The average lowest salary that women would accept to change jobs is $66,068, compared with $91,048 for men, according to a New York Federal Reserve employment survey. Negotiating for a higher salary than offered "demonstrates you are going to be an advocate for yourself and do it in an effective way," says A-J Aronstein, assistant vice president of lifelong success at Barnard College. Trevor Bogan, a regional director at the Top Employers Institute, recommends benchmarking compensation rates, aligning your background to the role and asking for other perks and benefits if a higher salary is off the table.
Employers need to learn how to talk with workers who may lack self-assurance, writes Iryna Chuhai, chief marketing officer at WePlay Studios. Three strategies to consider are to reinforce the important role they're playing in the business, share lessons learned and help them find a sense of direction, Chuhai writes.
Some corporate leaders and coaching professionals say that employees can be most effective at work if they aim for about 85% productivity instead of going for 100%, overstressing themselves and then burning out. Business author Greg McKeown says 85% is a sweet spot because trying to achieve 100% all the time is too draining, and exercise physiologist Steve Magness says realizing that a person's entire self-worth does not depend on one action can help a person to relax and be more likely to complete the task successfully.
To support evolving working trends, business leaders should provide customizable work-life balance options and embrace the potential for nonlinear career paths, writes Leigh Ober, chief people officer at Omnicom Precision Marketing Group. Leaders can "prioritize learning and attitude rather than aptitude" and empower employees "to reach beyond their perceived limits," Ober explains.
HR leaders should be prepared to justify people's compensation as more states enact pay transparency laws, says Jamie Giroaurd, chief people officer for Telesign. "An example of this could be why the pay range at their company does not match the pay range of a similar job posted at a competitor," says Giroaurd, who also emphasizes the importance of focusing on employees' learning and career growth by providing online and in-person instruction, soft-skills training and workshops.
Treasury Secretary Janet Yellen has expressed confidence that the US will experience a "soft landing" with regard to inflation, and leading banks such as Goldman Sachs and JPMorgan Chase have tempered their expectations of an economic downturn, but others have a less optimistic view. "We've long anticipated that the consumer would face a number of headwinds and that those headwinds would be concentrated in the latter half of this year," said Matthew Luzzetti, chief US economist at Deutsche Bank.
The Inflation Reduction Act is expected to create millions of new jobs in clean energy fields, but electric vehicle charging station installers and other companies are already struggling with worker shortages and the situation is only expected to worsen as electrification accelerates. The federal government is using provisions in the climate law, such as the bonus tax credit for prevailing wages and apprentices, to boost workforce development initiatives, but stakeholders fear additional support will be required.
The wave of news about artificial intelligence in recent months can feel overwhelming, but this story is worth a few minutes of your time. In certain parts of the world, water scarcity and/or water rights have become contentious issues. So when you hear about yet another AI advancement, consider this: From 2021 to 2022, Microsoft's global water consumption jumped 34% and Google's climbed 20%. Experts say ChatGPT uses about 16 ounces of water every time someone asks it a series of between 5 to 50 prompts or questions. Considering how water (and energy) intensive AI is, it makes you wonder how much longer our thirst for AI advancements can last.
SmartBrief's inaugural virtual AI Impact Summit, Sept. 27 to 28, will feature OpenAI's Zack Kass as the opening keynote speaker. The event will explore business, workforce, marketing, tech and other topics, such as how AI is intersecting with reinvented workforce training and a talk by Michael Schmidt, vice chair of the labor and employment department at Cozen O’Conner, on what employers need to know about AI in the workplace. Register now.
