The good news is that the economy is showing signs of improvement. National unemployment rates etched downward to 8.3% in January. News of hiring plans and expansions in 2012 offers a pleasant change to previous years' news of doom and gloom. According to the 2011-2012 Economic Trends Survey Results, by Employers' Association of Florida, the majority of respondents (77%) believe the economy is the same or better than 2010 and 86% believe the economy in 2012 will be the same or better than in 2011. Additionally, the majority of organizations plan on maintaining or adding staff in 2012, and 72% of the reporting organizations expect to see increases in sales/revenue in 2012. Strategic planning requires looking forward and getting armed with tools and resources to meet new challenges and opportunities. Companies most prepared to brace the changes will have a distinct advantage over those that lag in any of these areas. Here are some trends to watch.
Social Media: Leading the pack in these trends will continue to be the use of social media to recruit and expand networks, notably via LinkedIn, Facebook and Twitter. Currently 85% of US companies use LinkedIn for recruiting and that trend will continue to rise. Tied to that, will be increased use of the mobile device, including cell phones and tablets, used for everything from email, IM's, texting, voice and video messaging, particularly as remote work trends upward.
Competition for Talent: Not surprisingly, as companies prepare to meet revenue projections, the need to recruit top talent also emerges. The challenge is not so much in finding talent as it is to find the best talent. As unemployment drops, so does the supply of qualified, skilled and experienced candidates as they get scooped up by the most willing and able employers. Creating a recruitment team, utilizing the most up to date recruiting methods and becoming employer of choice will ensure companies keep abreast of the competition.
Retention of Top Talent: Most surveys reveal that despite high engagement scores, majority of employees are willing to leave their current job as soon as a better opportunity presents itself. Since economic recovery offers many employment options, dissatisfied employees are quick to jump ship creating voluntary turnover - employees voluntarily leaving for other opportunities vs. involuntary turnover where they are forced to leave as in the case of an economic recession. It is estimated that it costs employers 3 times the salary to replace every employee. Reviewing and strengthening retention strategies will ensure productivity remains high and profits are not drained by high turnover costs.
Forward-Looking Metrics: Most talent management and recruiting trends will involve forward looking metrics to establish predictive analysis. This includes using them in production, supply-chain and finance, as well as talent selection and retention. Traditionally, companies have employed backward looking metrics that tell how things were in the past. Forward-looking metrics can not only aid in decision-making but can also help to avoid or mitigate future talent problems.
Seema Rafay is the President of Spectrum Performance Management, a FL based, global talent management firm, providing talent solutions in hiring and selection for performance, retention strategies, succession planning, and top brass leadership development. She specializes in right-fit performance profiling and job-matching in the selection and development of top performers, executive coaching, and customized employee performance workshops. Visit www.spectrum-performance.com for details, or contact Seema at email@example.com or 786-245-7161