In many US markets, small businesses have to pay more than the minimum wage just to get potential workers to walk in the door. "The minimum wage is almost irrelevant," says Robert Branca, who owns Dunkin' stores in Massachusetts, which has a $15 minimum wage.
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Candidates for CEO and some other C-suite positions typically must tackle one or more behavioral assessments, cognitive and psychometric tests or job simulations for executive search firms and/or boards that need to weigh soft skills, as well as decision-making, for key jobs where hiring mistakes are costly. Senior executives who score well on assessments can be promoted 22% faster than executives with lower scores, according to search firm Spencer Stuart's data, while a well-planned simulation forces a candidate to show, not just talk about, savvy decisions, says Dean Stamoulis of Russell Reynolds Associates.
The cost of US employer-sponsored health care benefits is projected to climb an average of 8.5% next year, up from $13,906 per employee this year, according to a report from Aon. "Even though inflation is subsiding, healthcare trend is growing as medical providers push insurers for larger cost increases to cover the higher costs of wages and supplies that they endured during the last couple years," according to Debbie Ashford, Aon's chief actuary for Health Solutions, who added that "proliferation of newly indicated weight loss drugs, new technologies, severity of catastrophic claims and increasing share of specialty drugs" are also contributing to rising health care costs.
Improve engagement and collaboration among remote employees through the use of virtual reality technologies, which can bring everyone together in a virtual room as avatars, provide interactive learning exercises and create opportunities for people to play games, writes Yogini Joglekar, chief operating officer for Edstutia. "By leveraging immersive experiences, VR enables remote team members to connect on a deeper level, fostering a sense of presence and shared experiences," Joglekar says.
Chris Kuechenmeister, senior vice president of communications at PepsiCo, says his mentor Randy Melville, a retired Frito-Lay executive, taught him the value of diverse teams, and how listening and being vulnerable and authentic can boost leadership skills -- lessons he tries to pass on to others. "I've learned from him not just about work relationships, but how to be a good husband, a good dad, and how to give back to the community. I never expected that. He demonstrated to me the impact that one person can make on many lives," Kuechenmeister says.
“Right on, Ash,” I shouted as Ashley passed me on her bike. “Give it a little more gas and let’s get her into second gear.” The bike picked up speed as she pulled in the clutch and shifted into second. She cruised to the end of the parking lot, made the left turn and headed back to me. She was beaming when she took off her helmet and shook out her copper locks.
“You did it!” I cried, throwing my arms around her. She hugged me back, tight.
“I did!” she said, her smile wide. I knew she was relieved. She had fallen when she first started riding and had been gun shy since then. This morning’s victory went a long way toward refueling her confidence. I was proud of her, but now I needed to have another talk.
“You did good, Mama, but I need to officially say something now,” I told her, my face stern. She looked concerned.
“Sure. Is anything wrong?” she asked.
“No. But I need to make something clear,” I said. “You do not ever drink and ride. Do you hear me? I –”
“I would never!” she said, wagging her head at me. I held up my hand.
“We’re all capable of stupid,” I said. “I’m making the consequences clear now. One time. One drink. I ground it. And I grab you by the face for a long, loud conversation about safety. Are we clear?”
“Yes, Aunty,” she said, hugging me again. I smiled and set her out for another run.
Mentoring is good for mentees and for mentors, as we see in today’s HR Leader story. I’ve been mentoring Ashley for about six years. It’s been a wonderful growing experience for both of us. She found a career she loved -- she’s a flight attendant -- and tackled some personal issues. She developed confidence and shed toxic relationships. She found her way back to God.
I got better at listening (I’m still working on patience). I learned how to communicate in a way that made sense to her. I figured out how to read her and know when she was stuck -- and how to walk her out of it.
I learned that there’s a difference between being a mentor and being a micromanager. She couldn’t grow just by doing everything I said. She needed to make her own decisions and I needed to let that happen -- and love her all the way through it. I learned that honesty earns respect and trust.
Who are you mentoring? How have you grown from the experience? Let me know! And if you enjoy this brief, tell others so they can benefit also.
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