Video: How to Craft a Strong Change Narrative for Your Company

When your company is undergoing major change, it can be a tough transition for everyone, especially your organization's employees. After all, they may be wondering how the company's transformations will affect them, their roles, responsibilities, co-workers, leadership and other aspects of their lives in the coming months.

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To help dispel any rumors and to ensure everyone is on the same page about your company’s upcoming progress, it’s crucial that you craft a compelling and honest narrative with your leadership team. As a result, you’ll be in a strong position to address any employee issues or disagreements, while at the same time heightening your company’s success for the upcoming months.

Marquis Parker, vice president of business services for MRINetwork, says it’s important to always consider your employees first. “Change is never easy. Make sure you’re making staff a top priority as you put together your change narrative,” he says. “It’s very likely their day-to-day work will be directly impacted by the business transformation, so you want to do everything possible to make the process as painless as possible.”

What does a strong strategic narrative entail? According to Forbes contributor Chris Cancialosi, it involves several things. “A strategic narrative centers on a leader’s ability to articulate a clear and compelling vision and strategy for the future of the organization,” he writes. One can also be useful because it:

1. Illustrates the change in a positive fashion

2. Creates an environment for employees to give feedback

3. Shows that a company values its key stakeholders

Here are three tips to guide you in crafting your own successful strategic narrative:

1. Gather input from the most important individuals at your company

To successfully craft a compelling and trustworthy change narrative for your company, the first thing you want to do is to collect as much information as possible, including input from “key stakeholders,” according to Cancialosi. Patti Sanchez, who wrote an article for the Harvard Business Review and is the Chief Strategy Officer of Duarte, agrees. “A transformation won’t succeed without broad involvement,” she writes.

To do this effectively, you’ll need to tap your trusted advisors and members of your company’s leadership team, to discuss and weigh the story in a truthful and supportive manner. “Try and get as much feedback as you can during this pivotal step in the process,” says Parker. “It will help you craft an even stronger transformation narrative.”

The result of brainstorming the narrative with the individuals who know your business best is that you will be able to present something that will ultimately benefit the transformation you’re aiming to enact over the coming year.

2. Work closely with your team to draft a narrative that exudes empathy

After gathering this crucial input from stakeholders, it’s time to craft a narrative that speaks to the transformation your company is about to undergo and also illustrates empathy. In her HBR article, for example, Sanchez showcases just how important this quality is when presenting organizational change. “If you want to lead a successful transformation, communicating empathetically is critical,” she writes.

However, this won’t be easy. In fact, it’s likely to be a time-intensive process because it also requires a strong vision of the different avenues though which you want to share your transformation. Some options include sending emails to employees, holding meetings to fill people in on the upcoming changes, working with public relations and media teams to share the information publicly, and other strategies.

Once you’ve figured out how to strategically share your change narrative in an empathetic way, you can meet with your leadership team (1) to discuss what must be included in the outline and (2) to ultimately agree upon what channels will serve as the foundation of your transformation communications.

3. Share the narrative with your employees in a confident, composed manner

You’ve spent weeks brainstorming and building out your strategic plan of action for sharing this change narrative, and now it’s time to put the final touches on the communication plan. Once it’s been edited and approved by key members of your team internally, it’s finally time to share this information with your employees as well as any external partners.

During this period, it important that those on your leadership team act confidently when discussing information with others. For instance, a recently published article on Fast Company’s websites states, “Change can breed unexpected developments, and leaders need to show composure to the team looking to them for guidance.” As a result, you’ll help others feel more comfortable about the upcoming transformations.

Another key part of the process: make sure that you allow those affected by these changes and transformations to share their feedback at this juncture (whether it’s positive or negative). Parker agrees that you should keep open lines of communication with employees. “Always be accessible to your workers during these uncertain times,” he says. “They’ll thank you for your honesty and will value transparency from the organization.” You’ll help keep your employees motivated, happy and excited to continue working for you, while also investing in the continued success of your company.

Ultimately, gathering input, crafting a narrative that illustrates continued commitment to employees and sharing information in a thoughtful manner will help your transformation process attain its goals.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

MRINetwork Ranked Among Top Executive Recruiting Firms by Forbes in 2019

For the third consecutive year, Forbes.com, a leading source of reliable business news and analysis, enlisted the services of research firm Statista to identify America's most well-respected recruiting firms. Statista compiled two lists of search firms: "Executive Recruiting," those firms focused on roles with at least $100,000 in annual pay; and "Professional Recruiting," firms specializing almost exclusively in positions of under $100,000 in annual pay.

