When it comes to attracting and retaining talent, recruiters and employers have their work cut out for them.
In such a candidate-driven market – the rate of employment is estimated at a record high of 76.3% – jobseekers have the upper hand when it comes to finding a new job role.
However, there are some things that businesses can do to attract and develop talent in 2020. Thanks to the 2020 Global Talent Trends report from LinkedIn, which surveyed more than 7,000 talent professionals in 35 countries, it discovered there are four main trends that will influence talent strategies in 2020.
“The competitiveness of UK companies is dependent on their ability to attract and retain the best talent. The current competition for disruptive tech skills, in particular, is fierce with fintechs, traditional banks and retailers all fishing in the same talent pool,” said Jon Addison, Vice President of Talent Solutions EMEA at LinkedIn.
“Companies are harnessing their culture and brand purpose and investing in thoughtful learning and development initiatives to differentiate themselves and appeal to the hearts and minds of existing and prospective talent. This is crucial to building a strong talent pipeline today and in the future.”
Read on to find out the top four trends according to LinkedIn’s report...
Focussing on employee experience
The majority of respondents (96%) claimed that employee experience is critical to their company’s success and 80% said it improves retention, but less than half (47%) believe that their company offers an excellent experience today. Therefore, LinkedIn suggests that the biggest areas for improvement include compensation and benefits, tools and technology and learning and development investment.
Studying people analytics
There’s no question that studying people data can help businesses recognise where work needs to be done. For example, early signs into skills gaps and shortages or workforce planning can all be discovered. While LinkedIn has witnessed a 299% increase in UK HR professionals with data analysis skills in the past five years, companies are only at the early stages of developing this capability.
In fact, 61% of respondents claimed that the biggest barrier is that they lack the infrastructure to analyse employee data. But this looks set to change as 72% agree that people analytics will be a major priority to their organisation in the next five years.
Embrace internal recruitment
79% of talent professionals believe that internal recruitment has become an important part of their organisation’s talent strategy. As employees’ career aspirations have changed with many no longer seeking lifelong career paths, LinkedIn suggests that companies should rethink how they offer talent a varied career, which could be all the difference when it comes to retaining individuals.
So much so that LinkedIn data has revealed that role changes within UK companies have increased steadily by six per cent over the last five years.
Harnessing a multigenerational workforce
Lastly, the report discovered that 46% of UK businesses have recently started to change the recruitment process to appeal to a more diverse workforce. In addition, 89% of respondents claimed that a multigenerational workforce makes companies more successful.