Hiring Strategy in the New Year: 5 Trends to Watch in 2018
Are you ready? The countdown is on! It’s only a matter of days until 2017 is behind us.
It’s been a whirlwind year – unemployment is at a ten-year low, a new tax plan promising major corporate cuts looms large on the horizon, and most recently women everywhere, from Hollywood to Washington D.C., have been empowered to speak out against workplace harassment.
What’s ahead in 2018? We’ve got some ideas:
1. Paychecks get bigger as job market tightens.
Despite record breaking unemployment rates, wages have yet to increase in any significant way; the median salary growth over the last 12 months is 2.5%. This is virtually unsustainable – as it becomes increasingly difficult to attract the best talent, companies should prepare for salary surges across the board.
Alternatively, consider what benefits are most valued by your employees and focus your efforts on improving compensation packages more generally. A growing interest in work-life balance, in combination with an increasing number of Millennial and Generation Z workers, means that companies will have to offer more than just higher salaries to remain competitive.
2. Diversity and Inclusion takes the mainstage.
January 21st 2017, upwards of 3 million women marched in solidarity in states across the US against the rising tides of oppression. Similarly, this month’s newly appointed Person of the Year, named by Time Magazine as “The Silence Breakers,” represents the women who continue to raise their voices against provocation, discrimination, and systemic abuse.
2017 has seen the seeds of change sown; 2018 will be the year they take root. Consider recent legislation – some of which will only go into effect in 2018 – banning employers from using Salary History to determine compensation. Similar laws are sweeping the US, including “Ban the Box” legislation and Equal Pay statutes.
The future is clear: more than ever, workplaces will be held accountable for their positions on key Diversity and Inclusion policies. Any company not keeping up with advances in this movement risks appearing out of touch and insensitive.
3. Job hopping slows as Generation Z seeks increased stability.
Raised in a time of “safe spaces” and helicopter parents, Generation Z holds especially conservative values – and they’re the fastest growing group in the job market. Their childhood was marked by 9/11; their adolescence by growing fears of climate change. It should come then as no surprise that they hold markedly different values than their predecessors.
While Millennials sought professional independence, Gen. Z is attracted by stability. They’re still interested in flexible work benefits and wellness packages, but they’re most concerned about 401ks and health plans. Act accordingly!
4. Less remote work, more flex work.
Earlier this year IBM recalled its remote workforce, following the example of Yahoo and Best Buy. The corporate stance on remote work seems to sway from extreme to extreme – one moment IBM is touting the undeniable benefits of telework; the next it’s creating policies to prevent it.
One thing is undeniable: remote work is considered a highly desirable benefit to employees, if not always to employers. To stay relevant in an increasingly competitive jobs market, employers will have to offer some remote work substitute.
Rather than working fully remote, workers will be empowered to independently manage their time and workflow – to an extent. Without offering too much freedom, flex time allows people to better balance their personal and professional duties.
5. Indeed who? Google Hire disrupts online job search.
Google’s new job search feature allows interested candidates to browse jobs directly from Google. The positions listed are collected from a variety of sources including LinkedIn and Monster. Notably, Indeed is left off the list.
Could this mean the end of Indeed? They’ve been a formidable powerhouse and dominant resource in the recruitment sector. Yet Google’s new integrated service clearly paves the way for an Indeed’less future – and who are we to question Google?
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