Afternoon Coffee: Workforce Logiq releases AI-backed diversity report; Survey targets not-for-resale savings, profitability; Hurricane Sally set to make landfall tonight

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Workforce Logiq — a specialist providing AI-powered workforce intelligence — announced the release its first diversity benchmark report today. The analysis is based on predictive insights from Workforce Logiq’s IQ Talent Diversity algorithm — a new tool enabling employers to find diverse talent and providing proprietary benchmarks to improve diversity in the workplace, according to a press release.

Workforce Logiq’s AI-driven IQ Talent Diversity algorithm predicts which candidates are most likely to have diverse backgrounds. Organizations can attract and prioritize talent with the right skill sets from typically underrepresented communities and compare their company’s diversity hiring performance against industry competitors and national benchmarks.

The benchmark diversity report analyzed worker gender and ethnic diversity across geographies and job categories to reveal which places and industries are the most diverse. The data comes from “ethical” AI practices and oversight that is updated daily and based on Workforce Logiq’s recruiting database of 100 million candidates and 8 million U.S.-based companies. Workforce Logiq’s new IQ Talent Diversity AI-driven algorithm predicts which candidates are most likely to have diverse backgrounds — gender, national origin, ethnicity, veteran-status and more — based on schools attended, interests, languages spoken, clubs and country of origin. Organizations can then attract and prioritize talent from typically underrepresented communities.

“Diversity and inclusion initiatives in the contingent workforce industry have been slow to make an impact in the past because they have been too focused on spending with diverse suppliers, or worse, public relations. To drive real change, investments must go to initiatives that create inclusivity and diversity within the actual workforce,” Jim Burke, CEO of Workforce Logiq, said in the press release. “It’s time to up our game. We’re helping our organization and our clients tangibly improve employee representation and make a real business impact from diversity and inclusion initiatives — at no cost to them.”

Among different data points, some key findings of the report include:

  • Science, engineering and banking industries have greater availability of ethnically diverse talent than the national averages.
  • There is an increased demand to create new opportunities for diversity and inclusion leaders.
  • The top three markets to locate diverse talent for remote jobs right now are San Jose, Charlotte and New York.
  • Representation of women in nursing and healthcare, HR and accounting industries is high.

LogicSource survey finds not-for-resale savings help unlock profits for retailers

LogicSource, in partnership with Coresight Research, released findings from a survey today explaining why not-for-resale (NFR) savings could be the key to unlocking profitability. Many industries focus on NFR, or indirect spend, but these finding target the retail industry.

According to the survey, the retail industry has faced challenges to keep up with rapidly changing consumer expectations for many years. Prior to the COVID-19 disruption, retailers struggled with profitability, the survey said. The COVID-19 pandemic has only accelerated consumer trends — like online shopping or increased competition — exposing some brands that have failed to innovate in the fast-changing retail industry.

The survey — taken by 220 executives at North American retail and CPG companies — analyzed the impact of COVID-19 on retailers’ profitability and their current or forward-looking strategies to fight declining profits. All respondents said COVID-19 affected their business, while 88% of respondents said COVID-19 had a “moderately” negative effect on the profitability of their business.

Some of the key findings of the survey include:

  • There are significant challenges to profitability in the retail space.
  • Retailers are thinking long-term and adjusting their strategies accordingly.
  • Almost two-thirds (65%) of respondents using NFR strategies experienced profit lifts of greater than 3%.
  • Opportunities to capitalize on NFR abound — one of the top ideas was rethinking supplier relationships.
  • There are still barriers to overcome, but overcoming these barriers is the key to unlocking the potential of NFR savings.

Hurricane Sally makes its way toward the Gulf Coast, set to hit soon

Hurricane Sally continued creeping toward the northern Gulf Coast on Tuesday while forecasters warned of potentially deadly storm surges, record flash floods and possibly tornadoes, according to CNBC.

Forecasters warned about “significant” uncertainty where the storm’s eye would make landfall. The storm is predicted to move eastward, easing some warnings in New Orleans. Early Tuesday, hurricane warnings stretched from Pearl River at the Louisiana-Mississippi line to the far western Florida panhandle at Navarre, Florida. Sally is expected to reach land near the Alabama-Mississippi state line by late Tuesday or early Wednesday, the article said.

Stacy Stewart, a specialist with the National Hurricane Center, said “devastating” rainfall is expected in large areas with the possibility of drowning. “This is going to be historic flooding along with the historic rainfall,” Stewart told CNBC. “If people live near rivers, small streams and creeks, they need to evacuate and go somewhere else.”

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