If you missed Paycor’s Spring HR and Compliance Web Summit, we’ve got you covered.
Nearly 6,000 business leaders attended the Web Summit and came away with new insights and key learnings. For the full scoop on navigating compliance, managing risk and thinking differently about people management check out full recordings from each session. Pressed for time? Then skim this review, where we’ll highlight key takeaways:
• How to get ahead of dramatic changes in HR
• Managing the volatile compliance landscape
• Tips to navigate a competitive labor market
• What it takes to be an effective leader
• How employee engagement can lower turnover by 25%
3 HR trends your employees are talking about
2017 is a year unlike any other for HR professionals. Change is happening everywhere and uncertainty is being felt throughout the profession – and its only March. The challenge is tackling the issues that keep you up at night. Issues like:
• 28% of respondents surveyed during the Web Summit are most concerned with compliance regulations and preparing for the impact of potential change.
• Recruiting quality talent (23%) and offering competitive compensation and benefits (13%) were also areas of concern.
Here’s a look at other emerging HR trends to keep your eye on.
The Workforce Is Changing
Baby boomers are no longer the largest generation in the workforce. And with nearly 10,000 Baby Boomers turning 65 each day, many are retiring and some are moving to a new career. Thus, you’re challenged with:
• Managing the loss of knowledge and experience in the workforce
• Retaining Baby Boomers to minimize gaps in the workforce
• Transferring their knowledge and experience to younger generations of employees
Tips to retain Baby Boomers:
• Take the time to understand what they enjoy about their role
• Facilitate mentoring with Baby Boomers and Millennials
Paid Family Leave: Change is coming
According to a report from the Society for Human Resource Management, organizations gave mothers 41 paid days of maternity leave compared to 22 paid days of paternity leave for fathers. But progressive employers are shifting their focus from maternity leave to family leave because:
• Millennials who are starting families are placing a greater emphasis on paternity leave because of the role fathers play in raising a child.
• Paternity leave can promote parent-child bonding and increase gender equity at home and at work.
• There is also a push from the Gen X and Baby Boomers who are now challenged with caring for aging parents and require family leave to support family members.
• Many companies are placing greater emphasis on paid family leave and acknowledging the role both men and women play in caring for family.
What to do: Read more about how paid family leave could evolve in Paycor’s HR Trends whitepaper.
Are you meeting the demand for workplace flexibility?
If you’re not creating an environment that promotes workplace flexibility, you’re likely missing out. Candidates are expecting it and employers looking to attract top talent are utilizing the perk to beat the competition.
• More and more employees are asking organizations during interviews to set proper expectations around work-life balance.
• Employers can distinguish themselves in this competitive market by adopting a flexible approach to work-life balance.
• Studies have shown that workplace flexibility has a direct effect on engagement, morale and reducing turnover.
• Examine your current requirements and expectations to determine if you are promoting a culture that supports work-life balance.
What to do: Want more ways your organization can benefit from flexible schedules? Learn now.
4 tips to navigate a tight labor market
Unemployment is at the lowest rate in 9 years and finding top candidates is challenging. Recruiting is becoming more expensive because the candidate pool is shrinking. It’s a candidate market and job seekers are becoming more selective than ever when examining new opportunities. In recruiting, the stakes are high for both sides, yet too many employers ignore the recruiting fundamentals leaving finding the right candidate to chance.
To make your search easier, use these four tips:
• Partner with educational institutions
• Make mobile a priority
• Tap into the referral networks of current employees
• Focus on your candidate experience and show why your organization is the best
Use these recruiting fundamentals when communicating with candidates:
• Confirmation + communication. Once a candidate has applied to your organization, send a message acknowledging their application.
• Be honest from the beginning. Be smart about who you’re interviewing and be up front. If a candidate is not an ideal fit, let them know so you’re not wasting their time and yours.
What to do: To help your organization navigate this tight labor market, consider an applicant tracking system to manage the hiring process more efficiently and give your recruiters and HR team better insight into your candidates. Paycor’s Applicant Tracking solution is the first step in streamlining your recruiting process with time-saving features that help you hire the right people.
Is compliance anxiety keeping you awake at night?
You’re not alone. With rapid changes taking place weekly, we’re all holding our collective breath unsure of what will happen next.
So what topics are of major concern to organizations like yours? According to a recent Paycor survey:
• 62% feel only slightly prepared or not prepared for new compliance regulations or updates
• 60% do not feel confident about their pay practices
• 56% have not started planning for EEO-1 Report changes
What to do: Staying compliant is hard. Understanding complex regulations can be even harder. That’s why organizations turn to Paycor for compliance expertise. To help you get started, use Paycor’s Compliance Guide to help your organization avoid critical mistakes.
The first step to becoming an effective leader starts with…
Whether your department has five or 25 employees, your leadership impact can be significant, but taking a leadership role does not happen overnight. Leaders must work to the goal of being a strategic executive that is action oriented.
Here are a few strategies to boost your leadership qualities:
• Start with taking the time to understand your organization’s corporate strategy while also reviewing your own personal strategy. Are they aligned?
• Get alignment with your CEO on the role of your department and your personal role in the organization.
• Don’t wait for an invitation from others. Raise your hand and show your value. Consider reaching out to different departments within your organization to understand their needs and what makes their people tick.
• By gaining a deeper understanding of your entire organization, you will be viewed by your peers as a credible leader who has the best interest of others in mind.
What to do: Take your leadership level from good to great in two minutes by reading this short article on qualities effective leaders should embody and promote in the workplace.
Here’s how to prevent your employees from looking at other jobs
If they are, you’re probably wondering why. Look no further than employee engagement. It’s generated a lot of buzz in recent years, and organizations of all sizes are trying to achieve it. Here’s why it matters:
• A Gallup study found that only 35% of U.S. managers are engaged in their jobs. To make matters worse, this group is costing businesses between $77 billion and $96 billion annually.
• Only 15% of CEOs and CFOs said their organization’s corporate culture was where it needed to be.
• 66% of CEOs cited “talent-related issues” as their top business challenges
• The average cost of losing an employee is nearly $20,000 per associate, not to mention the training costs and lost production that results from seeking a replacement.
But it’s more than just your bottom line that’s impacted. If your organization has a poor reputation within this increasingly competitive market, chances of landing talented performers will be affected.
When you compare these statistics to organizations that take pride in employee engagement, the results speak for themselves. According to a study by the Predictive Index, engaged employees perform at a higher level and vastly improve your business. In fact, when your employees are engaged, it leads to:
• 37% lower absenteeism
• 25% lower turnover
• 48% fewer safety incidents
• 21% higher productivity
• 22% higher profitability
Think your organization might have an engagement problem? Focus on these four key elements:
• Ensure job fit
• Ensure managers are trained to understand individual insight
• Ensure teams are cohesive and focused on common goals
• Ensure everyone embodies your organization’s culture
Then, implement these engagement strategies:
• Create a strong onboarding process and never lose touch with your employees
• Offer training to new employees
• Pick the right supervisors who are trained to understand individuals’ behaviors
• Communicate early and often
• Provide advancement opportunities and set clear expectations
• Recognize employees for a job well done
Remember, employee engagement goes well beyond on the onboarding process. It truly never stops. That’s why you should take the time to evaluate your methods and ensure you are practicing what you preach.
If you found yourself nodding in agreement because one of these topics is keeping you up at night, we’re here to help. Our goal is to support your success behind the scenes so that you can focus on what you know best: how to run your business. Click here to start a conversation with a Paycor consultant so we can learn a little more about you.
Sources: Department of Labor, Gallup, Predictive Index, Society for Human Resource Management