🎉 Companies are losing trust 😡

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Today’s edition is brought to you by CandorIQ. A unified platform for compensation planning, employee total rewards, headcount spend, and approvals to win and retain top talent with operational excellence. Get better compensation planning.

Read time: 3 minutes

Good Afternoon Party People! 🎉

We’re the newsletter that makes career news actually fun. No boring compliance talk. No corporate jargon. But lots of memes.

PARTY PLAN 🎉

😡 Companies are losing trust

🏋️‍♂️ “Ranger week”

🤖 Should AI be allowed in the hiring process?

And, of course, MEMES!

MEME OF THE DAY

PRESENTED BY CANDORIQ

Staying Competitive in Compensation in a Budget-Conscious Economic Climate

Walking the compensation tightrope between employees & finance?

If you’re CPO or Head of People at a startup, you probably already know that managing compensation is harder than it has ever been right now thanks to two very competing forces…

On one hand, due to stubborn inflation and historical pay inequity among certain groups, employees want to get paid more. Data sources like GlassDoor, Blind & Levels.fyi are making it easier than ever for employees & candidates to make a case for a bump.

On the other hand, thanks to higher rates (and general economic uncertainty) making it harder than ever to raise big rounds of funding, startup CFOs & CEOs are much more budget-conscious when it comes to all sorts of spending - on technology, perks, and people.

What does that mean? Well in boomer speak, everyone is trying to “do more with less.”

And if you are a VP of People, Head of Talent, or Hiring Manager at a startup, you are stuck between these two competing market forces driving different employee & CEO Founder behavior.

Luckily, there is a new generation of HR tools that is helping startups not only stay competitive when it comes to compensation to win and retain top talent but also helping put all compensation decisions within the context of budgets which more leaders need to keep top of mind these days.

If this tightrope sounds like one you’re walking these days, our friends at CandorIQ have you covered.

Let them help you turn your compensation design into a delightful science that’s data-driven AND budget-conscious.

Check them out at CandorIQ.

WORK

Companies are Losing Trust

Layoffs appear to be subsiding. In a recent survey of HR professionals, the number of companies planning on conducting layoffs is down from 45% to 29% since the spring.

However, trust in company leadership has fallen drastically in that same timeframe. Only 56% of respondents said their employees have a favorable view of company leadership (down from 65%).

Poor communication, inconsistency, and inefficiency are to blame for the loss of trust.

Many employees are also upset with how layoffs are being handled. The most recent case was Pfizer’s CEO casually laying off employees on a livestream.

Sort of like a reverse draft. Tune in to find out if you’ve been let go! Exciting!

TRAINING

Ranger Training is in!

Move over Boy Scouts! Slack is relieving some of the duties of their employees so that they can dedicate time to achieving “Ranger Status” on Salesforce.

Salesforce (the parent company of Slack), recently launched a training program that tracks and ranks employees on Salesforce tools and tech.

Ranger status is achieved by earning 100 badges and 50,000 points, which requires roughly 40 hours of learning. To make sure that all employees go through ranger training, Slack will cut out entire weeks of work for employees.

Fortune.com predicts similar training will become the norm sooner than later. A recent report from Emeritus, a professional education company, found that 74% of people would choose to work for an organization that invested in their education over one that didn’t.

So if your company Slack goes down…it’s because the employees were busy trying to be Rangers. Still better than Microsoft Teams, though!

AI

Should AI Be Allowed in The Hiring Process?

As of now, only 12% of hiring managers and recruiters report using AI in their company’s talent acquisition process. Office Party ran a similar poll and uncovered that 20% of readers use AI in the TA process.

Since the hiring process has so many regulations, companies are being extremely careful in how they implement AI. New York City already passed an AI bias law that requires companies to prove that their AI hiring software isn’t discriminatory. Additionally, there may also be some loopholes that candidates can exploit when dealing with AI hiring software.

Companies like Amazon, Microsoft, Unilever, and more have partnered up with the Center for Industry Self-Regulation to publish a set of principles and protocols for “trustworthy AI in hiring and recruiting.” 40% of talent acquisition professionals currently report having less trust or much less trust in AI recruitment methods compared to traditional methods according to Criteria’s 2023 Hiring Benchmarks Report.

Going into 2024, it looks like overall hiring volume will decrease by about 3.6% with nearly half of companies planning to hire less in 2024 and only a quarter of companies planning to hire more. As the volume ramps back up, it’s likely that we’ll see a rapid implementation of AI into the process as companies compete for talent.

What do you think?

PARTY FAVORS 🎉

Stripe CEO embraces hybrid work: ‘We had all these remote tourists wash in’

RECOMMENDED: Connect with Kristi Kennebrew on LinkedIn and follow @GetMeHiredKristi on IG/TikTok for the best job search & recruiting content 🔥

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