To determine the best recruiting firms, Statista surveyed 25,000 recruiters and 5,000 job candidates and human resources managers who had worked with recruitment agencies over the last three years. Respondents were asked to nominate up to 10 recruiting firms in the executive and professional search categories. Firms could not nominate themselves; last year's findings were considered. More than 17,000 nominations were collected, and firms with the most recommendations ranked highest.

The results are in. Again this year, MRINetwork (identified as Management Recruiters International, Inc.) was ranked as one of the top 20 firms out of 250 in the Executive Recruiting category. Click here to read the Forbes.com article and see the full rankings list.

This prestigious ranking recognizes the caliber of the talent and the value of relationships that MRINetwork professionals deliver throughout the year. 

The Trevi Group | www.TheTreviGroup.com

Setting up the Change Management Process for Success

Imagine this scenario: your company is preparing for organizational change now or in the coming months. Maybe you need to restructure in order to drive greater productivity and revenue. Or perhaps change management is necessary at your firm to complete a large merger or acquisition, smoothly and effectively. Regardless of the reason(s) for business transformation, it's rarely an easy process.

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In fact, the Harvard Business Review reports that there’s still a relatively low success rate for these types of programs. “Corporate transformations still have a miserable success rate, even though scholars and consultants have significantly improved our understanding of how they work,” the source states. “Studies consistently report that about three-quarters of change efforts flop - either they fail to deliver the anticipated benefits, or they are abandoned entirely.”

This of course can lead to a large waste of time for your organization and deeply impact the company’s bottom line. Therefore, it’s crucial to put a strong change management process in place, so your company and its employees complete the change efficiently and with little difficulty.

Marquis Parker, vice president of business services for MRINetwork, adds that an organization needs to always put employees first during any transformation processes to ensure the best results. “If you want to see the changes at your organization occur smoothly and without fault, it’s important that you always consider how your decisions will affect your employees, the heartbeat of your company,” he says.

To help, here are three strategies your business can use to change effectively and achieve your goal easily this year and beyond:

1. Design the change management program for your company’s needs.

The first step in successfully setting up a change management program for your company is to execute a process based on your business’s unique needs. For example, don’t strive for “quick wins” or make other hasty choices that may end up facilitating a faulty plan of attack. Instead, take the time to think through your process, only after having a strong case for change.

You also need to understand three crucial elements of your change management strategy, according to the Harvard Business Review:

1. The catalyst for transformation

2. The organization’s underlying quest

3. The leadership capabilities needed to see it through

Take a step back and ensure that you have a solid understanding of why your organization needs change, which problem(s) change is attempting to solve, and whether you have the leadership resources to be effective. Doing so will greatly enhance your company’s ability to manage a large strategy shift without failing.

2. Communicate with key stakeholders.

As part of any strong, well-organized change management process, you should feel empowered to communicate effectively with your company’s key stakeholders. This is defined as speaking with and proactively alerting leadership, employees, shareholders and others who have a profound impact on your business and who may be affected by these decisions.

In order to communicate with these key stakeholders, you shouldn’t only discuss important change processes with senior staff, according to one Forbes Magazine article about communicating change.

“If you think your company’s strategy conversations should only take place at the most senior level, you could unknowingly be crippling your company’s bottom line,” the source states.

Instead, you need to craft what’s called a strategic narrative. This will serve three purposes: it communicates the upcoming changes, shares the reason behind those changes and discusses the future process for the organization and its key stakeholders.

So, what are strategic narratives? According to Forbes, they are a “form of storytelling, and like all good stories, they need a compelling plot, characters, a climax, and a conclusion. By telling this story, employees and other stakeholders will understand their place in the larger narrative and how they can take an active role in shaping the future of your organization.”

As a result, communicating in this manner will greatly increase the chances of your change management process being a success. It will also position the changes in a clear and concise way, make company leadership appear more humane and create an environment of inclusivity.

“Make sure that you put together a thoughtfully executed communication plan so that key stakeholders feel knowledgeable about the upcoming and already completed transformations at your company,” says Parker. “Let them ask questions too. After all, the last thing you want is someone to feel left out because of a lack of foresight or planning during such a crucial period for your organization.”

3. Identify the resources to lead change effectively.

Along with designing a powerful change process and communicating those changes clearly, you also need to define the resources necessary for success. While this isn’t always easy, it is crucial for the organization’s future.

