2020 HIRING OUTLOOK

4 Strategies For Hiring & Engaging Talent In An Evolving Market

hiring-outlook

2020 HIRING OUTLOOK

4 Strategies For Hiring & Engaging Talent In An Evolving Market

hiring-outlook
hiring-outlook

2020 HIRING OUTLOOK

2020 HIRING OUTLOOK

4 Strategies For Hiring & Engaging

Talent In An Evolving Market

4 Strategies For Hiring & Engaging Talent In An Evolving Market

introduction

It’s the best job market in a generation, which means organizations across the board are still in a race to secure the best talent and job seekers are faced with more opportunities than ever before. What does this mean for hiring and talent engagement in 2020 and beyond?

what is everyone saying?

recession-outlook

3.6%

current unemployment rate, remaining at a 50-year low

Bureau of Labor Statistics

9 in 10

economists say the U.S. is at or near full employment

WSJ

69%

of employers plan to hire new staff in 2020 (a 7% increase from 2019)

what is everyone saying?

what is everyone saying?

recession-outlook

3.6%

current unemployment rate, remaining at a 50-year low

Bureau of Labor Statistics

3.6%

current unemployment rate, remaining at a 50-year low

Bureau of Labor Statistics

9 in 10

economists say the U.S. is at or near full employment

WSJ

9 in 10

economists say the U.S. is at or near full employment

WSJ

69%

of employers plan to hire new staff in 2020 (a 7% increase from 2019)

69%

of employers plan to hire new staff in 2020 (a 7% increase from 2019)

The U.S. is in its 11th straight year of job growth, unemployment remains at a record low, and consumer spending is strong. As the talent gap widens in 2020, we are still very much in a candidate-driven market, meaning employers must work to keep talent engagement front and center. This goes beyond simply focusing on finding the right talent, but investing time and resources in improving the candidate experience, upskilling your workforce, and implementing an employee-first culture.

THE CURRENT STATE OF HIRING

competition-for-talent

More competition for talent

interviewing-multiple-rolesinterviewing-multiple-roles

59% of professionals were interviewing for 2+ other roles when interviewing for their current position (a 4% increase from 2019)

competition-for-talent

More competition for talent

interviewing-multiple-rolesinterviewing-multiple-roles

59% of professionals were interviewing for 2+ other roles when interviewing for their current position (a 4% increase from 2019)

compensation-increasing

Compensation is increasing

change-jobschange-jobs

91% of working professionals would change jobs if offered a significant increase in compensation

compensation-increasing

Compensation is increasing

change-jobschange-jobs

91% of working professionals would change jobs if offered a significant increase in compensation

looking-for-jobs

Professionals are on the lookout

change-jobschange-jobs

87% of employees would leave their current jobs for greater stability + job security

looking-for-jobs

Professionals are on the lookout

change-jobschange-jobs

87% of employees would leave their current jobs for greater stability + job security

With professionals in the driver’s seat, they are making their priorities known when making career decisions. In addition to getting paid what they know they are worth, they expect their job to provide personal fulfillment and meaning. If your employees do not feel supported, aren’t learning new skills for the future, or are disengaged with their work, they will move on.

 

These needs will be heightened in the face of business uncertainty and change. During these times, your staff will look toward leadership for guidance and reassurance. If they do not feel you are being open and honest with them or that their position is secure, these attitudes will impact overall productivity, morale, and turnover.

executive-leadership

86% of working professionals feel that

the actions of executive leadership affect the

overall company culture at their organization

86% of working professionals feel that the actions of executive leadership affect the overall company culture at their organization

With that said, leaders must turn their focus to creating the best experience possible for staff at all stages of the employee lifecycle. From potential new recruits to the most tenured employees, companies need to understand and adapt to what professionals are looking for as they advance in their careers. Additionally, employers must not wait until it is too late to try and win over employees who have one foot out the door. For employers, this means you need to start treating your employees as your greatest asset. 

extend-counter-offer

EMPLOYERS

69% of employers said that they would extend a counter offer in order to keep their best

employees.

69% of employers said that they would extend a counter offer in order to keep their best employees.

counter-offer

EMPLOYEES

However, 60% of employees said that they would reject a counter offer from their current employer.

reject-counter-offer
extend-counter-offer

EMPLOYERS

56% of employers said that they would extend a counter offer in order to keep their best

employees.

69% of employers said that they would extend a

counter offer in order to keep their best employees.

69% of employers said that they would extend a counter offer in order to keep

their best employees.

counter-offer
reject-counter-offer

EMPLOYEES

However, 60% of employees said that they would reject

a counter offer from their current employer.

However, 61% of employees said that

they would reject a counter offer from

their current employer.

read on to learn how you can attract + retain top talent in spite of business uncertainty by:

read on to learn how you can attract + retain top

talent in spite of business uncertainty by:

read on to learn how you can attract + retain top talent in spite of business uncertainty by: