2018 has been a year of changes – major ones that are overhauling most systems as we know them today. The adjustments to the economy sphere are increasing, and this is also forcing many government policies to change with the times. HR laws are no longer what they used to be, and this is sending many employers into panic as they attempt to adjust.
With all these changes, it is increasingly becoming a frustrating experience to rely on business strategies from the past, in addition to trying to change them. However, in order to avoid confusion, it is a good idea to study trends and see what is happening in the market, and this will help you predict what will occur in the future. Through undertaking studies of the past, here are some trends that you need to look out for in 2018.
Acquiring talent through digital methods
In the past, employers normally spotted talent in potential employees through one-on-one basis. However, that strategy will not cut it in 2018, in an age where everyone operates online. This leads to the first point: as an employer, you need to improve your employee engagement methods.
Through the existence of cloud tools and digital records, both hiring managers and recruiters can locate, examine and train top candidates, and you can do it at an affordable and convenient price. Among these methods is the use of algorithms that organize candidates based on several factors, and helps you find the right fit for the employee you are looking for.
Relying on AI (Artificial Intelligence)
The economy trends of today is limiting many businesses, and many of them are beginning to consider using AI to venture into new businesses, as the cost of labor is becoming more prohibitive by the day.
According to a survey by the MIT Sloan Management Review, 75% of company executives believe that the use of AI will allow their enterprises to move into new businesses. More than three quarters of them also believe that it will enable their company to sustain a competitive advantage over the rest.
These days, people are no longer reliant on a traditional 9 to 5 job – it is not going to cutit, especially when you want to save on costs and do your job freely while at it.
The number of professionals working online and from flexible locations is increasing by the day. In fact, a survey conducted for the Freelancers Union Fund by the Upwork and Edelman Intelligence shows that 35% of the workforce in the US alone, equating to about 55 million Americans, operates in a freelance capacity.
In fact, this is only set to increase, as certain sectors like accounting, web and graphic design, website developments, and customer support are outsourced on a regular basis. That leaves your company enough time and resources to form and implement new strategies to help in its growth.
Sharing spaces at work
Shared office spaces were not a huge thing in the past, as they were left to the younger professionals, in addition to start ups as they did not have enough finances to rent individual offices for every employee.
However, the trend is favoring more sharing of your office space, as the rising cost of office space prohibits many businesses from trends of the past. Most businesses will want to have cheaper ways of collaborating with other businesses, as they continue to seek partnerships that are profitable.
Employees above retirement age
Who says that just because you are a retiree from formal employment, you have no use in an organization? This is a trend that is gaining prominence, as employees over 65 are now returning to the workforce and acting as sources of experience for the younger employees, such as for the case of drug detox Longmont, CO.
These individuals bring on a wealth of critical thinking and problem solving, something that younger people may not have as they enter the workforce. In fact, this trend is set to continue, as the estimates of these people stands at about 19%, according to 2017 data from the Bureau of Labor Statistics, which is under the US Department of Labor.
Focusing more on the experience of the employees
The common trend of employers is to rate employee experience very highly, but few of them have a differentiated employee experience in their companies.
This has led to a scenario where the younger employees do not feel valued enough, since they have little to no experience, and they leave the company as a result. Organizations will need to step up their efforts in this area. It does not need to be an expensive venture – it can be something as simple as encouraging the use of fitness applications, employee self-service technology, as well as feedback tools, all to ensure the company remains actively competitive.
Changing the manner of performance appraisals
In the past, organizations always had a 90-day or annual appraisal review for their employees. Fortunately, this system has changed, and employee performance is frequently assessed.
The timeliness of the performance review allows the team to make adjustments, comment on recent projects, see where there are problems or issues regarding work, and review the company priorities. Even better is gathering the feedback from the employees themselves, asking them what they would do to improve the performance of the company, and make them feel valuable in directing the success of the organization.
Reviews can be done through feedback tools from the consumers and clients of your organization, as well as employee online surveys.
Giving priority to financial wellness
The employees of today are sensitive about their financial status, and they want to plan adequately for their retirement years. As an organization, it is a good idea to consider this if you want to attract good employees that will help your business to grow, and are hardworking.
When the employees see that you care about their welfare, they get more motivation to work alongside your business and make it grow.
Maintaining the growth of a business involves taking care of your workforce, which is just as important as ensuring profitability. The business climate of 2018 may be tough, but with these steps you are assured that you will attract the best talent to your organization.