The characteristics of the global workforce are changing along with employee needs and expectations. Competition for talent is becoming fiercer and new technology is transforming the world of work. The confluence of these factors can result in the perfect storm of talent management concerns for HR executives. However, there are employee mobility and other talent management solutions available to address these challenges.
Here are three talent trends, along with ideas for how to tackle them:
Trend #1 – Advances in HR Technology
Big data, cloud solutions, and new digital tools are reshaping HR activities at such a rapid pace that it can be difficult for HR professionals to keep up. However, there are some key steps you can take to ensure you’re leveraging new HR technology and not getting left behind:
- Move to the cloud. Cloud-based HR technology solutions are growing in popularity, with 73 percent of companies using them in 2017, versus 68 percent in 2016, according to consulting firm PWC. As this trend continues, you can link your HRIS systems with other talent management platforms such as talent mobility, payroll, and ATS systems. Doing so will improve your reporting capability and allow you to identify trends in employee data.
- Consider using AI and chat technology. In a survey of 350 HR leaders, 92 percent reported that chatbots will be an important way for employees to obtain information in the future. Use of AI, chatbot, and live chat technology to answer common benefits or policy questions also frees up HR staff to do other things.
Trend #2 – Competition for Talent
According to the Bureau of Labor Statistics, the U.S. unemployment rate fell to 4.1 percent in October 2017, the lowest it’s been in well over a decade. A similar picture is emerging across the UK and other countries. As the supply of jobs grows to meet the supply of workers, companies will continue to compete for talent. Here are some key solutions that can help you create a competitive advantage in the war for talent:
- Leverage big data. According to the think tank Future of Talent Institute, 90 percent of traditional recruiting tasks will become automated in a matter of years. In the future, it’s possible that your top recruiter will be an algorithm that incorporates data from online candidate screening and predictive models.
- Embrace employee mobility. Develop a global mobility management strategy that allows your organization to deploy talent where it’s needed, no matter the location. Doing so relieves pressure on recruiting teams to source local talent in every single company location, saving time and enabling rapid strategic decisions.
Trend #3 – Changing Workforce Characteristics
The global workforce is changing to include multiple generations and more remote, freelance, and outsourced workers. In 2017, 21 percent of Millennials said they changed jobs in the last year, a whopping three times more than previous generations. This has retention implications for companies and also highlights the impact of generational differences on talent management policies.
Additionally, the definition of “employee” is expanding, as employers rely more and more on contract, remote, and temporary workers. In fact, a study by Randstad found that 68 percent of employers believe that by 2025, most of the workforce will consist of flexible and remote workers. Here are some ways you can leverage these changes in the workforce:
- Support remote workers. With alternative work arrangements expanding, more of your employees may be contract or remote workers, including employees that relocate. For relocating employees, you’ll want to ensure they have the proper relocation support to hit the ground running in their new location.
- Offer new developmental opportunities. As described above, younger generations will change jobs for new opportunities much more than older generations. Provide development opportunities that will entice these employees to stay longer, such as career paths, cross generational employee pairing, stretch assignments, or a move to a new location that will build skills for working remotely.
Choose the Right Partners and Rest Easy
While the realities of new HR technology and the changing workforce are enough to keep you up at night, you can rest easy when you have the right tools and partners in place to help. From big data and algorithms to cloud-based technology that helps manage remote and flexible workers, there are many solutions available to meet today’s talent management challenges. When you work with partners who can help you develop the recruitment, retention, and relocation solutions that meet your needs, you will be well-positioned to address your talent management challenges with finesse.