A lot has changed since the start of 2017. HR professionals must do everything they can to recruit, engage, and retain top talent. Now is the time to use these 2018 HR trends to set yourself up for success. By 2020, there will be a global shortfall of approximately 85 million qualified workers, reports SHRM. The HR trends discussed include digitizing HRM, adjusting recruiting strategies, and how you’ll need to cater the employee experience for a variety of demographics. To stay ahead of the competition, employee experience should be a top HR strategy that needs to be created and implemented immediately. Employee experience will set your organization up for success, so think about your strategy ideas when you read the following 2018 human resource trends.
1. Digitize HRM, Including People Analytics
It’s no surprise that technology is on the rise to make your job tasks more efficient, but does it simplify and improve HR processes specifically? You can bet on it. Traditional HR models are moving to a more evidence-driven HR. People analytics, specifically, will have the most focus in 2018. People analytics, also known as talent analytics or HR analytics, refers to the method of analytics that can help managers make decisions about their employees or workforce. Many companies are looking to better drive the return on their investments in people. Examples include measuring diversity, gender pay equity, skills gaps, labor utilization, retention rates, real-time feedback, and even organizational network analysis. People analytics is a key ingredient to managing a high performing company. According to Forbes, 2017 has seen people analytics arrive “with a vengeance”: this year, 69% of companies studied have been actively taking steps to improve the way they look at people data, compared to only 10-15% before. (Source 1) 69% of companies are integrating data to build a people analytics database, according to Forbes.
The need for high-quality data is urgent, but there are many analysis tools out there. Approximately 40% of companies now have a cloud-based HCM system and this numbers growing. (Source 2) According to the latest Sierra-Cedar survey on HR systems, the average company now has more than 7 “systems of record” for people related data. Payroll, learning, recruiting, performance, engagement, wellbeing, and others are included. Integrating this data is now easier with cloud-based payroll and HR systems like Dominion’s. With your HR needs and processes in mind, Dominion created proprietary software to simplify and minimize your time spent on all your payroll, time and attendance, and HR needs. Within our Applicant Tracking software, we have data analytics right on the home page. Integrated tracking data that’s digital can allow you to better strategize and focus your budget and time where it’s needed. How will you combine your employee experience journey with the data analytics you’re currently provided? Do you need to look into an all-in-one cloud-based payroll and HR software?
2. Adjust Recruiting Strategies
As previously mentioned, recruiting highly-qualified applicants is critical. Many big names announced partnerships with local schools and started programming in local cities this past year in an effort to connect with potential future employees, teach in-demand skills, and prepare the next generation for the future of work. Internally, HR will need to focus on creating a culture of training and development. Read more on recruitment strategies to attract top talent. Keeping Millennials in mind, your benefits package will need to cater to them, so you should include more benefits such as a wellness program and flexibility with balancing work and life. On the contrary, older generations will prefer to have strong 401K matches, so make sure you’re catering your benefits to all your employees’ needs. Research your audience and adjust your recruiting strategies based on your findings. 91% of employers use social media to recruit talent today. (Source 2) Should you be a part of that statistic?
3. With Shifting Demographics Comes Shifting the Employee Experience
Now, more than ever, more is needed than just keeping employees engaged. This is especially true with millennials. HR leaders need to focus on the “employee experience” as a whole, starting with the recruiting process. Other things that need to have attention include onboarding, employee engagement, fit with the company culture, recognizing achievements, utilizing digital HR tools, and the possibility of ending with an exit interview, which can be beneficial for both parties. This new focus will drive HR professionals to examine their employee journey map. Get the employees excited to work for that next promotion. Entice them to want to win President’s Club. Start a conversation with them to see what they would want from their “perfect employer”. Optimize their suggestions to mesh with your business. Successful companies thrive when they accommodate a multi-generational workforce, identify skill gaps with performance assessments, invest in training and upskilling their people, and market for the connected consumer. The U.S. military excels at creating the employee experience. They sell an idea to future employees and surround that idea with expectations and visuals that project honor and pride -- an employee experience many can believe in. Do you have a great onboarding and employee engagement plan in place for your employees, or do you need to revisit your processes?
These 2018 HR trends are changing the priorities and day-to-day activities of HR professionals. By staying on top of trends and change, an HR leader becomes a key player in the success of the organization. How are you going to use these HR trends to your advantage? Will you create and implement an employee experience strategy? Share your thoughts in the comments!
Stay up-to-date on the latest workforce trends and insights for Payroll and HR professionals: subscribe to our monthly blog e-newsletter.