Trying to decide how you will make the most impact for your organization this year? Then our Trends Report 2020 is required reading. We’ve taken learnings from hundreds of clients who lead their industries, and the latest news stories and industry research, and served up what we believe will be the most important trends shaping our industry this year. Read on for a quick peek at what you’ll find. Spoiler alert: Technology figures heavily in every hiring trend as organizations look to change business models and increase revenue.
Hiring for Retention Goes Next-Level
It’s staggering to think that 33% of an organization’s workforce may turn over this year, but that could easily be the case in this candidates’ market. Talent and skills shortages rage on, spurring organizations to get ever more creative with strategies to keep the best workers and prevent turnover.
More-than-competitive compensation is one such strategy. In late 2018, Amazon increased its minimum wage for all employees to $15 an hour. Not to be outdone, Bank of America will be paying all employees a minimum of $20 per hour starting in 2020. While the federal minimum wage sits at $7.25, it’s clear that organizations are feeling pressure to do more to attract talent that will stay.
Other organizations have concentrated their efforts on selecting for retention during hiring. Pre-employment assessments, AI and predictive analytics are all in play as these organizations increase the sophistication of their hiring process. Any of these strategies or a blended strategy may work, so the challenge becomes understanding which combination will have the greatest ROI for your particular hiring endeavors.
Surer Steps Forward with AI
HR professionals are feeling the pressure to integrate Artificial Intelligence (AI) technologies to improve hiring performance, especially as other functions within their organization demonstrate measurable results with their HR AI implementation. However, HR faces some unique challenges with HR AI in terms of hiring, and it can feel like a risky step:
- Excitement around HR AI has led to many new hiring tools which purport to use AI to make the hiring process more seamless, efficient, and effective. The market has become crowded though, and not all AI is created equal. Sorting through multiple potential solutions, many of which are apples to oranges, makes the buying decision more complex.
- Fear around the use of potentially invasive, black box-type AI grew steadily in 2019. Not all candidates within today’s talent market feel confident about being treated fairly when advanced, automated tools are used in hiring.
HR professionals are starting to establish ethical HR AI positions within their organizations and looking for their technology partners to do the same. In 2020, expect to see more industry focus on the benefits to and rights of individual candidates. This trend will be accelerated by a growing body of US and international AI ethical standards.
Solving the Personalization Paradox
As you well know, one of the largest struggles with the modern hiring process is balancing top-of-funnel speed and efficiency with a pleasing, personalized candidate experience. Organizations are deploying new strategies to personalize the application process, such as
- Personality and interest inventories on the career page, giving candidates the ability to self-reflect while also sharing valuable personal information that can be mapped to current job openings, and
- Realistic job previews, which help candidates understand more about open jobs that best fit their interests and personalities.
HR professionals face similar buying-decision challenges as with AI when it comes to technologies that can effectively personalize the hiring process.
Hiring this year will have its challenges, but there’s opportunity to be had as well. Download our report today to ensure you’re staying current with best practices and informed on trends, like the latest in HR AI, that could help you elevate hiring performance in 2020.