As the year draws to a close, many companies begin to review their policies and their employee retention – something that can prove challenging with today’s workforce who are less likely to be loyal to a business who doesn’t prioritise factors that are important to them.
In the hopes of improving and growing in 2020, businesses are beginning to formulate new recruitment strategies. In light of this, Instant Offices has looked into the factors that companies and employers should consider when looking to hire in the new year.
Despite everything, members of staff are a significant contributing factor to the success of any company. For this reason, employers are consistently looking to hire talented people who can bring more of an edge to the team and overall business.
Company loyalty is on the decline
In 2020, just over a third (35%) of the workforce will be made up of Millennials (generation Y), a figure that is likely to increase to approximately three-quarters worldwide. This generation, whose focus remains heavily on inclusion and diversity, will also occupy a growing number of leadership roles in the workplace.
In the next five years, generation Y – those born between 1981 and 1996 – will dominate the workforce, accounting for approximately 75% worldwide; also occupying a growing number of leadership roles in the workplace.
How to hire talent in 2020
The relationship between employee and employer is fundamentally changing as importance is placed on factors that create a better working environment, work-life balance and future-proof skills.
According to a recent global LinkedIn report, there are four key trends which are considered to be the most important when it comes to hiring in the new year:
Soft skills, which includes the ability teamwork, communicate and problem solve, are far more desirable than ‘hard’ skills. 80% of professionals say soft skills are critical to the success of a company, as they are more future-proofed than technical skills, which advance rapidly and are not necessarily as transferable.
Employers who offer flexibility in the interview process are more attractive to jobseekers who prioritise work-life balance. Once considered a perk, flexible working hours are becoming a standard expectation – job posts on LinkedIn mentioning flexibility have seen a 78% increase in the past two years.
A company that places focus on wellbeing, communication and diversity is highly desirable to jobseekers who want a healthy and happy company culture. 90% of today’s job market is candidate-driven; prospective employees chose their employer more than companies choose them. Around half of all millennial jobseekers prioritise diversity and inclusion when choosing potential employers.
Year-on-year there has been a 71% increase in the amount of workplace harassment content shared on LinkedIn, and candidates are increasingly seeking out workplaces with policies to prevent, and combat, harassment and discrimination, as well as actively protecting their rights.
Transparency and communication remain a necessity for 2020. Pay has always remained a confidential topic. Still, as more candidates look for companies who have transparency and remuneration, particularly with a significant focus on equal pay, more employers are starting to share salary information proactively. Over a quarter (27%) of those hiring say they share salary ranges with candidates earing on, while 1 in 5 say they are likely to start doing this in the next five years.
These trends will continue to shape the workforce throughout 2020. Not only will considering these create a more agile, flexible and inclusive culture – appealing to younger generations who a consistently place a strong focus on flexibility and values, but also help to retain talent going into the new year.