For example, you need to recognize whether or not you have the human resources function in place to proactively and efficiently implement the decided-upon change management plan, according to Forbes.

“If you do not have the right understanding or team to manage the plan, then you may want to consider an experienced change management consultant, because having the wrong person in this leading role can mean the difference between success and failure in a merger,” the article states.

You should “share financial information, customer feedback, employee satisfaction survey results, industry projections and challenges, and data from processes you measure” to service whether or not any other resources are to implement change, according to an article on thebalancecareers.com.

Once this data has been tabulated and you have a measure of what’s likely to occur as a result, you’ll have a greater understanding of necessary resources. “Spend extra time and energy working with your frontline leader staff and line managers to ensure that they understand, can communicate about, and support the changes,” according to the article. “Their action and communication are critical in molding the opinion of the rest of your workforce.”

By using the above strategies, your company will be ready to manage organizational change in a structured, cohesive and efficient way. “You’ll be thankful that you took the time to brainstorm and draft a comprehensive plan of action, based on these strategies, before enacting any changes,” says Parker. “Your company will be stronger for it.”

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

BLS Employment Situation Report: January 2019

The first month of 2019 picked up where 2018 left off in terms of job growth in the U.S., with the number of nonfarm payroll jobs added by American businesses surpassing the strong figure seen last December: Per data from the Bureau of Labor Statistics' latest Employment Situation Summary, U.S. organizations brought on 304,000 new workers in January. CNBC reported that a Dow Jones survey of economic experts initially expected about 170,000 jobs added.

While this is slightly below the total of 312,000 originally reported for December 2018, the newest report revised that month's gains down to 222,000 and brought November's comparatively modest figure of 170,000 up to 190,000. Although the unemployment rate rose marginally between December and January - from 3.9 to 4 percent - this was attributed to a surge in the number of Americans actively looking for work, rather than any troublesome trend.

Additionally, the partial shutdown of the U.S. federal government turned out to not affect overall employment to any statistically significant degree - beyond an 11 percent jump in the number of underemployed persons (those working part-time out of economic necessity). With that said, it's worth noting that the BLS considered those who worked without pay or had been furloughed during the shutdown to have been fully employed, because their last paycheck came January 12, 2019, which was within the survey week for the report. As such, any full accounting of the shutdown's economic effects (or lack thereof) on the economy remains unknown, and there is still the potential for another shutdown in a few weeks, considering that the bill to reopen the government only included appropriations lasting until February 15.

The leisure and hospitality industry led all other U.S. employment sectors in jobs added during January by a significant margin. Its massive gain of 74,000 positions was fueled not only by food and drink services but also by new opportunities in amusements, gambling and recreation. Construction came in second place with 52,000 new jobs created across all of its employment subcategories, and healthcare was not too far behind with an addition of 42,000 positions.

Several other sectors also experienced notable surges in job creation, such as the dependably strong professional and business services industry, which added 30,000 new positions to its payrolls across the U.S.

Transportation and warehousing increased almost as much with the creation of 27,000 new roles. Rounding out sectors with noteworthy professional additions were retail trade, manufacturing and mining, which brought on 21,000, 13,000 and 7,000 new workers, respectively. No other industries saw their labor forces rise or fall by any empirically significant level.

There were a few less positive indicators found within the latest BLS report. Wage growth, for example, was somewhat slower than expected, with a 3 cent increase in the average American hourly wage representing growth of just 0.1 percent - under the 0.3 percent predicted by various economists. On a year-over-year basis, earnings have grown 3.2 percent between January 2018 and 2019.

Some business leaders may also find themselves perturbed by the sudden switch to a cautious stance by the Federal Reserve, characterized by Fed Chair Jerome Powell's January 31 statement that the central bank would not raise its key interest rate to start the year. According to NPR, Powell cited factors including the impending upheaval of Brexit and various trade disputes around the globe - including the arguments between the U.S. and China - as motivations for the Fed's decision. Regardless of the Fed’s position, the economic picture for the U.S. at the start of the new year is undoubtedly positive.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

(Video) How leveraging training programs can attract and retain star employees of all ages

While many employees may be comfortable in their current roles, it's probably safe to say that most top talent want to continually advance in their career. Regardless of whether the goal is to be promoted within a company, or simply stay up-to-date on new skills or technologies - high performers of all generational groups want to improve themselves, so they're better tomorrow than they are today.

