Happy (belated) New Year! With the new year comes new goals, focuses, and targets that are being pursued. For those of you in HR, keeping on top of upcoming talent trends is crucial, and can play a vital role in the future development of your organization.
LinkedIn recently released its 2020 Global Talent Trends Report. This report is a collection of data, gathered from surveying over 7000 talent professionals and interviewing 400 industry experts, with a focus on the future of talent and employee retention. The report identifies 4 main trends that are creating a shift in the way employees are hired and retained: Employee Experience, People Analytics, Internal Recruiting, and the Multi-Generational Workforce. These trends are all tied together through one major theme. Empathy.
Let’s break these down.
1. Employee Experience.
Companies are experiencing a shift where the employee is no longer just working for the company, but the company is working for the employee. Employee Experience is more than pay, but it’s benefits and training. It’s flexibility and management. It’s in the name. It’s the experience your employees have while working for your organization. As this trend grows the report foresees a shift from Human Resources titles to “Employee Experience” roles, with larger companies already hiring employee experience personnel and smaller companies forgoing the HR title altogether.
2. People Analytics.
As technology continues to grow analytics are becoming more accessible, and what was once exclusive to major companies is now becoming available to everyone. People Analytics is specifically useful in managing employee performance and workforce planning. To quote the late Peter Drucker, “what get’s measured, gets managed”. According to this article by the Harvard Business Review, “More than 70% of companies now say they consider people analytics to be a high priority”. If you’re part of the 30%, people analytics are more easily tracked than ever before, what’s keeping you from prioritizing them?
3. Internal Recruiting.
Internal recruiting is not a new trend. Organizations used to promote from within, but in recent decades they have moved to external recruiting. However, according to LinkedIn, internal recruiting is making a gradual comeback, with a 10% increase in internal hiring since 2015. Workable offers some excellent advice on navigating the internal hiring process. The report mentions that employees stay 41% longer at companies with high internal hiring, however, the benefits are greater than simply keeping good talent in your company. Hiring internally can help accelerate the productivity of new hires, quicken the hiring process, and in the process save money in all areas.
4. Multi-Generational Workforce
LinkedIn highlights two main factors into the increase of age diversity in the workforce: longer life spans and Gen Z’s arrival. The diversity among their employees has required businesses to get creative with their retention, training, and even cross-generational communication. While age diversity can sometimes lead to intergenerational conflict, it can also be a competitive advantage for many companies. Some of the younger generations bring in technological knowledge, while the older generations have years of industry knowledge. Keeping these generations separated may feel instinctual, however, the benefits of mixing them outweigh the cons.
We just scratched the surface of everything highlighted in this 90+ page report. We recommend giving the full report a read-through, for a more detailed look at these topics, filled with the case study, application tips, and detailed interviews.