On November 9-10, Paycor hosted its ninth HR Web Summit featuring sessions on a variety of topics ranging from Department of Labor, Form I-9 and EEO-1 Report compliance to common trends within the HR industry. The article below provides a recap from one of the most talked-about sessions of the Web Summit – HR Trends and Technology: Adjusting to an Agile World, presented by Paycor’s Chief Human Resources Officer Karen Crone.
Throughout the session, Karen focused on three emerging trends that are affecting or will likely affect many organizations over the next 12-24 months. Compensation and benefits, employee relationships and borrowing from other disciplines are three key areas or trends which could have a significant impact on the Human Resources industry.
Compensation & Benefits
The results of the recent election could have an impact on some key pieces of legislation that have been top of mind for many HR professionals including the Affordable Care Act and new overtime regulations that are set to go into effect on December 1. While these topics will be discussion points moving forward, it is important for HR professionals to be aware that both regulations remain in effect.
Regarding other employment trends like paid family leave and unlimited vacation, Crone states that there is a common theme in employees expecting and wanting support from their employer in terms of managing their life and employers taking a much stronger stance in managing the well-being of their employees. She has noticed a shift from focusing less on retirement and more on the “now.” Employees are thinking less about the future and more on how employers can help maximize time in the present.
Paid Family Leave
The focus is shifting from only maternity leave to more of a focus on paternity or family leave. There is a push from millennials who are starting families to acknowledge a father’s role in raising a child and bonding with the child early on and there is also a push from the Gen X and Baby Boomers who are now challenged with caring for aging parents and need family leave to care for ill family members. California was the first state to implement paid family leave, and paid family leave is also spreading to the corporate level. For example, Deloitte is now offering employees up to 16 weeks fully paid of family leave to support range of life events like maternity and paternity leave, elder care and aid for sick family members and partners.
Unlimited Vacation – The ultimate flexible benefit
Studies have shown that while employees earn 20 days off, the majority only use 16 of those days. In fact, employees today are using a full work week less than they did in 2000, and they are missing three notable events a year. Employees, more than ever, are feeling a pressure to miss these events because of a pressure to be at work or a pressure to keep up with an overwhelming workload. This is evidence by the fact that only 38% of employees feel supported to take time off.
Unlimited vacation is the ultimate flexible benefit that empowers employees to decide what to do with their time off while ensuring that the necessary work is completed and the absence is not damaging. Experts analyzing this trend believe that employees are motivated not to let their peers down or to damage their own career by misusing the benefit. While unlimited vacation is not for every company or environment, look for more organizations to consider this benefit for employees.
When hiring an employee, organizations are employing the whole person, including their family, their health and their interests. Employees want a career and their outside work life. They desire the workplace to offer flexibility to meet their needs. More and more employees are asking during interviews what is expected of them when it comes to a time commitment at work and how much flexibility they have. The question for HR is how to encourage flexibility for employees and how to teach managers to embrace flexibility to attract the best talent.
Bite-Sized Performance Management
The annual employee appraisal is being scrapped and replaced with on-going feedback and informal check-ins between employees and their managers. Millennials are looking for structured development plans to track their progress.
A growing trend that will affect event more businesses in 2017 is the “gig” or freelance economy. Work or “freelance gigs” are being organized into a variety of arrangements that can easily be bid on by a variety of freelance or consulting positions. One out of three millennials currently freelance and by 2020, it is predicted that 40% of American workers will be independent contractors. In areas of specialized skills, those types of talent are looking for freelance opportunities and organizations will be tasked with offering the same type of flexible arrangements for employees that freelance positions receive.
To listen in to the entire recorded webinar on HR Trends, click here, and be sure to check out a full list of Paycor’s upcoming Coffee Break webinar topics to stay current on regulations and industry trends.
For more on HR trends that we are keeping our eyes on in 2017, click here.
This content is for educational purposes only and is not intended to serve as legal advice.
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