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This reality is great news for businesses, which are increasingly focusing their operations on training. However, it's equally important to make these training opportunities apparent to candidates, as this can encourage them to join your company's ranks should they be extended a job offer.

Training to become a top priority in 2019

Companies have a lot of priorities throughout the year, and at the top of the list is strengthening employee training programs. In fact, 58 percent of employers in the 2018 MRINetwork Performance Management Study said training programs, as well as attracting and retaining top talent are major issues they intend to tackle in the new year.

“Training really isn’t about achieving a quick hit or magical answer,” said Sherry Engel, vice president of learning & talent development for MRINetwork. “It should be part of a strategy to ensure skillsets are aligned with the needs of the business. By strategically focusing development on individuals that contribute to the company’s goals, employers will see improvement in their business outcomes. Not only does this benefit organizations through improved business results, but also leads to higher employee engagement - which ultimately drives retention.”

They're wise to do so, not only because successful training improves work processes, but also because training is something that employees desire. Among candidates in the MRINetwork survey, external training was cited as one of their most preferred incentives for staying with a company.

It's easy to understand why. The job market is extraordinarily competitive and businesses are pulling out all the stops to find the most qualified people. Training gives current workers a leg-up on their competition in the marketplace, while also incentivizing job seekers to apply because of the potential to advance their career.

Workers acknowledge the value of training

Workers today aren’t just competing with other individuals - machines are vying with them as well. Artificial intelligence is used in a variety of industries, in part to reduce labor expenses. Some experts believe that AI will become more commonplace over time, particularly for positions that involve repetitive tasks. However, a recent Gallup poll found that Americans aren't too worried about losing their jobs to robots, especially those with highly specialized skills. This may be because they have faith in the upward mobility that training can spur. In a separate Gallup survey, 43 percent of respondents said they're confident about being able to take advantage of training to improve their skill sets in the event AI puts their job security at risk.

Help workers bridge generational gaps by learning from each other

Regardless of age group, leveraging training makes good business sense. Not only can workers benefit from training that will help them personally in their own career trajectory, but cross-generational training programs, such as mentoring and succession planning, can also help the organization ensure the next generation of employees are being prepped to lead the company into the future. Senior staff can also benefit by learning more efficient processes or technologies from younger workers who may be more adept with these platforms.

“Employers should take a blended approach to training, ensuring specific development programs are aligned with the best delivery approach,” advised Engel. “With a growing number of Baby Boomers retiring, there’s an enormous opportunity to provide formal mentoring and succession planning programs that share the knowledge of years past with the up-and-coming generations. Today’s learner also wants their training to be short, focused and timely, through delivery platforms such a short videos or text tips. The most effective programs incorporate these methods.”

Just as junior staff can learn from those more experienced than them, senior staff can also benefit by learning about more efficient processes or technologies from younger workers, who may be more adept with certain platforms.

Generation Z - those born from the mid-1990s to the early 2000s - are particularly interested in training opportunities. According to LinkedIn, Gen Z is on pace to represent 20 percent of the American workforce by as early as 2020. Given their relative newness to the working world, they're ready and willing to learn the ropes. Sixty-two percent of Gen Z respondents in a LinkedIn survey said becoming better at their job was the main reason why they were open to learning, more so than for salary or promotion purposes.

“Gen Z are interested in training on skills that will benefit them in the job they have today, as well as for roles they will have in the future,” Engel said. “Giving them this opportunity can be mutually enriching and rewarding.”

Ultimately, top performers of all generational groups are driven to succeed. The quickest, most effective way of achieving it is through learning, which training provides. Be sure to mention training programs that are available to employees in job postings, interviews and reviews. It's a surefire way to attract and retain star talent.

The Trevi Group | “Executive Search for Technology Professionals” | www.TheTreviGroup.com

Key Employment Trends Poised to Impact Your Business in 2019

The U.S. workforce experienced historic gains in 2018 as more than two million jobs were added, and wage increases began to accelerate, according to the monthly ADP National Employment Report and quarterly Workforce Vitality Report. The unemployment rate stood at 3.7 percent in November, a near 50-year low, which made it difficult for companies to bring in both permanent and short-term, highly-skilled talent. This trend is expected to continue into the new year as the talent pool continues to shrink.

