With 2019 almost behind us, we're eagerly awaiting the release of 24 Seven’s annual Job Market Report. With almost 2000 responses from professionals in creative-driven industries – here are some of our predictions about the workplace, job seeker, and hiring trends for the 2020 edition of the Report.
Comp & benefits will remain the greatest talent acquisition & retention opportunity
We expect that the majority of raises will be in the 3% range, and talent will say that better compensation is the number one cause of wanderlust (will employers ever learn that it’s less expensive to bump a salary of an existing employee rather than recruit a new one?). From a benefits perspective, we foresee that talent will express a desire for benefits that help them achieve more balance in their busy lives in the form of flex time, telecommuting, and alternative time off policies. Personal finances will remain top of mind for workers, therefore benefits that help them manage their anxieties around retirement and life expenses will be attractive – such as profit sharing, pension plans, student debt assistance, tuition reimbursement, personal financial planning services, home purchase assistance, and more. For employers, we predict that benefit and perk packages that are currently offered are not attractive enough to keep employees from pursuing other employment opportunities.
Talent will remain confident
We expect to find that talent feels secure in their current job and confident in their ability to land another position in today’s market (with a majority pursuing a potential opportunity in the past year). For the searchers, we predict an increased importance in the quality of life and better company culture to emerge as primary drivers for seeking new employment scenarios.
Competition for talent will go unchecked
Hiring managers are likely to say that competition for talent is relentless and that companies are struggling more often with candidates accepting job offers. Employers will say that there’s a greater willingness to negotiate on their part, and salary will surface as the most contentious aspect of the employment packages. Marketing professionals, specifically digital experts, will continue to lead the most in-demand talent pool. We suspect that cultural fit and soft skills will rise among the most important attributes in evaluating a candidate for employment.
If you’re not thinking about diversity and inclusion start now
Diversity and inclusion are growing in importance as a focus, and most respondents will report that their companies are demonstrating a commitment to this goal through well defined and active policies. And we anticipate that employees who feel strongly about their company’s commitment will be less likely to seek employment elsewhere and feel more engaged at work. While we expect that there will be an increased concern for the economy by hiring managers and employees alike, we do not believe these worries will impact companies’ hiring plans, or the willingness of talent to look for other opportunities. What do you think? Sign up now to receive an early copy of our 2020 Job Market Report here!