8 Workforce Trends That Will Define 2020
Finding the best person for the job — and retaining existing employees — is never easy. Plus, a new year means a whole new set of hiring trends to learn and incorporate into your company policies. While challenging, taking this step is crucial to building a powerful and engaged workforce.
Like every year, 2020 brings its own employment trends. Some carried over from last year, while others are newer ideas that will become more prominent in the next 12 months.
Access to Available Talent Still a Challenge
As of December 2019, the unemployment rate was record-low 3.5 percent. This is great for the economy, but not so amazing for employers looking to hire top talent. Of course, this is nothing new, as the unemployment rate has been on a steady decline for a decade. This lack of readily available talent means you’ll have to keep working hard — and maybe get a little creative — to find the best person for the job.
Competitive Pay is a Must
A historically low unemployment rate means top talent probably isn’t out of work. The best person for the job might be a passive job seeker — i.e., someone who is gainfully employed, but willing to make a move for the right opportunity. A competitive salary — paired with an interesting job — can make all difference in securing top talent.
Hiring Decisions Need to Happen Fast
The average length of a hiring process in the U.S. is approximately 23.8 days, according to Glassdoor. If your company tends to take longer than this to make a hiring decision, it’s time to streamline your processes. Tightening up your hiring timeline will increase the chances you’re able to present an offer to your first-choice candidate before they select another position.
Employee Satisfaction Surveys Help Reduce Turnover
More than two-thirds — 68% — of U.S. employees are at least moderately stressed at work, according to Wrike. This can easily lead to turnover, as 56% of people have searched for a new job because of stress at work. Internal employee satisfaction surveys can help reduce turnover. This gives you the opportunity to find out what you’re doing well and where there’s room for improvement, so you can make meaningful changes that will entice top talent to stay on board.
Telecommuting Becomes Even More Popular
Up to one-quarter — 20-25% — of the U.S. workforce telecommutes at least sometimes, according to VirtualVocations. However, 80-90% of people want to work from home on at least a part-time basis. When possible, attract and retain top talent by allowing employees to telecommute at least part of the week.
Having a Strong Employee Value Proposition is a Must
If your company doesn’t have a formal Employee Value Proposition — benefits and rewards enjoyed by employees in exchange for their performance — it’s time to change that. Just as you would for customer acquisition, it’s essential to make sure employees feel like they’re in good hands. This includes making sure their compensation, benefits, career path, work environment, and company culture add value to their lives.
Corporate Social Responsibility is Crucial
More than just in search of a paycheck, younger employees want to work for a company that shares their values. This allows them to really believe in the work they’re doing and feel like it has a greater good. Engage talent by clearly defining your corporate values, making them clear to both employees and potential hires, and standing by your principles.
Employee Engagement Gets Personal
No two people are the same, which is why taking a blanket approach to employee management doesn’t work. Companies are going to start working to change this by conducting research and engaging employees on a more personal level. If HR is able to take a customized approach to employee management, job satisfaction levels will rise because people will feel heard.
Need a little help planning your 2020 hiring strategy? Malone Workforce Solutions is here to assist every step of the way. Get in touch today to find out what we can do for your team!
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