Annual Event 2022: What NEDs are looking for from their risk and control partners (Webinar & Blog)
Our leadership team member, Mary Ericson chaired a webinar panel with Geoff Marsh, Joseph Rondinelli and Nick Thomasson on Hiring and retaining senior talent, and gained insight on:
The panel discussed several issue and opportunities for firms when hiring and retaining talent. One of the main challenges is the high number of baby boomers in the workforce and the lack of Generation X to replace them as they retire. This has led to increase competition among firms for top talent, however by providing training and mentoring opportunities to help them develop the skills necessary, firms can overcome this.
Relating to this, the panel went on to discuss the level of women leaving the workforce in comparison to men. Joseph Rondinelli of JPMorgan, suggested to combat these managers should focus on transparency and creating a flexible working environment to support working mothers and other employees with commitments outside of the workplace. This issue however extends to a lack of all diversity, particularly at the senior level. The panel propose that firms need to take a structural approach and tackle the issue at the source, rather than just focusing on diversity at the end of the hiring process. This may involve implementing policies and initiatives to promote diversity and inclusion, as well as being transparent about job specifications and flexibility requirements to attract a diverse pool of candidates.
Moreover, Nick Thomasson of Deutsche Bank, emphasized the importance of the role of recruiters in describing job roles and highlighting flexibility options. Nick notes that, post-COVID, flexibility has become much more common and should be clearly stated in job descriptions to attract a diverse pool of candidates. For, example being explicit about the days that employees are required to come into the office for clarity. He also mentioned that, as managers, it is important to try harder to connect with team members and ensure that everyone is included and supported, whether through virtual open-door sessions, walking the floor, or other means of communication. The speakers highlighted the need for firms to review their job descriptions and consider the key skills and experiences required for each role, as well as providing support and opportunities for individuals to develop and showcase their skills. They also emphasized the importance of internal PR and communication in promoting individuals and ensuring that their contributions are recognized and valued within the organization
The Panel went on to discuss the rise of remote work due to the COVID-19 pandemic and the challenges for managing an intergenerational workforce that come with it. Joseph Rondinelli stated that while working from home has become more common, face time is still important for building relationships and ensuring that promotions are not hindered. To find the right balance, managers and employees can work together to establish schedules and agreements around when people will be in the office and when they will be working from home. This can help ensure that teams are able to collaborate effectively and that everyone has the support they need to succeed.
Finally, Geoff Marsh notes that there are characteristic differences between employees of different ages, and that younger workers are eager to return to the office while older generations are happier to work from home. He suggests that governments may need to introduce legislation to address these differences and ensure that all generations are supported in the workplace.
Written by Daniel Barnham, summer intern at Acin and student at the University of Edinburgh