Being a dynamic profession, the world of HR is constantly changing and evolving. Any changes in societal, economic and professional norms have a direct impact on the functioning of the HR departments. It is one of the reasons why an HR professional must stay updated with the latest trends that seem to be shaping the world of talent.
There is nothing better than browsing through the latest survey reports if you want data to back your HR strategies and plans. LinkedIn is a well-known name that regularly publishes useful reports about talent, behaviour patterns of employees and their expectations. Recently LinkedIn surveyed around 7000 talent professionals for its annual Global Talent Trends report for 2023. The company interviewed people from 35 countries to get a comprehensive outlook on what is changing at the global level. At its core, the survey tried to dig deeper into what the employees of today expect from their organisations. Moreover, the report identifies the top 4 trends that are changing the way organisations are hiring and retaining talent. All these trends have a common thread that is of putting people first.
In these times of talent shortage, organisations are rising to the needs of their employees for hiring and retaining the best talent. Today, the employees want treatment on par with customers. We are at an inflection point where organisations have begun thinking about and working for their employees.
Last year, nearly 200 CEOs of American giants met at the Business Roundtable Conference. The group changed the statement on the purpose of a corporation for the first time in 22 years. They agreed to say that a company’s purpose should include investing in employees. They elaborated it further by stating that employees need to be compensated fairly. Moreover, they agreed that companies need to invest in reskilling their employees so that they can stay relevant in these rapidly changing times.
In the survey, a staggering 96% of talent professionals said that employee experience is becoming more important.
Data has the potential of unleashing powerful insights that can change the game for an organisation. For long, hr analytics has paved the way for other departments, but it is now that HR is finally waking up to its power. In the survey, almost 73% said analytics is set to become a priority for their companies in the next five years.
With advanced capabilities at their disposal, the HR professionals will be able to provide all the right answers. The top uses of employee performance are in measuring employee performance and workforce planning. In the years to come, analytics is going to become so important that working smoothly with data will become a must-have skill for an HR professional.
Investing in the right technology will also gain prominence as it can help in automating the arduous task of collecting and maintaining the sanctity of data. Moreover, technology will make the right data available to the masses for devising appropriate action-plans.
Does your recruitment team hire from outside by default? It is going to change as organisations are recognizing the value of hiring from within. Earlier, organisations hoped that hiring from outside would give them ready-made talent who would drive the projects to their success. However, organisations have realised that it is an expensive affair. Moreover, a person hired form outside takes around 1-2 years to become comfortable and productive in a new company.
In the survey, LinkedIn found that 73% of talent professional say that internal hiring is becoming more important for their organisations. Apart from being more cost-effective, it is also about rediscovering the agility of their employees. With the right opportunities and training, your current employees can take on newer challenges and shine in their new roles. The survey found that employees stay 41% longer at organisations that offer internal hiring as opposed to those that don’t.
Currently, internal hiring is driven by the employees, and the involvement of the recruitment team is minimal. However, the scenario is going to change soon as organisations will formalize the practice of recruiting from within.
The current workforce is a complex mix of people belonging to different age groups. Baby boomers are still working at organisations, and the new wave of Gen Z is also gradually making its entry into the workforce. This interesting mix is a blessing for organisations that are making the best of differing opinions and skills. 89% of respondents in the survey stated that such a multi-generational mix of employees lead an organisation to success.
However, organisations need to transcend the borders of generational gaps through trust, teamwork and communication. Innovative and customizable benefits are also useful in attracting candidates from all age groups.