4 employment trends organizations should pay attention to in 2020
LaSalle Network works with hundreds of CEOs, CFOs and HR leaders annually on hiring and retaining their people. Based on the conversations, below is what we expect to see in 2020:
Great jobs market will continue:
Some of the top industries we'll continue to see hiring are in healthcare and technology. Additionally, revenue-driving positions like sales and marketing will continue to be in-demand as companies work to remain competitive in today's business landscape.
Employees want training and development:Training and development will be key for not only recruiting and hiring, but increasing employee engagement and retention, too. Today's employees value training and development and have come to expect it from businesses. Think about if you'd be willing to invest a substantial amount of money into training a potential employee during the interview process, and if the answer is no, they are not the right fit for your organization.
Offer tuition reimbursement or invest in sending staff to conferences or seminars. The details will look different from company to company, so figure out what makes the most sense for your organization. The bottom line is employees want to know their employer will invest in their development. It's become the most important benefit companies can offer, and in the tight labor market, businesses can't afford to ignore the importance.
Shift in benefits focus:.Employees won't be fooled by perks like unlimited paid time off (PTO). What happens when companies offer unlimited PTO is it actually incentivizes employees to take less vacation as they worry they'll lose out on projects or promotions because other colleagues are in the office. This once hot perk is losing popularity as the shift moves toward benefits that actually help employees manage their life both inside and outside of the office better. For instance, paid family leave, which was just instituted for federal workers, pet insurance, or flexible work arrangements. These are the types of benefits employees will value in 2020.
New workplace legislation:Two new laws go into effect for Illinois starting January 1; one makes the use of recreational marijuana legal and the other requires all employees to receive annual sexual harassment training. Governor Pritzker also enacted the Illinois Salary History Ban, which went into effect at the end of September 2019. Consider how this will impact your hiring process as well as workplace policies in the year ahead. Know your responsibilities as an employer and make sure staff is educated about what is and isn't allowed under the new laws.
Overall, businesses are bullish going into the New Year. They're capitalizing on the good economy and investing back into their businesses.
• Tom Gimbel is founder and CEO of the LaSalle Network in Chicago.