With the incorporation of remote work as a workplace norm, several businesses and employees have experienced countless benefits that a remote-based work environment entails. This is even more applicable for the Gen Z workforce. According to a survey, over 85% of managers believe that having remote workers will become the new normal for many teams. Remote workers are able to attain a better work-life balance, workplace flexibility, better well-being and an increase in satisfaction. From a business’ standpoint, the implementation of a remote workforce calls for a reduction in office expenses, provides the business with a competitive edge in the jobseeker market, have access to a wider and diverse candidate market and have seen an increase in employee productivity up to 77%.
The success of a remote-based workplace has even paved the way for the gig economy to thrive. Currently, about 36% of US workers are taking part in the gig economy. The growth of the gig economy has experts believe that in 2027, more than 50% of the US workforce will participate as a gig worker, freelancer or contract worker.
Gen Z Stepping Foot In Offices
Despite the benefits and rapid growth of remote work, several members of Generation Z in the workforce have not set foot in an office and are experiencing major drawbacks to their wellbeing and career development. Members of Gen Z have been feeling unmoored and anxious which could potentially cause a detrimental effect to their careers in the long run.
Gen Z Working Face-To-Face
Gen Z workers lack the face-to-face interactions they would normally get from working in-person; with regular workplace interactions being replaced with zoom calls and email chains, long gone are company Friday night get-togethers and workplace traditions. The absence of face-to-face office interactions results in Gen Z workers unable to perform at their highest capacity as they have a harder time meeting work expectations, catching up with deadlines and lack the crucial leadership guidance which leads them to fall behind. The outcome of the situation Gen Z workers face implies a low self-esteem, guilt and anxiety. To add on, members of Gen Z working remotely miss the opportunity to interact with other colleagues in order to build their professional network.
Gen Z Working Remote
Working remotely also results in an increased feeling of loneliness and anxiousness. In Q2 of 2020, those who worked from home exclusively reported higher loneliness at 23% through the start of 2021. Beyond working remotely, the feeling of loneliness and anxiousness is more apparent with members of Gen Z as they are accustomed to spending time in front of screens. According to a study conducted by the National Institute of Mental Health, 70% of Generation Z members across all diverse backgrounds state anxiety and depression are both crucial problems among those in their generation.
Gen Z’s Career Crisis
Another issue Gen Z workers encounter with remote work is facing a career crisis where they have less work experience and power in the workplace. This leads them to feeling out of the loop and unable to determine if they are on the right track. Emails and zoom meetings can only depict so much, without knowing how their bosses and supervisors truly feel, they may be more vulnerable to imposter syndrome; where they doubt their abilities to perform and provide meaningful work. In addition, the inability to form a strong connection with their coworkers and supervisors leads to Gen z workers being more susceptible to misunderstanding situations and having bad feelings at work.
Flexibility For Gen Z’s Work Style
In light of the situation, a more applicable strategy would be providing employees with the flexibility to either work remotely or come in-person. This will allow employees and Gen Z workers to attain the comfort of a work-life balance and workplace flexibility while still having the interpersonal connection in office. Companies such as Apple and Microsoft have implemented this strategy through a hybrid workplace model where employees come into the office half the work week and spend the other half working from home.
Did you know that 23% of people working in retail plan or hope to leave their current employer within the next six months? And only 33% of retail workers state that they plan or hope to stay in their current roles over the next six months. As you can see, millions of American workers are feeling restless with their current jobs as they scramble to find new work opportunities. Here’s a glimpse into the minds of employees when it comes to increasing your success in hiring.
Will Increase In Pay Make A Difference For Success In Hiring Retail?
Added workplace stress with an increase in foot traffic are just a few of many reasons why retail workers are making the shift in their careers. Another factor is that several retail stores offer only part-time hours each week. With employees not being able to sustain a reliable income, the best option for many is to make the job shift.
