Recruiting in 2020: What Do HR Managers and Executives Need to Know?
Posted January 31, 2020 in Articles
According to Kiplinger.com, the U.S. workforce will see average gains of 150,000 new employees per month during 2020. While this reflects a modest decline from 2019 (and a fairly substantial drop from 2018), it nonetheless means that many human resources (HR) departments will be very busy courting, interviewing and training new hires throughout the year.
5 Key Recruitment and Retention Considerations in 2020
Since the job market will remain fairly competitive, HR managers and executives will need to keep their recruitment and retention strategies in sharp focus. With this in mind, here are five key considerations for workforce development in 2020:
1. Compensation and Benefits
While there has been a shift recently toward job candidates (and existing employees) placing enhanced value on benefits other than compensation, pay rates nonetheless remain key driving factors and differentiators for individuals who are considering multiple job opportunities. Kiplinger.com reports that wage growth dipped slightly at the end of 2019, but companies will still need to offer attractive compensation packages in order to court top talent in 2020.
2. The Recruitment “Experience”
In highly-competitive job markets, companies will need to make the recruitment process itself an experience. While most candidates search for jobs online, when it comes to choosing a job, today’s job candidates want to get a feel for what they can expect in person. If a candidate has multiple options, he or she is far more likely to choose a company that has invested itself in demonstrating its offerings and capabilities.
3. Connecting with a Brand
While the gig economy is still going strong, there have been some recent indications of a shift back toward the prioritization of job stability and building strong personal connections at work. For companies, this means that building an attractive and relatable brand is not just about attracting customers—it is also about attracting new, highly-engaged employees.
4. Social Recruiting
Social media will continue to play a major role in recruiting in 2020. This has been a trend for several years now, and we do not see this changing any time soon. Companies will continue to connect with job candidates through their social media platforms, and job candidates will continue to use their social media profiles as resumés, portfolios and personal branding tools. Among other things, this means that the recruiting process will continue to move much more quickly than it has in years past; and, in order to avoid missing out on potential hires, HR departments will need to be savvy about using social media for recruiting purposes.
5. Data-Driven HR Management
Given the pace of the recruiting process and the increased competitiveness of the market for top candidates, HR departments will need to make decisions based on data in 2020. There are various tools and resources available, and positioning your company to make strong hires (and maintain a high retention rate) will require the ability to assess job market trends in real-time.
Discuss Your HR Department’s Needs with a Consultant at Mithras Investments
If you have questions about using data to enhance your company’s recruitment efforts or would like more information about what HR departments need to know in 2020, we encourage you to get in touch. To speak with a consultant at Mithras Investments, please call 305-517-7911 or inquire online today.