Job and career networking site LinkedIn recently surveyed more than 7,000 talent professionals in 35 countries, looked at LinkedIn behavioral data, and conducted interviews with experts to create its annual Global Talent Trends report for 2020. The report focused on four trends that reflect the increasing expectations of what employers owe to their people (and what employees expect).
LinkedIn's 2020 Global Talent Trends report shows that companies are rethinking their relationship with candidates and employees, treating them with greater empathy to not only attract in-demand talent, but to retain their workforce amid increasing expectations of what employers owe their people.
In the words of the report, "The 2020s will be all about putting people first."
From a heightened focus on employee experience to the maturation of the multigenerational workforce, the report reveals why it's crucial to create a workplace that builds people up and puts them first. Here's a quick summary of the findings:
- Employee experience (EX). Improving your employee experience can help you attract and retain talent. 96 percent of HR and talent acquisition leaders say employee experience is becoming more important, yet only 52 percent say their company provides a positive experience.
- People analytics. People analytics have reached an inflection point where data is accessible to all. 73 percent of talent leaders say people analytics will be a major priority for their company over the next five years.
- Internal recruiting. Chances are you're overlooking a promising talent pool: your own people. 82 percent of talent leaders say internal recruiting is increasingly important to company success, and better retention may be why: companies with higher than average internal hiring see their employees stay 41 percent longer.
- Multigenerational workforce. Later retirements and the arrival of Gen Z mean companies are seeing more age diversity than ever. 89 percent of talent pros say a multigenerational workforce makes a company more successful, and 56 percent have recently updated policies to appeal to all ages. Also worth noting: Baby Boomers stay 18 percent longer and Gen Xers stay 22 percent longer than the average employee (almost 2x longer than millennials)
As these factors shape the future of talent management, businesses will need to find new ways to cater to their people, understand their behaviors, advance their careers, and celebrate their strengths. The report also includes actionable advice for leaders to turn insight into action.