To stay competitive in today’s marketplace, finding and retaining the right talent is essential. Yet how to do that effectively remains a challenge. “New emerging trends as well as trends that have been identified over the past several years, are forcing companies to embrace new ways of thinking about their workforce and to reevaluate their hiring processes,” says Nancy Halverson, general manager for MRINetwork. “We’ve identified and assessed several significant trends that will most impact them in 2019.”

Transformation and change in the workplace

Business leaders who are actively embracing change recognize that innovation comes from people. As they look toward the future of their business operations, it is this focus on people, that is causing many to prioritize workforce planning and sourcing transformational leaders that can move the company forward. By drawing on the expertise of these change agents, employers will gain new approaches to work and improved company cultures that lead to innovation and increased productivity. “These forward-thinking organizations are driving innovation and gaining momentum by changing the nature of work itself,” says Marquis Parker, vice president of business services for MRINetwork. “They are enabling people to come together and work in a focused, collaborative manner to solve problems and come up with creative approaches to their lines of business. They know that the real value comes from their employees’ creativity, market insights, personal networking, and ability to influence others.”

Predictive analytics

Analytics have the potential to transform the HR function, from recruitment and workforce planning to performance management and employee engagement. Companies are increasingly using predictive analytics to refocus their workforce planning lens from a qualitative one to a quantitative one, enabling them to scientifically unlock and measure the value of people to their organization. This approach views employees as a critical and valuable asset that can be optimized to benefit both individuals and the organization as a whole. It also has the potential to determine which departments and employees are under-performing, allowing managers to create interventions, provide training or move team members around to increase productivity.

According to Deloitte’s 2018 Human Capital Trends Report, although 85 percent of survey respondents acknowledged the importance of people data, only 42 percent indicated that their organizations were ready to implement it fully. Anne Hayden vice president of human resources for MRINetwork believes this will change dramatically in 2019. “The rising use of predictive analytics will be one of the biggest recruiting trends to drive productivity and profitability,” she says. “Collecting early performance data on new hires and matching it against assessments allows for the creation of a feedback loop that automatically updates and continually refines the profile of a successful employee.”

Training

Training will be a critical focal point in 2019. In fact, employers noted in the 2018 MRINetwork Performance Management Study, that it will be one of their top priorities in the new year. “When designing meaningful training programs that have the ability to attract and retain, it’s important to think about the top talent you’ve worked with in the past,” advises Sherry Engel, vice president of learning and talent development for MRINetwork. “Most of them are typically natural learners, with a passion for continuous self-improvement.” Engel also notes that in order to keep these top performers as happy and engaged employees, leaders must create an environment where people have the ability to grow. She asks, “As a leader, are you providing the right culture and environment to attract and nurture those passions?” “It’s not just about checking the box for a learning and development program, but also creating a culture that supports taking chances, and supports the desires of people to take on new responsibilities and try new things. Leaders must be in tune with their employee’s professional desires and provide opportunities to embrace development and growth. Without that, top talent will seek it elsewhere.”

Workforce agility

As organizations become more agile, they will have a greater reliance on contractors to help bridge the skills gap. Companies across all industries are embracing this trend, with an emphasis on accessing skilled, mission-critical talent. According to Staffing Industry Analysts Workforce Solutions Buyer Survey 2018, respondents report that 22 percent of their staff is currently contingent and project that by 2028 that figure will rise to 30 percent. Factors contributing to this trend include increased turnover and low employee engagement, especially among younger workers. As a result, some businesses are moving away from trying to keep employees around longer and are instead reducing costs associated with turnover and embracing the gig economy. It is particularly prominent in industries that have changing labor demands for different projects - one project, for example, may need 15 people while another may need 150. “Employers need to assess the right mix of traditional fulltime workers and contractors to best meet their business objectives,” says Tim Ozier, senior director of contract staffing sales for MRINetwork.

Blind hiring

Bias in the workforce remains a big issue. To minimize any controversy, companies are being encouraged to make hiring a blind process. In standard screening and interviewing, unconscious bias easily becomes part of the equation by including data that gives away key parts of a candidate’s background: gender, age, race or even alma mater. By stripping away any information that may reveal demographic data, the first wave of screening can be done based purely on abilities and achievements. “This allows for a more diverse workforce built on merit,” says Halverson, “but the problem is trying to achieve this with the proliferation of social media. Using a third-party recruiter is usually necessary to ensure a truly blind process.”

