How to Win the War for Talent
Predicting the ebbs and flows of the labor and employment market in the wake of a new president, cabinet, Congress, and potentially a few new Supreme Court justices, would be foolhardy at best. However, we can take a look at some growing trends in recruiting and give you a leg up when it comes to ensuring your company hires the best of the best.
Over the past several years, jobs in STEM (science, technology, engineering and math) fields have dominated the top hires. We don’t expect that trend to change. Another field that’s predicted to be in high demand is the legal sector. Why? Consider all of those pesky compliance challenges we’ve been experiencing. HR needs to focus on people and can’t be expected to translate all of these rules and regulations themselves.
What does recruitment look like in 2017?
According to CIO magazine, one in 10 Millennials said they wouldn’t even consider a company if they can’t apply on a mobile device. A mere 37% of businesses offer a mobile application process today. That’s a 10% increase from 2015, so progress is being made, but 63% of employers still don’t enable candidates to apply for jobs while they’re on the go.
People analytics, predictive behavior, and big data. Oh, my!
Statisticians and data modelers only work in IT or marketing, right? Wrong. They can also play a big part in the future of HR. The potential of a successful, relevant HR department is dependent on its ability to gather and connect people data and build predictive analytic models that can:
Help recruitment understand where talent gaps exist and quickly fill them.
Determine the why and what of employee attrition. You may already have a handle on your company’s turnover rate, but do you know why employees are leaving? HR can use data to figure out why people are leaving, as well as predict employees who may be retiring and start a search to fill the roles.
Identify at-risk employees and fix issues before they leave.
This is all well and good, and can definitely have a positive impact on the company’s bottom line, but… according to SHRM, the EEOC is targeting data-based selection processes, specifically predictive talent analytics, job-matching algorithms, online sourcing tools, pre-hire assessments, and employment screens.
Why? Because the EEOC is concerned that these algorithms could match on demographic features in addition to preferred job skills and requirements. Meaning, these types of tools might unintentionally place too much focus on protected categories (such as race or age), or they could invade employee privacy. Stay tuned for the outcome.
Keeping employees happy
Did you know that 49.5% of employees report themselves as “not engaged” and 16.5% are “actively disengaged” (Gallup, 2016)? Determining what motivates your employees to stay is key: Is it compensation? Additional training and development opportunities? A flexible work environment? Employee turnover is expensive, so it’s important to take whatever actions possible to mitigate it. Remember, hiring is half of the battle. The other half is retaining talent.
Helping our partners get the most out of our service so you can enable your clients to keep ahead of the curve is key to your success and ours. Let’s talk about how our integrations can improve your clients’ HR and payroll experiences today. Click here to refer a client today.