With unemployment at a 16-year low and job hopping at an all-time high of 28% annually, every employer is in a battle to attract, engage and retain top talent in 2018. According to a new ADP report, here are the key topics HR must pay attention to this year:
1. Focus on teams and team leaders. People join the “we” (company brand, mission) and leave the “me” (a poor relationship with their team leader.) Train managers to become better team leaders. Because most work gets done on teams, measure employees’ performance on teams, with input from colleagues.
2. It’s all about engagement. People don’t want to be managed; they want to be engaged, developed and coached. Engaged employees drive business growth. For advice on better engagement, go to www.theHRSpecialist.com/connect.
3. Annual reviews are not enough. Today’s employees expect regular, ongoing feedback based on real data. Collect data using pulse surveys,assessments and manager check-ins. Make sure any performance ratings are based on reliable data.
4. Embrace behavioral economics to understand, predict and drive human behavior. Example: Loss aversion says people are twice as motivated to avoid losses as to secure gains. So leaders will be twice as motivated to improve if you say, “Here’s what you stand to lose in future promotions by not becoming a better leader” versus “Here’s what you stand to gain.”
5. Use your data to see around corners. For example, examine pay equity in your organization and work to close gaps to prevent top talent from leaving (and to attract talent).
6. Your not-so-secret weapon? Benefits. But they mean nothing if you’re not communicating your offerings to candidates and employees. Plus, market any out-of-the-box perks like student loan repayment to set yourself apart.
7. Remove unconscious bias in recruiting. Hiring based on in-person interviews will lose importance as more science-based assessments and blind search, skill and résumé reviews are used.
8. Managing globally is more complex. Look to cloud-based solutions to integrate disparateand HR systems across countries to ensure compliance.