The priorities and challenges inherent in these significant trends are clear, and readiness to respond to them is essential. The ongoing tight labor market means that companies will continue to be challenged with finding and retaining the right employees. “Given the importance that business leaders place on the talent management agenda,” concludes Halverson, “it’s a good time to reflect on what can be done and to take action, focusing on what should be done differently, and what might be improved to move the needle in this critical area.”

 The Trevi Group | “ Executive Search for Technology Professionals” | www.TheTreviGroup.com

Lesser known cities for tech in hiring mode

The tech landscape is richer today than it was when 2018 began, largely thanks to the contributions of professionals within the industry. The sector appears poised to make the most of these gains in the coming year.

From coast to coast, the recruitment hunt is on in information technology. This isn't too much of a surprise in places like Silicon Valley and Seattle, Washington, but comes as a most welcome turn of events in places that aren't as well known for technological innovation. Case in point: the Badger State. As reported by the Green Bay Press Gazette, several Wisconsin companies are eager to hire, recent college graduates as well as industry veterans.

Brian Hicks, learning and development manager for software developer Skyward, told the newspaper that software engineering is burgeoning.

"If you want a job right out of college making a good income, software engineering is the way to go," Hicks explained. "It is absolutely booming."

The Green Bay Packers are on the tech bandwagon as well, having teamed up with Microsoft to develop an innovation center in the eastern portion of the state, the newspaper reported.

It isn't just tech companies that are hiring, either. Businesses that specialize in other goods and services are also providing more opportunities for technology professionals to exercise their talents because tech inhabits virtually everything. Cybersecurity, cloud computing, mobile development and business intelligence are just a few of the positions that businesses are hiring for in 2019 and perhaps beyond.

Tech companies command an ever increasing percentage of cities' land mass, suggesting that the industry shows no signs of slowing. In the first six months of 2017, 42 percent of the country top 100 leases were possessed by technological businesses, according to Cushman & Wakefield. Austin, Texas and Durham, North Carolina are among the cities that have experienced a surge in tech business development.

But Jason Ruckel, a student at the University of Wisconsin-Green Bay, told the Press Gazette he has no intention of leaving the area when he graduates.

"People need to realize we have businesses here doing the same things they're doing on the coasts - lots of innovation, a startup culture - but closer to home, and the cost of living is lower," Ruckel said.

This suggests that instead of relocating to major metropolitan areas for tech opportunities, professionals may be able to find them in places nearer to where they live. 

The Trevi Group | “ Executive Search for Technology Professionals” | www.TheTreviGroup.com

How to Modernize Your Employee Review Practices

In today’s lean, fast-changing world, traditional business practices are being shaken up. Many companies are reviewing their long-held traditions in favor of more agile, responsive ways of improving the employee experience. They are giving more consideration to the physical environment employees work in as well as the practices, technologies and tools that encourage productivity. Changes include providing employees with flexibility to work from home more often, and leveraging technology like Skype for Business or Yammer to better communicate and share information among team members, and even the entire organization.

The long-standing practice of annually evaluating employees based on their productivity, overall improvement and achievement of goals is one of the areas undergoing a big transformation. For decades, the prevailing wisdom has been that one annual review at the end of the year is enough to let employees know how they're doing. However, this is no longer true - employees are demanding more frequent and detailed feedback on their performance, and managers are responding by making their review practices more flexible and engaging.

According to the 2018 MRINetwork’s Performance Management Study, 54 percent of employers say they are increasing their focus on performance reviews, which indicates that they recognize the need to find better ways to enhance the value of the reviews, as well as their employees’ perception of the process. The same study revealed that 42 percent of candidates disagree or strongly disagree that their company’s review process is useful and productive.

If your company hasn't updated its performance review practices, it runs the risk of losing top talent to competitors that build regular feedback into their business functions. You’re also missing out on valuable opportunities to identify and develop your employees' professional skill sets.

As you begin to focus on business planning and employee goals for the coming year, consider these four ways you can modernize reviews at your company:

1. Make performance an ongoing conversation

The performance review plays an integral role in keeping the line of communication open between manager and employee. It is the chance to offer employees the acknowledgment that they’re looking for, to encourage them to strive for higher levels of achievement, and to nip problems in the bud. Instead of saving comments for the annual review, find ways to provide feedback and discuss priorities with employees on a regular basis. Consider holding biweekly, one-on-one check-ins with employees, discuss goals or accomplishments at the beginning or end of each quarter, or provide opportunities for group discussions at weekly team meetings. Regular check-ins help employees feel that their managers are committed to helping them be successful workers, which in turn means they’re more engaged and motivated to do their best work.

