In an analysis of the recruitment market for 2020, Guidant Global has announced its predictions for trends poised to shake up the global talent market in 2020.
The leading talent acquisition specialist has stated that the ‘rise of millennials and Gen Z’, ‘increase in remote work and permanent flexibility’ and ability to ‘harness tech strategically’ will be major factors impacting skills and hiring over the coming year.
According to the report, millennials and Gen Z form one-third of the workforce with both generations expected to make up the majority of the average workplace as the decade progresses. With these two groups being digital natives and placing greater value on flexibility above traditional perks like pay, businesses must foster cultures that meet the needs of this workforce to attract the best talent and tackle high turnover.
This has also impacted the rise of remote work and permanent flexibility. According to Global Workplace Analytics, since 2005, the number of people who work from home has increased by 140% — and this figure is set to soar even higher in the 2020s. 16% of companies already hire exclusively remote workers. Meanwhile Upwork predicts that by 2028, 73% of all companies will hire remote workers. In the 2020s, flexibility will become the new norm.
Harnessing technology strategically is also instrumental going forward. According to PwC, AI could contribute US$15.7 trillion to the global economy by 2030, meaning that innovation is no longer a luxury. If businesses are to hire and retain talent this year and beyond, technology will be a competitive necessity.
Commenting on this analysis, Simon Blockley, CEO at Guidant Global said:
“As we hurl headlong into a new decade, the intertwining forces of technology, economics, politics and shifting demographics will usher in a host of new opportunities, and challenges, for businesses to grasp.
More than ever before, firms must adapt and remain agile to attract talent in uncertain markets. With tech expanding at a rate that feels almost impossible to keep up with, HR and talent acquisition professionals need to harness the latest technologies and anticipate the next major talent and HR trends lurking around the corner.
In addition, with millennials and Gen Z already making up a sizeable one-third of the workforce, it’s vital that their needs are considered, met and planned for, in order to ensure that businesses are building workforces in a better way.”
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