February 20, 2020
How has employment and the workplace changed?
Employment and workplace trends help showcase how businesses and organisations change over time. The trends and predictions around the way people are working help define the recruitment strategy for a business. Businesses that understand and value such insights can ensure they align any hiring approach with these trends. This helps businesses recruit and retain the very best candidates.
Although every business is different, and every market is likely to see its own unique trends and patterns, there are a few overwhelming workplace trends that shaping boardrooms and offices all around the world.
Although political and economic circumstances will always impact local and global job markets, there are also trends, that are more deep rooted in how societies are evolving and moving forward. These are the trends that smart businesses should be aware of and position their businesses appropriately.
Edward Drummond & Co can help your business stay on top of workplace trends. From in-depth market analysis, to executive search and NED recruitment, we can help you ensure your business is ready for the future.
Value of talent
There has been a huge shift in the relationship between businesses and employees recently, often without either party knowing. This shift reflects the increased competition for talent. Talented candidates are becoming increasingly sought-after and businesses need to recognise the importance of attracting and retaining staff.
The global approach to employment now means businesses have access to a much greater pool of talent. Similarly, this means businesses now have more vulnerabilities of losing great talent to other businesses. Candidates are more than happy to jump ship every couple of years, meaning the potential to lose talent is as worrying as the benefits for acquiring new talent. As a result, the battle for talent will be one of the hot topics in every boardroom.
The concept of customer experience has now been adopted by many successful businesses. They understand and value the idea of creating a unique and memorable experience around their business. However, smart businesses are also recognising the importance of employee experience.
Employee experience is vital for retention, and as already discussed, the ability to retain top talent is one of the first objectives for every business now.
This means taking the time to understand how each employee is expected to work and in what conditions, is a huge part of how they’ll interpret your business – and ultimately, if they want to stick around.
This relates to the current trend of continual employee reviews and engagement, instead of just having an annual review.
Generation Y and Z
It’s that time again where a new “defined” generation enters the workplace. Generation Z officially joined the workplace in 2016/17 and continue to make up a larger percentage each year. Businesses that are ready and prepared to welcome this generation in, are likely to find themselves with more engaged and happier employees.
Generation Z brings the most technologically savvy workers, who intuitively understand and embrace digital technology and innovation. These candidates could offer fantastic opportunities for businesses currently failing to capitalise with digital, so could become key members of business teams.
We are also finding more Generation Y candidates in positions of management and directorship. The C-suite will continue to welcome Generation Y, and this means top level decisions are often coming from a different perspective.
Both Generation Y and Z are likely to put pressure on businesses to adopt flexibility and meaningful work. Businesses shouldn’t ignore this as recruiting up and coming boardroom talent could become “mission impossible” if the next generation doesn’t want to work for a business with outdated operations or viewpoints.
The increase in freelancers and the gig economy has risen dramatically in recent years. This is leading to more businesses having teams made up of full time staff, part time staff, freelancers, agencies, and cross-department members.
This brings with it many advantages and businesses shouldn’t resist such trends. Instead, they should welcome the idea of flexible workers, and focus on being able to leverage an “on-demand” workforce.
The relationship between business and technology will only strengthen going forward. Technologies that help save time and resources will become ingrained into the workplace. Artificial intelligence and virtual reality are two examples that are promising to change the way we work and live.
This means having candidates who can manage and leverage the opportunities of such technology are likely to be in high demand.
Finding talent with Edward Drummond
If you’d like to learn more about how your business can leverage executive search and recruitment to align with the current trends in employment and the workplace, please don’t hesitate to get in touch. We’re a dedicated team who help our clients achieve more through helping to find top talent as well as identifying market opportunities and challenges through in-depth consultancy and support.