2. Embrace career pathing

Career pathing is a strategy that actively invests in and develops your employees to thrive in their current and future roles. It is an intentional approach as opposed to a reactive one - instead of managers passively learning of an employee's goals at the company, they take a participatory role in professionally developing the individual. Through career pathing, managers and employees sit down and discuss the employee's professional aspirations at the company and then set a tangible plan for helping the employee reach these goals.

3. Create an open culture of feedback

Reviews that benefit both the employee and the employer are based on honest, open communication, and this is only possible when there is a culture of workplace transparency. Employees should feel comfortable expressing their concerns, and criticism should be communicated in a way that is constructive. If employees feel that they are always one misstep away from being fired, or that their managers are not honest with them, reviews are more likely to further cement negative feelings instead of paving the way for constructive performance augmentation. Company leadership can do their part to create an open culture of feedback by keeping employees in the loop on workflow changes, encouraging employees to voice their concerns and recognizing workers who aren't afraid to ask for help.

4. Ensure reviews are fair

Only 29 percent of employees strongly agree that their performance reviews are fair, according to Gallup. The organization found that one main reason for this is reviews that are held just once a year fail to take into account all the changes that can occur in responsibilities, workflows and personal lives over the course of 12 months. Gallup also suggests that when conducting reviews, managers consider the expectations of the role compared to the time and resources employees actually have to fulfill these duties. The benchmarks employees are judged against should be realistic and fair.

Performance reviews are integral to employee success, but expectations have changed in the 21st century. Employees want reviews that are frequent, constructive, authentic and fair. Companies that update their review processes to match these needs are most likely to retain top talent because better performance reviews lead to higher morale, higher efficiency and overall, a better company in which to work.

 The Trevi Group | www.TheTreviGroup.com | Executive Search for Technology Professionals

Employment Summary for October 2018

Job growth in October 2018 surpassed September's numbers and economists' projections for the month. In its Employment Situation Summary, the Bureau of Labor Statistics reported Nov. 2 that nonfarm payroll employment rose by 250,000 in October. This is significantly higher than Wall Street analysts' prediction of 195,000, as reported by The New York Times. Michelle Girard, chief U.S. economist at NatWest Markets told The Times, "The underlying fundamentals of the labor market are still really bright, it's really the strongest part of the broader economy at the moment." October 2018 represented the 97th consecutive month of job growth in the U.S.

Hurricane Michael, which caused destruction in the northwestern region of Florida, had no recognizable impact on the national employment rates for October. However, jobless claims in Florida and Georgia rose by 10,000 following this storm's landfall.

The unemployment rate did not change from September's 3.7 percent. This number represents the lowest figure since December 1969. This amount, as well as the impressive job growth of the month, may influence American voters going into the upcoming midterm elections.

The largest job growth statistic comes from an industry that suffered in September: leisure and hospitality. The sector rose by 42,000 jobs. This is a dramatic rise in comparison to September's numbers, which were likely impacted by Hurricane Florence. Healthcare took second place in October, with the addition of 36,000 positions. This job growth occurred in a variety of settings, with 14,000 job gains in ambulatory health services, 13,000 in hospitals and 8,000 in nursing and residential care facilities. The professional and business services industry forfeited its previously first place standing when it gained 35,000 in October, a distinguishable drop from its job growth of 54,000 in September. With the fourth largest job growth in October, the manufacturing industry added 32,000 jobs, 10,000 of which occurred in the durable goods sector.

Employment in construction experienced an increase of 30,000 in October, a significant change from its rise of 23,000 in September. Transportation and warehousing displayed a slight expansion in October, with the creation of 25,000 jobs. Meanwhile, the mining industry remained stagnant, with an increase of 5,000 new jobs. Other industries, such as retail trade, wholesale retail, financial activities, government and information did not change significantly in October.

Average hourly earnings of all employees on private payrolls increased by 5 cents, or 0.2 percent, in October, rising to $27.30. This is indicative of a 3.1 percent increase over the past 12 months. It seems to be on-pace with the Consumer Price Index for All Urban Consumers, which increased by 2.3 percent from September 2017 to September 2018. The creation of jobs and all-time-low unemployment rate are impressive during this month. Business leaders, job seekers and economists in the U.S. should be pleased with the current state of employment.

