Greetings, readers! Is your breakroom filled with an abundance of tasty holiday treats? Go grab something sweet—you deserve it for making it this far into Q4.
In today’s edition:
It’s like a reward
Divesting from diversity
It’ll cost you
—Courtney Vinopal, Kristen Parisi, Amanda Schiavo
|
|
Courtesy of Salt Labs
Salt Labs, a startup that aims to help frontline employees earn rewards for the hours they work, recently closed an $8 million funding round, HR Brew has learned exclusively.
Third Prime Capital, an early-stage venture firm that focuses on financial and industrial technology, provided funding for the seed round. Salt Labs launched in March 2023 with $10 million in pre-seed funding from partners including Fin Capital, which led the round, and Anthem Venture Partners.
Co-founder and CEO Jason Lee told HR Brew that Salt Labs plans to use the funding to start rolling out the platform to large US employers following a successful pilot in Puerto Rico.
What is Salt Labs? Lee said he views Salt Labs as a potential solution to the “fundamental disconnect” that exists between employers and workers.
Keep reading here.—CV
|
|
Well, let’s start with the good news: Senior leaders believe using AI in talent acquisition effectively drives business results. The other news? Not many organizations are using AI to make the hiring process better.
Both of these insights come from a recent study by Harvard Business Review and Paradox. And maybe the bad news isn’t really bad at all—it’s actually an opportunity.
The report (which is free, btw) is full of learnings from the companies currently using AI to stay ahead in today’s labor market. It has case studies from successful AI implementations, plus dozens of critical data points that can help you gain buy-in and take action.
Learn how to gain a competitive edge in TA with AI and automation. Download the free report.
|
|
Baris-Ozer/Getty Images
DE&I programs have come under fire from politicians and right-wing activists over the past year, thanks in part to the Supreme Court’s June ruling that race-based affirmative action is illegal.
Now, a report from DE&I consultancy Paradigm has found that while some organizations increased their diversity tracking and efforts in 2023, others decreased their DE&I spending and strategy. The report comes amid concerns that the affirmative action ruling could influence workplace DE&I initiatives.
By the numbers. The report, called “The State of Data-Driven DEI,” examined DE&I data from 143 organizations in September 2023. It found that while there was a six-point YOY increase in the number of organizations with a designated DE&I leader, there was a four-point decrease in the number with a DE&I budget. There was also a nine-point decrease in the number of organizations with a DE&I strategy.
Zoom out. The report pointed out that Paradigm has heard that its HR leader clients are focusing less on DE&I data out of fears of diversity-related lawsuits. Their fears may not be completely unwarranted.
Keep reading here.—KP
|
|
S-S-S/Getty Images
’Tis the season for layoffs.
Several employers have announced layoffs in recent weeks, citing costs, market headwinds, and slow economic growth among the reasons for the cuts. Employers typically view layoffs as a necessary evil that will benefit the future of the organization. But they can cost an organization, too.
In the news. Handcrafted goods retailer Etsy announced on Dec. 13 that it laid off 11% of its workforce, or approximately 225 employees. Etsy wasn’t the only retailer reducing its workforce. On Dec. 11, toy giant Hasbro said it would dismiss 20% of its talent over the next 18 to 24 months, the Wall Street Journal reported. And in the tech industry, software maker Twilio terminated 5% of its workforce earlier this month following pressure from activist investors after the company failed to meet growth expectations.
The cost. Layoffs can have some unintended financial consequences for employers.
Keep reading here.—AS
|
|
TOGETHER WITH CVS CAREMARK
|
Cost-cutting coverage. High-cost biologic medications used to treat autoimmune conditions present a huge cost to plan sponsors. But a new wave of affordable biosimilars is hitting the market. We chatted with CVS Caremark to learn how biosimilars provide quality care without breaking the bank. Here’s what we learned.
|
|
Francis Scialabba
Today’s top HR reads.
Stat: There has been a 337% YOY increase in antisemitism since the onset of the Israel-Hamas war, according to the Anti-Defamation League. (Employee Benefit News)
Quote: “The ‘great retirement’ is coming, and it’s coming faster than many of us are prepared for.”—Rebecca Undem, a consultant and former banker, on the expected increase in retirements among baby boomers (ABA Banking Journal)
Read: In the debate over how AI will shape the future of HR, some experts agree it will help, rather than hurt. (HR Grapevine)
Power couple: When TA and AI get together, business results blossom. The proof is in a recent study by Harvard Business Review and Paradox. Find out what senior leaders said about utilizing AI in TA.* *A message from our sponsor.
|
|
Looking to make your next career move? iHireHR has 30k+ handpicked jobs for HR pros, plus easy-to-use tools so you can search and apply from anywhere. Check out these open roles:
Explore even more HR jobs here.
|
|
Share HR Brew with your coworkers, acquire free Brew swag, and then make new friends as a result of your fresh Brew swag.
We’re saying we’ll give you free stuff and more friends if you share a link. One link.
Your referral count: 2
Click to Share
Or copy & paste your referral link to others: hr-brew.com/r/?kid=9ec4d467
|
|
|