According to an analysis performed by Mercer – with input from 7,300 respondents including 800 C suite executives, 1600 HR leaders, 4800 employees across 16 geographies and 9 industry sectors – there are key 2019 global talent trends that leading companies are pursuing in 2019:
1. Aligning work to future value
“One-way companies are forging ahead is by creating integrated people strategies that pay attention to today’s needs, while tipping the balance in favor of investing for tomorrow.”
What actions are companies taking today to prepare for the future of work?
Identify gaps between current and required skills supply 52%
Develop a future-focused people strategy 51%
Adapt skill requirements to new technologies & business objectives 48%
Revise the workforce plan to close skills gaps 45%
Identify how employees may support or disrupt changes 45%
Redesign jobs 32%
None of the above 1%
2. Building brand resonance
“A company’s desirability is no longer only the purview of employer review sites like Glassdoor; employees’ collective voice on matters of culture, equity, and ethics are now mainstream news.”
So employer branding matter. The way you create it, will contribute to attracting the right talent for your needs.
3. Curating the work experience
Work experience has to be relevant in order to help them grow as individuals and thrive. What makes employees thrive at work? At a global level, the ability to manage their work/life balance comes first, followed by recognition for their contributions and the 3rd as importance come opportunities to learn new skills and technologies.
In the United States, things are not very different. The ability to manage their work/life balance comes first as well, followed by recognition for their contributions but on the 3rd place as importance is feeling a sense of belonging.
4. Delivering talent-led change
Is HR ready to rethink the entire life-cycle? Traditional mindset should be left aside, and with the use of the new technologies, pay close attention to employee experience and be open to new agile working style. Ask for their thoughts, ideas and opinions as this is a great way to crowdsource initiatives and changes that will engage your employees.
In recruiting, it is important to keep up to date with the demands of the workforce, as well as informing your clients about workforce changes that can impact their organization. Not only just recruiters, we are also the “go-between”. We are responsible for creating that bridge of information to share between candidates and employers; our goal is to keep both of them successful and “in the know”.
To attract the best talent, we take into account the generational needs and make sure that the most up to date information is communicated throughout the recruiting team. Things like what does the current workforce look like, what is the best way to communicate with both clients and candidates, and how to incorporate a work culture that spans all 5 generations in the workforce.
Each generation has a unique skill set, as well as unique needs in the work realm. The 5 generations that you may see include Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z.
Understanding the Workforce
Traditionalists – this generation was born between 1928 and 1945, you don’t see many of them in the workplace. However, they still make up around three percent of the workforce. Baby Boomers – were born between 1946 and 1964, this group is also referred to as the “me” generation. They’re predominately in their 40s and 50s and are well-established in their careers. Gen X – Generation X has around 44 to 50 million Americans who were born between 1965 and 1980. They’re smaller than the previous and succeeding generations, but they’re often credited for bringing work-life balance. This is because they saw first hand how their hardworking parents dedicated so much time to work and not enough to family. Members of the generation are in their 30’s and 40’s and spent a lot of time alone as children. This created an entrepreneurial spirit with them. In fact, Gen Xers make up the highest percentage of startup founders at 55 percent. Even if they’re not starting their own businesses, Gen Xers prefer to work independently with minimal supervision. They also value opportunities to grow and make choices, as well as having relationships with mentors. They also believe that promotions should be based on competence and not by rank, age, or seniority. Gen Xers can be motivated by flexible schedules, benefits like telecommuting, recognition from the boss, and bonuses, stock, and gift cards as monetary rewards. Millennials – born after 1980, this tech-savvy generation is currently the largest age group in the country. They’re in their 20’s and are beginning to come into their own in the workforce. They’re the fastest growing segment of today’s workforce. That’s not to say that you can’t motivate this generation because you can by offering skills training, mentoring, feedback. Culture is also extremely important for Millennials. They want to work in an environment where they can collaborate with others. Flexible schedules, time off, and embracing the latest technology to communicate are also important for Gen Y. Millennials also thrive when there’s structure, stability, continued learning opportunities, and immediate feedback. If you do offer monetary rewards, they prefer stock options. Generation Z – This generation is right on the heels of Millennials. And, they’re starting to enter the workplace. Even more interesting, they make-up one-quarter of America’s population, making this generation larger than baby boomers or Millennials. This generation is motivated by social rewards, mentorship, and constant feedback. They also want to do meaningful work and be given responsibility. Like their predecessors, they also demand flexible schedules.
Flexibility and Work-Life Balance
The main recurring pattern of these generations is a work-life balance along with a flexible schedule. But what does that mean? Flexibility in the workplace along with work-life balance, span across the generations. But what does flexibility look like? According to candidates, flexibility is the ability to have time for work, while also having an employer who allows for life events. Let’s say a family emergency arises, employees want to know that they have security in a job, while also being able to be a contributing family member. They want to know that their family life will not suffer, that there is a realistic expectation in regards to work-life balance. Work is important, but family and relationships are also very important. Another example would be commuting to work. In many cities, traffic jams can cause much time to be wasted. If an employer is flexible, the employee could have the option to work from home, telecommute, or to arrive at a time that avoids heavy traffic. This allows for less stress on the part of the employee and the opportunity to build trust as an employer. Here’s an example of what it could look like:
Of course, this is going to look very different for each individual. If any portion seems to be taking more time from another, it could lead to burnout and resentment. As an employer, you want professionals to feel accepted in their role, along with respecting how valuable their time is. SourceMatch understands how important top talent is to your organization. That is why we keep up to date with the demands in the labor market, communicate openly with our clients and assist them in deciding on ways to meet them.
Many companies now offer competitive work-life balance options. Some companies offer flexible schedules, child care, telecommuting, gym access, cafeteria access, paid breaks, wellness programs, cash incentives, and even college tuition reimbursement. Professionals have options now. With a booming economy, we need to attract and keep that talent. Utilizing a flexible schedule and work-life balance in accordance with acceptable wages, has been shown to attract and keep professionals engaged and not worried about burnout and similar effects.
Have you noticed the shift towards more work-life balance? In what ways does this affect your recruiting and company values? Us at SourceMatch are here to match your work culture with the current workforce. Reach out to us!