It continues to be an employee's market. In 2017, job openings in the U.S. hit an all-time high, with more than 6 million positions available, as MarketWatch reports. The job boom and other talent acquisition trends require HR leaders to rethink how their organizations go about recruiting and retaining employees. Failing to adjust could put your organization behind the curve in attracting and keeping top talent.
Pay and Perks
Adaptation means that, in 2018, Finance leaders will to help their HR departments secure the resources they need to update their recruitment and retention strategies and technologies. On the strategy side, HR has to be competitive and consider offering perks such as tuition reimbursement, sign-on bonuses, flexible work policies and unique — but costly — recruitment events. Going all out on pay and perks can improve your chance of landing the best talent.
But Finance leaders can't count on their HR employees doing this solely by relying on their skills. They need help from technology. Fortunately, many new systems allow organizations to apply powerful advances in algorithmic measurements and artificial intelligence to help find and retain employees that are well suited for particular industries and businesses.
Finance and HR departments, for example, are banding together to invest in data analytics technologies to get insight on employee productivity and sentiment. With clear information outlining how employees work and what they think about work, HR can pursue focused initiatives to keep employees challenged and satisfied and finance leaders can feel secure knowing these efforts provide real ROI.
New technologies also scour social media and other public forums in the hunt for new talent. AI-supported programs, for instance, search the web to find employees who are hinting, or shouting out, that they're keen on changing jobs and careers.
All in all, talent acquisition and retention technologies and strategies are undergoing rapid change. The advancements will only help organizations hire and keep the best workers. But to make full sense of everything, HR will benefit from close collaboration with finance. Working in harmony, CFOs and CHROs can successfully plan for the workforce of the future.
Other articles in the series:
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