Half of Eligible Latino Voters Are Millennials
Hispanic Millennials will account for nearly half (44%) of the record 27.3 million Hispanic eligible voters projected for 2016 — a share greater than that of any other racial or ethnic group of voters. But the impact of Hispanics could be limited by the fact that...
Generations are Motivated Differently
Currently, there are five generations in the workplace, making it a challenging opportunity for management and organizations. Members of each generation have distinct values, attitudes, and behaviors that they bring to the workplace. The multigenerational workforce...
21st Century Future Work Predictions!
Experts in Business (Future of Work Symposium) have several predictions for the next few years that may change the face of the workplace. Here they are:
- Technology – will be positive for business because it facilitates communication and collaboration on a daily basis. This can result in a more engaged and productive workplace.
- Freelancers – the rise of the contingent workforce will change the old employer-employee relationships. Freelancers will work the “gig economy” to build skills and experience while determining whether they are interested in a company employment situation. People are looking to supplement their incomes, consider themselves entrepreneurs and are searching for flexible work arrangements. In fact, according to a study by Elance-oDesk, Freelancing in America: A National Survey of the New Workforce, 53 million Americans are now freelancing. And 69 percent say technology is aiding their ability to do so.
- Business intelligence – currently 39% of organizations are doing some form of business intelligence analytics. Data-driven insights are imperative for organizations to remain competitive.
- Emerging economies – Asian and Middle Eastern markets continue to increase, and global talent will be a shortage due to the aging workforce. Companies will be looking to upskill workers to maintain competitive advantage, and those skilled employees can expect to see wages rise as talent shortages in certain regions drives salaries up.
- Millennials – the Gen Y factor is a live and well. It is anticipated by 2020, 50% of the Global Workforce will be Millennials. This will change the face of the workforce and well as the markets. The Gen Y’ers are already changing the workplace but will do so by the sheer momentum of their numbers.
- Leadership – leaders have traditionally been selected based on experience, company knowledge, and loyalty. This will not be the 21st criteria for organizations. Organizations are looking for more inspirational and collaborative leaders. Leaders will be expected to communicate (both in person and through technology) more with employees and have less hierarchal management style.
Survey Says…Pay Raises Are Flat but Promotional Raises are Up for 2016
According to Mercer’s 2015/2016 U.S. Compensation Planning Survey, the average salary increase budget is expected to be 2.9 percent in 2016, up slightly from the average increase budget of 2.8 percent in 2015.
The survey includes responses from 1,504 midsize and large employers across the U.S. and reflects pay practices for more than 17 million employees.
