heldrich Center for Workforce Development)
Quote: “They don’t want to feel alone and isolated. When other people comment saying, ‘You go girl,’ or ‘Thanks for being a voice,’ or ‘I’m so happy you did this,’ that’s the validation that makes them not feel alone; that makes them feel almost like a hero.”—Dan Schawbel, managing partner at Workplace Intelligence, on why Gen Z shares their layoff stories (Business Insider)
Read: Employers that recognize Lunar New Year often miss the mark, according to some workers. (BBC)
Hit your target: Turnover ain’t cheap. It can cost an employer as much as 150% of an employee’s annual salary. Turn to Express Employment Professionals and find the right hire right away. See for yourself.* *A message from our sponsor.
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