HR professionals are more concerned than ever about retaining top talent and planning for the next generation of leaders. In SHRM’s Future HR Challenges survey, HR professionals were asked about the biggest challenges they would be facing ten years from now. Here are the top three responses:
- Retaining and rewarding the best employees
59% of respondents ranked this factor in their top three challenges, compared to 51% in 2010. As organizations face a growing shortage of talent, holding onto the most effective and high-performing employees will become even more critical.
#2 Developing the next generation of corporate leaders
52% of respondents indicated this factor was a concern, a significant increase over 29% in 2010. The workforce is aging at a rapid rate, leading many HR teams to consider putting formal plans for succession in place and to begin shifting the focus to developing future leaders.
#3 Creating a corporate culture that attracts the best employees to
36% of respondents had this factor in their top three, a moderate decrease from 44% in 2010. Organizations are often competing with one another for the same talent, so having a strong culture that draws in good people can be a major point of differentiation for employers.
The research also uncovered top talent management tactics, investment challenges and what core competencies will be critical for HR teams. In terms of HR investment challenges, the struggle to obtain and optimize investments in technology is not new—but it is growing. The percentage of HR professionals who see this as a major challenge has grown 72% since 2010.
When it comes to HR competencies that are expected to be critical ten years into the future, the top choice was business acumen. HR professionals indicated that the most important aspect of business acumen was understanding HR and organizational metrics, analytics and business indicators. This tells us that organizations are expecting HR to be more strategic and more attuned to the pulse of the business.
HR professionals are facing many challenges, and will continue to face them in the years to come. They are being asked to attract and retain top talent, plan for the future of their organization and take a more strategic approach to their function, all while dealing with technology investment challenges. Paycor’s HR technology helps streamline administrative processes, enabling HR to focus on strategy. Our reporting application also allows organizations to analyze valuable employee data and drive decision-making. Learn more by getting in touch with a Paycor representative today.
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