As the new decade rolls in, companies need to increase their emphasis on new hiring strategies. Staying current with the latest talent acquisition trends will yield a competitive advantage when hiring elite talent. Many companies are beginning to set employee benefits as a main priority to draw in a large talent pool during recruiting periods.
8 Hiring Trends for 2020
- Technology will optimize the candidate experience
- Companies will combat the skills gap by adjusting their hiring strategies
- There will be a bigger emphasis on benefits over pay
- There will be an emphasis on diversity in the workplace
- Recruiters will increasingly use AI-powered tools to assess candidate suitability
- Cultural fit – and on-boarding best practices – will matter more
- Flexible work schedules will become the norm – not the exception – for professionals and employers alike
- Social media presence will be a part of the hiring process
Benefits Over Pay
Salary has remained a deciding factor for job seekers, however, young professionals are shifting their focus to benefits over pay when considering a specific profession or organization. According to the article, 8 hiring trends for 2020, Amy Cooper Hakim predicts “killer health insurance, unlimited vacation policies and work-from-home part of the week perks may outweigh a bulky paycheck in the years to come”. Especially with a younger audience entering the workforce, many millennial’s and members of Gen-Z are interested in new experiences and travelling over luxury items. Thus meaning, longer time off for vacation and the flexibility to work from home speaks greater volume than a higher salary.
As career paths are determined by young professionals, an article by Ladders concluded that “77% of people rate culture as ‘extremely important’, and 64% of employees admitted they are less likely to stay at a job after a negative on-boarding experience”. Individuals want to stay at a company where they enjoy going to work every day and are able to build long-term relationships. Employees want to feel that their job is the right “fit” for them and that they are able to thrive in their work environment. Although most companies draw a focus to their company culture, there are still organizations that do not find this to be a priority. Companies must stay up-to-date on current trends in order to remain competitive when recruiting new talent.
These eight trends will begin to take shape as 2020 progresses and organizations continue to recruit top talent in a competitive job market. Businesses must continue to market themselves during recruiting periods to maintain an optimal reach to their target talent pool. By discussing strong points within the company, having an elite talent base is inevitable.