In a recent study, people who sweated when the stakes were low did the best when stakes were high.
IN “GATTACA,” THE DYSTOPIAN cult classic set in the “not too distant future,” parents genetically program their children before birth, coding them for desirable strengths and skills. For them, biometric data is destiny: A person’s genetic code, tracked through a massive database, determines their career, which, of course, affects everything.
Nearly 20 years after that movie’s release, we are closer than ever to using biometric data as part of the hiring process, specifically to solve one chronic problem: Employers are bad at predicting who will perform under pressure. Each year tens of thousands of new Wall Street hires undergo boot camps that cost up to $6,000 a person, yet finance has a suicide rate 1.5 times the national average and the second- highest voluntary turnover rate (14.2%, after the hospitality industry). And if an industry as well-funded as finance struggles with vetting applicants, what hope do smaller businesses have?
MIT Sloan Associate Dean of Executive Education Peter Hirst
From Harvard Business Review
In today’s increasingly competitive hiring market, organizations need to think differently about how to attract new employees and retain existing ones. Unfortunately, many of the obvious solutions require a financial investment: increasing salaries, bonuses, medical benefits, or vacation days. And if your “competitive advantage” in hiring simply boils down to throwing money at the problem, your hires are quite possibly going to jump ship when a higher offer or benefits package is put in front of them.
So how can an organization increase its benefits without increasing its budget? Many startups will look to add “fun” into the mix — pool tables, nerf guns, pizza Fridays, and happy hours. But that won’t necessarily appeal to all types of employees, and it may not be a sustainable option. Here at the Executive Education program at MIT Sloan School of Management, we took a different approach: introducing flex time.
Bryn Panee Burkhart, Associate Director, Alumni Career Development
Social media has become an integral component in the recruiting and hiring strategy of all types of firms, from startups to multinational corporations. In particular, LinkedIn offers robust corporate recruiting tools, giving firms sophisticated means of combing through LinkedIn profiles to find talent, a solid job board that shows users their connections to hiring firms, and company pages that build strong corporate brands.
LinkedIn’s biggest source of revenue is from corporations who purchase its corporate hiring solutions. Out of the Fortune 100 companies, 85 now use LinkedIn for recruiting. There are over 200 million members on LinkedIn, and the site claims that a new member joins every two seconds. The fastest growing demographic on LinkedIn is students. LinkedIn is a formidable tool for both recruiters and job seekers, and in the Career Development Office we are actively teaching our students how to leverage LinkedIn. Some key tenants include: Read More »