Deloitte recently published their 2018 Human Capital Trends survey of 11,000 HR and business leaders. In this post, we share the top two trends highlighted in the report that have significance for companies who want to both attract and retain talent.
The theme of this years report is “the rise of social enterprise," which demonstrates a shift in how organisations, both in the UK and globally, are thinking. Historically organisations have been only evaluated on the quality of their products, services, and their financial performance; no more.
Today, businesses are also judged on:
· How employees are being treated and how engaged they are
· How companies support their communities
· The overall impact they have on society
77% of respondents in the survey felt that social impact and citizenship was essential to the growth of their organisation, while another 65% said that "inclusive growth" was one of their top 3 goals for the future.
When you consider that in Deloitte’s 2017 Millenial Survey 76 % of Millennials stated that they see business as a positive force for social impact and that Millennials now make up the largest part of our workforce, it’s easy to see why the importance of social enterprise is on the increase and the impact it will have on recruitment moving forward. Let’s take a look then at the top two trends.
Trend 1: The move from careers to experiences
Careers have traditionally been seen as a way to increase earning potential which then impacts a person and their families lifestyle. Employers today are finding that their team members know a job as an opportunity for experience, be that; a secondment to another department, office, or even country. The chance to represent the company at a leading industry conference. Maybe even do a job swap within a charity that the company partners with. For employers this raises a few questions:
· How geared to this trend are your employee development programmes? What do you plan to do to ensure you can attract the high level of talent your company requires to fuel your growth?
· How prepared are your managers to have what may be a slightly different ‘professional and personal development ‘ conversation?
· How are you evolving your employer brand to address the changing needs of employees?
Trend 2: Wellbeing
While the report found that wellbeing is increasingly valuable to employees, organisations are still a little off the mark. 59% of companies stated that they are not working on wellbeing at all, or only offer basic programmes, and flexible working is the most common wellbeing programme!
Yet 86% of organisations suggested that well-being is a critical driver of productivity. What can employers do?
Here are some practical suggestions from our own experience at Change Recruitment that work.
· Asking your employees what they need.
· Making wellness part of the company culture.
· Ensure your staff feel comfortable discussing their wellbeing needs.
· Provide appropriate training for managers to build confidence when having a wellbeing conversation. Remember that wellbeing is not just about physical health, but a person's mental health.
No matter how good you think your company is at supporting career development and wellbeing, in light of the latest data revealed in this report is now a good time for a review?
About Change Recruitment
Change is a specialist recruitment consultancy based in Scotland. We have a strong reputation for service delivery. With a global reach, we work across the UK, EMEA, the Americas and Asia-Pac, locating exceptional talent for some of the world’s leading organisations. With over 45 years in the recruitment industry, our areas of expertise include; Accountancy and Finance; Investment Management and Asset Servicing; Risk and Compliance; IT, Digital and Business Change; Marketing; Business Services and Construction and Building Services. To get in contact with our friendly team. Email us here or call Glasgow ++44(041) 226 3101 or Edinburgh +44(0131)225 7744.