If you missed Paycor’s 2018 October HR and Compliance Web Summit, we’ve got you covered.
Nearly 13,000 business leaders attended the Web Summit and learned strategies to recruit and retain talent and manage compliance in the coming year. For a complete overview from each session, check out the full recordings here.
Pressed for time? Then skim this review, where we’ll highlight key takeaways:
- How to recruit talent in a saturated market
- Strategies for retaining candidates you’ve worked so hard to hire
- HR megatrends for the next ten years
- Compliance in 2019: What you need to know
Historic lows in Unemployment Rates
The current recruiting market is heavily saturated, and as baby boomers retire, transferring their knowledge to new generations of workers is top of mind. Reports suggest that 75 million workers in the United States will retire in the next decade and be replaced by a talent pool of just 45 million. The challenge that lies ahead for many HR teams won’t be discovering good talent, but finding any talent at all.
Tips to retain Baby Boomers:
- Take the time to make them feel valued
- Discover what they enjoy about their role
- Facilitate mentoring between Baby Boomers and Millennials
If you’re currently challenged by high employee turnover, check out these 10 tips for great employee retention.
Here’s a look at other recruiting trends.
What are the top channels to reach quality hires?
According to Tim Sackett’s research:
- 38.9% of recruiters say they find talent through employee referrals
- Other popular channels include: Career Sites (21.2%), Job Boards (14.6%) and Agencies (4.6%)
Discovering what candidates really care about
Work life balance is no longer the talk of workplaces but rather work life integration. Employees know that in today’s environment they are accessible nearly 24/7 and that they’re almost always “on”. This has created an increased demand for improving workplace culture, creating more engaging experiences for employees and offering more non-monetary rewards.
HR leaders have determined that candidates are actively searching for an organization that gives them a sense of belonging, a purpose and community involvement.
Candidates want an opportunity to make an impact on their team along with a variety of different projects and a well-defined career path.
It’s more than just pay. Candidates seek employers who offer niche benefits such as tuition assistance, flexibility to work from home or offsite and connectivity and access to their team if they need to be away from the office.
Why is new hire onboarding so critical?
Well, according to SHRM, 69% of employees are more likely to stay with a company for three years if they experienced great onboarding. The saying that first impressions mean everything don’t just apply to candidates during the interview process but it rings true for employers when introducing new hires to their team and work facilities. Remember, you shouldn’t just think of onboarding as a one or two-day orientation, but as the first 90 days of their employment. This 90-day mark is usually the time when a new hire decides if they feel comfortable in their new role, if they like the organization and whether or not they will pursue a new opportunity.
Here’s the #1 mistake organizations make during onboarding:
HR and hiring managers get bogged down with administrative work such as filling out paperwork and organizing files. When this happens, the focus is taken away from providing a great experience for new hires and placed on tedious tasks.
What can you do?
Automation is the most important and impactful change you can make in your onboarding process. Have paperwork completed and filed before a new hire even arrives for their first day using an onboarding solution.
Onboarding software enables employers to: - Engage new hires from day one - Reduce the amount of paperwork - Accelerate new hire productivity - Mitigate compliance risk
For more information on best practices, automation and tips on retaining employees, check out Paycor’s Onboarding Toolkit.
HR topics: Megatrends shaping HR 2028
Megatrends are economic forces of development that impact business, economy, society, culture and personal lives. They are critical to shaping what employees expect from their organization which is why CEOs and HR leaders care so much about megatrends.
What megatrends matter most?
Environment and Culture:
In recent years, many employees thought that open spaces and concepts would promote more collaboration and team bonding. But studies have shown the opposite.
This open environment didn’t work because:
- Employees want to work without disruption
- Privacy is necessary
- It created increased absenteeism
- People expect work offices after reaching a certain level
Employers promoted this idea for a few major reasons:
- Organizations, on average, saved $13 million in operational rent since they could increase their employee roster capacity by 28%
- Employers reduced their footprint by 25%, which led to lower energy costs
Employees expect employers to facilitate happy hours and offer fun team activities. These events create bonds throughout the organization and provide a creative environment to solve business challenges.
With the aging workforce, there is an abundance of knowledge that must be transferred to the next generation of workers. Yet, many employers aren’t prepared to take action. A study from the University of North Carolina at Chapel Hill found that fewer than 40% of employers ensure departing employees transfer knowledge to their replacements.
Compliance in 2019: What to expect
Me Too Movement:
Employee strikes are growing in popularity across the country. If you operate in an environment with unions, strikes and protests will only continue to increase.
EEOC coming after targeted job ads that discriminate:
With job boards and LinkedIn position postings becoming more common, organizations must be extremely careful not to discriminate against a protected class of people. Not every business has a legal team to review job postings. If you’re in the same boat, consider reaching out to legal representation for support. The best applicant tracking systems also ensure companies stay compliant by offering tools to capture reasons for not selecting an employee and maintaining hire/offer logs.
Get more information on the benefits of an applicant tracking system.
Unconscious biases are the automatic mental shortcuts used to process information and make decisions quickly. These mental shortcuts and quick decisions are based on past experiences and may be based on cultural stereotypes.
Here are a few tips on combatting unconscious bias at your organization:
- Blind resumes - Remove personal information from resumes
- Diverse interview panels
- Formal work assignment process
- Formal mentorship programs
- Create promotion criteria
- Develop performance review oversight
- Anonymous, third-party complaint channels
- Encourage positive images of all people
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