As a result of the continually growing economy, interest rates from the Federal Reserve are likely to keep rising. A CNBC report stated, "Powell [Fed chairman] says we're 'a long way' from neutral on interest rates, indicating more hikes are coming." The CME Group provided a 75 percent probability of a rate hike by the end of 2018, likely in December.

The Trevi Group | www.TheTreviGroup.com | “Executive Search for Technology Professionals”

(Video) Attracting Talent in a Tight Candidate Market

In the executive, managerial and professional labor market, unemployment has been hovering around 2 percent, leaving companies across many industries struggling to find top talent. In a survey conducted by The Wall Street Journal and executive advisory group Visage International, University of Michigan economist Richard Curtin discovered that "the biggest challenge confronting firms is their need to expand hiring in an already-tight labor market." As a result of increased competition for high performers, employers are now more willing to make concessions to move their organizations forward.

Click to watch the video.

Here’s some advice that may help your organization with its hiring efforts:

Keep an open mind

When hiring managers look for potential employees, they often only focus immediately on the ideal candidate who has all the desirable qualities for the role. It’s important to recognize that an applicant may not need to possess every single one of those qualities to become a great hire, and rigidly sticking to your list may mean that you lose out on a candidate who could be successful in your organization.

Someone can have exceptional educational and work backgrounds, and still fail at your organization if they aren’t a good cultural fit, or if they don’t share your core values. Think about the type of person who will fit in among your employees - the mentality they’d need to thrive and the interpersonal skills that will help them become part of the team.

After you draft a job description, revisit each requirement to determine if it is absolutely needed. You may find room for negotiation on professional designations or technical skill sets that would be nice to have but aren’t essential to the job. Look beyond your wish list to see who might thrive in your company’s environment even without all your ideal attributes.

Expand your talent pool

If you insist upon finding a candidate you don’t have to train, you could add months to your search for a new hire. You could probably train someone in that amount of time while also benefiting from the value that person may add in other ways as they ramp up. Look for coachable, high potential candidates who have transferable skills that will help them overcome the lack of specific experience.

According to the 2018 MRINetwork Performance Management Study, nearly 80 percent of the employers surveyed agree or strongly agree that finding quality industry-experienced talent is more difficult than ever, and that their companies are more likely to hire people who have transferable skills, but lack industry experience. By considering those with transferable skills, you can significantly expand the number of applicants and focus on more general skills, such as organization, teamwork and communication, which might be just as important for the role, but are much less teachable than specific, technical skills.

Both employers and candidates see poor communication as a problem in this area, according to the study. Companies need to make it clear they are open to candidates who have applicable expertise, despite their lack of industry experience. Candidates need to focus on how they discuss transferable skills during the interview process and demonstrate how those skills can be applied to a different industry.

Offer sign-on perks that attract candidates

The MRINetwork study also indicated that half of the surveyed employers are increasing the rate at which they offer sign-on perks. Among the top perks that organizations are willing to provide are company-paid health insurance, sign-on bonuses and moving expenses. Candidates are on the same page as employers about the desirability of these benefits, with 76 percent citing both sign-on bonuses and health insurance, and 54 percent citing moving expenses as most important to them. A number of employers stated they are willing to offer tuition reimbursement (33 percent) and even help in repaying student loans (23 percent) as incentives.

Employee perks can have a significant impact on your ability to attract desirable candidates and lower employee turnover. Some of the standard benefits packages offered by companies just aren’t cutting it, which is why many firms have decided to augment them in order to stay ahead of their competition for top candidates. As one hiring authority observed, “There are severe shortages of qualified employees in many sectors of the labor market. This makes it an employee’s market and it thus requires incentives (higher pay, bonuses, etc.) to acquire and maintain quality employees.”

An interesting finding of the survey suggested that while employers are boosting sign-on perks, many candidates are unaware of the potential perks they could be leaving on the table. Organizations will need to become more forthcoming about these perks during the hiring process and address the skepticism that some candidates have about sign-on perks. “Companies are willing to pay for one-time extras to get the people who best match or exceed their ideal candidate profile,” said one potential candidate, “but they may not, however, be willing to start at a higher compensation level.”

In a down market, candidates will be less demanding and more flexible with employers. But in today's market, applicants have numerous options, so it is imperative that that the way employers approach them and the advantages that are offered give candidates every reason to want to join a company.

The Trevi Group | www.TheTreviGroup.com | “Executive Search for Technology Professionals”