It’s easy to feel that the problems of finding and retaining talent are only affecting you. The truth is, this is a problem affecting all industries across all markets. In today’s increasingly individualistic ‘always on’ talent economy, the trends of doing business are rapidly changing, and Human Resources departments have to adapt.
One of the top challenges HR departments have to face is employee engagement. Something that is easier said than done. Also of note is that as more and more baby boomers retire from the workforce, they are being replaced with more job-jumping millennials. This means that HR professionals need to refresh their tactical engagement activities and explore fresh, next-generation methods to gain employee feedback and attention.
Creating and strengthening organisational culture is also a big challenge that will face HR departments. There is a strong link between recruitment and company culture, a fact that many HR professionals and company owners fail to see, or think lightly of. Candidates today are drawn to a cultural fit more than they have ever been. This can be seen in the popularity in ‘start-up culture’ exhibited in Silicon Valley inspired companies, best showcased in companies like Apple and Google.
There is and will continue to be a huge stepped-up competition for talent in the immediate future. As labor markets improve, and the need for skilled and educated workers rises around the world, organisations will find it even more difficult to find quality employees. Savvy HR professionals will start highlighting cultures that incorporate the fundamentals of a great place to work, including CSR initiatives, good worker safety measures, good compensation, and an overall sense of civility and respect in the workplace.
There will also be new developments in tools and technology which will raise concerns for security and privacy for both employee and employer. The threat of data breaches and supply chain weakening will increase in turn. As well as the ever increasingly situation of placing employees in dangerous situations due to the rise in terrorism both in the world and in cyberspace.
With the passage of time, comes demographic change and with it, the inevitable HR challenge. Chief of which are population changes in global labor markets, the aging workforce, generations working together and cultural diversity.
The growing importance of big data in the todays economy presents an opportunity to HR professionals but will also place you under pressure. Business leaders will increasingly demand that HR departments use metric and in-depth analytics to make their decisions and demonstrate return on investment, like other departments in the company.
With more employees dissatisfied with performance management practises and compensation packages as a whole, HR professionals will also have to relook at how performance is monitored and graded, while integrating it with a new form of performance based remuneration, in order to keep tomorrow’s employees satisfied and performing above and beyond what is required of them.
These ever-changing situations can cause anxiety in the hearts and minds of any HR professional. You may feel like you need to be an expert in everything. With the ability to perform the occasional miracle of the opportunity (and your boss) demands it. However this is impossible. These challenges will be faced by all HR departments across every market. It is best to not take things personally. What is possible however, is engage with a partner who is an expert in the field, to help that some of the load off your shoulders.
Here at Accendo, we have more than 20 years of industry knowledge to help you do make sure you adapt to changing situations, and get the right, most talented and skilled hires and then keep them for the long haul. We believe in People, Performance and Work and have the technology and tools to not only attract the right kind of candidates but train, inspire and retain them too, helping your company adapt to difficult changing times, and come out on top in the process.