4 Trends Changing the Way You Hire and Retain Talent in 2020

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Some latest HR trends might already be familiar to you, but we hope we can provide some clarity into how to approach these trends and how they can help you in your day-to-day work. 

According to a recent Global Talent Trends, 2020 report here are four ideas/trends reshaping the way you’ll be attracting and retaining talent in 2020: the emergence of employee experience, the spread of people analytics, the return of internal recruiting, and the ascent of the multigenerational workforce.

Employee experienceYour company will work for employees, not just the other way around.

The employee experience is everything an employee observes, feels, and interacts with as a part of their company. It represents a wider view of the traditional human resource function, and empathy is at its core. The central idea is to actively collaborate with employees to understand their point of view and design experiences that allow people to do their best work.

EX — shorthand for employee experience — requires thinking holistically about everything an employee goes through. That includes conventional HR tasks like performance management, learning, and compensation. But the wider field also includes much more — from real estate decisions to technology choices. 

An easy way to think about everything included in EX is the framework of the four P’s: 

  • People — relationships with colleagues and customers
  • Place — physical environments, whether in an office or remote
  • Product — the work itself
  • Process — rules and tools

EX is not the same as employee engagement, though engaged employees are a key outcome of better employee experience. Companies say they’re investing in EX to increase employee retention and productivity as well as meet the high expectations of younger workers and attract more job candidates.

People analyticsMeaningful insights will inform talent decisions at every level.

People analytics connects data to effective decision-making. It draws insights from human behavior to help people and companies perform better. It uses formal scientific methods to support empathy.

Sophisticated organizations have been using this relatively new field to drive powerful innovations. Now those benefits are clear enough to inspire even small companies to hop on board, and 73% of talent professionals say people analytics will be a major priority for their company over the next five years.

Internal RecruitingYour next hire will come from within your company if you can find them.

In an increasingly tight talent market, organizations are rediscovering the benefits of internal hiring. And they’re using empathy to better understand how employees want to learn and grow.

The trend echoes an earlier era when companies filled open roles by promoting their own people, and employees could follow a lifelong career path within a single firm. That approach — with updated thinking and tools — is making a gradual comeback. Role changes within organizations (via promotion, transfer, or lateral move) have increased by 10% over the last five years, according to LinkedIn data.

Almost two-thirds of talent professionals acknowledge that their company needs to improve internal recruiting. But it’s easy to underestimate the scope of the required change. Developing a robust program requires an extensive cultural shift to overcome big hurdles.

Multigenerational workforce — From Gen Z to Baby Boomers and beyond, good talent will prove ageless

The 2020s represent a new chapter in workforce age diversity driven by demographic changes. People are living longer and Generation Z (age 23 and younger) is hitting the job market.

Some companies are set to capitalize on this trend. They’re using empathy to understand how teams with a wide variety of life experiences and perspectives can be most successful. To attract and retain talent from all ages, they’re carving out new career paths, introducing more flexible benefits, and finding new ways for generations to share intelligence.

All in all, the generations share more similarities than differences. Everyone values good compensation and benefits, work-life balance, and positive work culture. But there are some subtle overarching trends worth noting.

Contrary to some popular perceptions, Baby Boomers (age 55 to 73) put the highest priority on working for a company with a purposeful mission. Gen Z, meanwhile, is most likely to value training — 36% call it a top factor when considering a new job.

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To read more- https://business.linkedin.com/talent-solutions/blog/trends-and-research/2020/global-talent-trends-2020

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