Hiring and Benefits Trends – Inside Indiana Business
“If you want a year of prosperity, grow grain. If you want ten years of prosperity, grow trees. If you want a hundred years of prosperity, grow people. This ancient proverb is applicable today, as it was thousands of years ago, maybe even longer, when it comes to working with people, rather than having them work for you.
While there are many areas that need to be addressed in the field of human resource management, several surveys and studies have been conducted recently to help companies master ways to improve the overall employee experience. Here are some trends you should consider implementing in your business:
The Hartford conducted a study that found the following perquisites were of significant interest to employees: paid time off (52%), hospital insurance (48%), employee assistance programs (56%), and health services mental (51%).
Perhaps one of the most significant pieces of information from one of the surveys was the impact of the multigenerational workforce. It showed that baby boomers and Gen X employees end up staying twice as long as Gen Y employees. depending on your company’s multi-generational workforce.
LinkedIn recently conducted a survey of more than seven thousand human resources professionals. The survey results indicated that people analysis was one of the main future needs or necessary outcomes, with the main theme being caring for people. People analytics is defined by Inc. Magazine as “using data to strengthen your HR department’s ability to consistently find and retain great employees.” People analytics is a major trend where almost half of companies surveyed said they needed help measuring employee performance to “identify the risk of flight from their ranks, reduce biases in hiring and promotions, predicting a candidate’s potential success in a position, etc.”
Another area of importance is that of “promotion from within” the company. Many companies overlook the best possible candidates, the employees who are right in front of them. The survey showed that 82% of respondents agreed that it was “becoming increasingly important to the success of the business”. The data seems to confirm that companies that promote from their ranks retain more of their staff.
A recent study by Gartner indicated that 47% of companies surveyed will plan to work remotely some of the time, even if the pandemic is mostly over. Other trends indicate that nearly 43% of companies will also offer flex days as part of their benefits, allowing staff members to choose when they can work remotely or onsite. The new concept is called hybrid offices and according to Gartner, it’s one of the hottest trends so far in 2022.
Many organizations also offer a coworking space instead of the traditional individual office, dedicated office or workplace. When they plan to work there, they reserve a particular place in advance. Some companies even allow their employees to choose the hours and/or days they can work, which tends to be drastically different from the traditional eight-to-five, five-day-a-week job.
The above trends alone have an impact on the long-term and strategic implications of office space and the use of real estate assets. Some companies are taking a longer-term view of this trend and adjusting their capital expenditures for bricks and mortar accordingly. Sales and marketing software company Hubspot offers its staff three options; @home, @office or @flex allowing them to choose work from home, office or a flexible plan, for where they want to work most of their time over the coming year. Using this type of plan not only helps the employee plan their year, but also allows the company to plan the use of their building.
Redefining the employee experience has become a top priority for many companies. In light of the “Great Resignation,” many organizations are working to build even stronger leadership teams and build trust among the current workforce, according to recent McKinsey research. The employee experience will be defined as focused on well-being and the rationalization of daily tasks.
Finally, some companies even provide food delivery to an employee at home, to minimize or eliminate the need for grocery shopping and cooking.