GUEST POST FROM JOCK PURTLE, FOUNDER OF DIGITAL EXITS.
Please see profile below.
The world we live in is constantly changing. AI and automation are rapidly reshaping the future of work, and myriad economic and social forces define the direction of our societies.
As a result, to be and stay successful in the world of business, you need to work to stay ahead of the trends. This means looking ahead and making reasonable predictions about what’s to come so that you can take steps now that ensure your company’s future success.
And since your ability to recruit top talent is going to have a big impact on the success of your business, it’s smart to understand what hiring will be like just over the horizon in 2019. So, here are some key features of what hiring will be like over the next year.
You’re Not in Control
While politicians and economists debate whether or not we’re experiencing a true labor shortage, the reality is that many companies are finding it difficult to fill their positions. And we have no reason to suspect this will change next year. It may even get worse, especially if wages continue to stagnate.
So, what does this mean for you? Well, it means that job seekers will have more leverage than employers. It’s not like there is a large pool of people actively searching for jobs, meaning you as an employer at a disadvantage.
But this doesn’t mean you can’t do anything. As mentioned earlier, wage growth has been stubbornly slow. If you can, consider beefing up your compensation packages. This will help set you apart from the competition and also draw people towards you. If you can’t offer higher salaries, consider working with a benefits firm to help design packages that help you enhance the offers you make to candidates without breaking the bank.
Salary Matters, But So Do a Lot of Other Things
However, even though wages are growing slowly, this alone might not be enough to get people to leave their current position. Salary and benefits are still the most important thing people consider when looking at jobs, but other factors, such as company culture or the ability to achieve work-life balance, are rapidly becoming key components of a job seeker’s decision-making process.
Furthermore, job seekers are on the lookout for opportunities that allow them to connect to a cause, something previously unimportant to most candidates.
As a result, to succeed in hiring in 2019, you’re going to need to work hard to make these intangibles core parts of your workplace environment. Start now in 2018 by developing a strategy for improving your company culture, employer brand and candidate experience, as these are all going to impact how well you’re able to recruit top talent next year and in those to come.
It’s Going to Be Hard
Another thing to prepare for in the world of hiring 2019 is how difficult it will be to find people. Part of the reason for this will be the domination of passive job seekers. These are individuals who are already employed but who could be swayed to take another position if the offer were right.
As a result, you’re going to need to become a much more proactive recruiter in 2019. It won’t be enough to simply post your jobs on job boards and social media. You need to attend hiring events, connect with people online and in-person, and actively pitch your jobs to them. This is what everyone else will be doing, so if you don’t, the most likely thing that can happen is that your competitors will succeed in securing industry-leading talent while you don’t.
Uncertainty May Reign
Also contributing to the challenge of hiring in 2019 is the cloud of uncertainty hanging over the economy. While macroeconomic figures point to a strong economy, political uncertainty has got people a bit worried.
For example, U.S. leadership has decided to take on the world and rearrange trade agreements. No one knows for sure how these changes will affect the economy if they come. But as this unfolds, expect people to want to sit tight and see what happens; no one wants to be the newbie when a crisis comes and forces layoffs.
So, a good way to attract people to your company during these uncertain times is to demonstrate resilience. Do some research on how these changes could impact your company, and do your best to show people how you’re prepared to weather the storm. People working for a company at risk of being harmed by the political climate might be willing to move to something more secure if they managed to find the right opportunity.
Keep Yourself Informed
While we can take a look at current trends and project into the future, there are plenty of things we can’t predict. The important thing is to stay informed with what’s happening in both your industry and the economy as a whole, as this will help you get a clearer vision for the future and a better idea of what your company needs to do to survive in it.
About the Author: Jock is the founder of Digital Exits, an online brokerage service specializing in the buying/selling and appraisal of online businesses. He has been an entrepreneur most of his career, which consisted of starting and running online companies in the educational services and cybersecurity markets. Now, he consults with other business owners to help them plan for and execute the sale of their company, something that has helped him gain extensive knowledge of the current and future states of entrepreneurship.