With the tightened labor market, employers have to be aligned with what their current and potential employees, need, want, and drives them. Employees desire to work for a company that shares their passions and will advocate for the causes they care for. Employers must create new approaches to recruiting and engaging to attract suitable talent. This will result in them winning in the marketplace. Less than satisfactory compensation and work-life balance are two top contributors to turnover.
From the impact of diversity and generational differences to the increase in automation and the younger, sprightly workforce, it is important for employers to stay on par with employees' changing beliefs and expectations in order to remain competitive. Employer mission, brand, staffing, and human resources processes form employee perceptions of a company, so development, training, and succession planning must be top priorities.
2018 - Employees are constantly on the move. This forces employers to prioritize refocusing their retention efforts in areas meaningful to employees. These range from increasing wages and providing a better work-life balance, to regularity in training and development. Needing to onboard in-demand talent with specialized skill sets create new recruiting challenges for employers who fill these vital roles. With boomers quickly departing the workforce, the skills gap is widening, causing employers to get serious about succession planning, recruiting Gen Z, and preparing Millennials for leadership.
There is a reemerging confidence in workers' ability to gain employment. This shift of power changes the game as employers explore more efficient ways to pursue, appeal to, recruit, and retain talent. With a generational shift happening, employers have a shifting set of priorities to manage successfully now, as well as prepare for the future.
Employees and employers have become concerned about the future. Workers are concerned about the lack of skills and companies, because of the imminent skill gap. For employers, securing qualified talent is difficult, and retaining them is a challenge, as the newer generations tend to be less loyal. Talent Acquisition teams and HR must give priority to talent pipelining and succession planning as millennials continue to quickly enter the workforce.
Companies have exhausted their workforce, leaving them burned out and disconnected. In attempt to find ways to reignite engagement, Human Resources tactics prove to be vital to the process. Furthermore, companies must customize their recruitment efforts to be more effective in securing the best talent.
The rise of social media tuning into the workforce and its ethics has resulted in an impacting shift on the employment front, as employers are failing. Attracting, securing, and retaining talent must include the use of social media as a formal channel, however, many companies either don't have one or have not accepted the realization of its importance. Social media creates a deeper level of transparency and accountability for employers. A clear corporate mission with transparent follow-through is something employees zone in on. Workers expressed that these factors play a major role in their level of job satisfaction and loyalty.
Uncertainty in the economy created a rise in free-agent thinking. Workers have come to realize that it is up to them to maintain their own stability in the workforce. Employers are scrutinized by employees as social media reveals corporate missions, values, and reputations. Ethics, work culture, and work environment have become focal points for workers. Those who suspect unethical company behavior are comfortable in making it known. These factors are top reasons workers use in deciding to remain with an employer.
An increase of workers are in search of new, more 'employee friendly' employment than ever before. Also, a growing number of the workforce are determined to invent their own niche, working as a free agent. This shift creates a huge increase in worker confidence as well as expands parameters of opportunities. Work-life balance is increasingly important and in high demand, making this a lead factor in employee retention.
After numerous studies, relationships within the work environment have proved to be significant to the overall happiness of workers. The rating of job satisfaction comes from the whether an employees perception of their manager was that of a friend or not. Trust in the employer, loyalty, and beliefs about the quality of the employers engagement within their company all play substantial roles in how an employee feels about remaining with that employer.