High pay is no longer the marker of a good job—here’s what is
Good pay is no longer the marker of a “good job.” At least not if employers want to retain employees.
The trappings of a good job these days include three key components: economic stability; economic mobility; and equity, respect, and voice, according to the Good Jobs Champions Group, a partnership between the Families and Workers Fund and the Aspen Institute Economic Opportunities Program. Earlier this month, over 100 business leaders signed the Good Jobs Champions statement, pledging to uphold what together they define as the makings of a good job.
Paying a fair living wage on which people can sustain a family is just one piece of the puzzle, says Rachel Korberg, executive director of the Families and Workers Fund. Here’s a look at how the group defines a good job today in one chart:
It’s important for companies to think beyond what gets candidates in the door and even beyond the first year of their lifecycle. Instead, Korberg says companies should invest in the elements of a job that makes employees want to stay long-term. That means ensuring all talent feels welcomed, has equal access to opportunities, and is fully integrated into the workplace.
“My concern is around retention because companies, employees, and society are fully ready to embrace this new talent that may bring a different set of skills, a different background, a different set of experience,” says Korberg. “[But] we need to remember that the solution can’t only be in training them and supporting them…the demand is how employers themselves help this talent to thrive and advance.”
The most compelling data, quotes, and insights from the field.
As HR and DEI leaders begin planning in-person gatherings to engage employees after a two-year hiatus, they must do so with intention—especially when meeting to discuss tough topics. Here’s what author and conflict resolution strategist Priya Parker said on this week’s A Slight Change of Plans podcast about gathering for hard conversations:
“So many teams suffer more from unhealthy peace than from unhealthy conflict. And part of meaningful gatherings or effective gatherings is to begin to understand how do we talk about the things of relevance to our community without burning the house down?…One of the simple principles in facilitation [that’s] incredibly helpful is people's stories and experiences are almost always more interesting than their opinions. Find structures that allow people to share their stories.”
Around the Table
- A Seattle woman is suing Amazon for violating a Washington state law that provides extended time off for victims of domestic abuse. Seattle Times
- Tesla listed 6,900 open jobs, indicating that hiring at the car manufacturer is still strong despite Elon Musk’s recent concerns about the economy. Reuters
- The Biden administration wants to make clear the difference between independent contractors and employees to prevent employers from taking advantage of the current ambiguity. Washington Post
- Companies like UPS and Virgin Atlantic are relaxing long-standing visible tattoo policies as part of broader changes to company culture. CNBC
- An investigation into fast-fashion brand Shein revealed that workers at two of its plants were forced to work 18-hour shifts and paid as little as four cents for each item they produced. The Cut
Everything you need to know from Fortune.
CEO split. Meta CEO Mark Zuckerberg and Airbnb CEO Brian Chesky represent two sides of the post-pandemic corporate culture debate. —Hillary Hoffower
No shame. Younger employees are shedding the stigma of layoffs by posting about it on TikTok. —Chloe Taylor
Goldman reorg. Goldman Sachs CEO David Solomon is undoing some of his changes as the bank restructures for the third time in four years. —Sridhar Natarajan
Top 3. Stanford professor of economics Nicholas Bloom says the three companies with the best approach to hybrid work are Salesforce, Lazard, and Elevance Health. —Jane Thier