Trends in the Workforce and Companies
A new year often leads to new career or job opportunities. It is also a good time to review your resume and evaluate options for developing additional skills or planning your continuing education for the year. As you make your professional plans for the year, it is helpful to be mindful of current trends in the workforce and company hiring and retention strategies. Below are some trends that will be important in 2020, based on our conversation with two tech executives who work for global companies.
Employees are not solely focused on compensation. They are looking to work for an employer/company with a clear vision and purpose, and with values that align with their own.
Diversity in gender, race, and nationalities in the workforce and leadership will continue to increase. This is critical as companies become more global.
There will be more transparency in salary. As companies work to create equal pay, access to information about salary will become more easily available. Some companies are becoming more open about the factors used to determine salaries and are even making salaries of employees public company-wide.
Companies will hire only pertinent positions that directly affect the bottom line. For example, roles in R&D or sales are key.
Employees with tech skills will be more marketable, as companies continue to hire to prepare for the future.
Companies plan to train existing employees with new skills as companies strategize for the future in hopes that these employees will stick around. New necessary skills include programming, data analysis, and organizational awareness.
Companies will see an increase in employees who change jobs and careers regularly. This trend is especially common among Millennials, who are seeking the “life” they desire, rather than just the “job” they want. Companies will have to create unique benefit programs and/or undergo company culture changes in order to retain them.
Companies will target pay increases for top performers only. There will be little or no salary adjustments for the average performers.