In response, leading retail companies have been offering a sizable pay boost in order to attract candidates and provide an incentive for current employees to stay. Target is even offering up to $24 per hour in contrast to other competitors offering below $15.
Recreation, Travel & Art Industries Success In Hiring
Retail is not the only industry where employees are feeling a high level of restlessness but industries such as the recreation and travel industry and art industry are encountering a similar issue with employees wanting out.
Recreation & Travel Industries: Within the recreation and travel industry, only 37% of employees are planning to stay in their current role and 19% of employees are planning to leave.
Art Industry: The art industry is experiencing an identical phenomenon where 38% of employees are planning to stay in their current jobs while 19% are planning to leave.
Design, Transportation, Logistics, Consumer Goods & Entertainment Industries: Notable industries such as the design industry, transportation and logistics industry and entertainment industry are expected to retain only 41% of employees. While the consumer goods industry is expected to retain only 39% of employees in their current positions.
While 69% of employees are hoping for better compensation or benefits when considering a change of employment, this demand is especially seen within the hardware and networking industry with 79% of employees wanting more compensation or benefits, the entertainment industry at 76% as well as the media and communications industry at 75%.
Can You Get Success In Hiring By Offering Opportunities Or New Skills?
On the other hand, 49% of employees state that a key factor in switching employers and positions provides them with an opportunity to learn or practice new skills or expertise. This is most prevalent with employees working in the wellness and fitness industry at 65% and the recreation and travel industry at 57%.
Other employees are considering the switch due to a misalignment with their interests or values. Where 53% of potential U.S. job switchers are looking for a new employer that offers better alignment with their interests or values. This is most sought after by employees working within the recreation and travel industry at 61%, the wellness and fitness industry and entertainment industry at 60%.
Real Estate Is King When It Comes To Employee Retention!
Despite this, the industry with the highest employee retention is the real estate industry where 54% of respondents say they plan or hope to stay in their current jobs in the following six months. Of which, only 12% state that they plan or hope to make a switch.
The reasoning behind a high retention rate for real estate agents is due to their success in the current housing market. Real estate agents are able to generate high earning power in a time where sustainable income is difficult to attain. In addition, real estate agents have the ability to work on-site or remotely which provides an appeal with the integration of hybrid work as a workplace custom.
According to the State of U.S. Hiring Survey of more than 2,300 senior managers, 65% of respondents anticipate their company adding new permanent positions in the first half of 2022.
As businesses start to reopen and consumer demand rises, majority of businesses have been placing efforts in substantially expanding their workforce this year.
Considering the current candidate-driven market, businesses are facing the challenge of attracting personnel suited for open positions. This has caused recruiters to revisit their hiring strategies in order to find a better way to recruit candidates. One way recruiters are confronting this challenge is through prioritizing their firm’s hiring needs right now.
All About Timing
Timing is critical when hiring during the beginning of this year as strategizing, onboarding talent and training employees takes some time. Planning in a timely manner allows businesses to set their hiring budget and goals, pick from a bigger pool of qualified candidates and allows newly hired employees to assimilate quickly into the company.
One Step Ahead
With several companies planning to hire in the beginning of the year, attaining the top candidate is highly competitive and the time to fill increases as the position remains unfilled. Formulating the hiring strategy as-soon-as-possible allows businesses to be one step ahead of the competition. This provides businesses with the opportunity to dedicate more time and energy towards the hiring process and avoid any candidate miss-outs.
Hiring the wrong person for the job is a costly and time-consuming setback.
The United States Department of Labor estimates the cost of a bad hire costs up to 30% of the employee’s wages for the first year. On top of that, a bad hire decreases productivity and lowers employee morale; so it is vital for businesses to strategize early.
Spread The News
It is essential for businesses to get the word out that they’re hiring. Utilizing virtual platforms or recruiting fairs allows businesses to network to a wider range of qualified candidates. Expanding the business’s reach to as many jobseekers as possible increases the diversity of the talent pool as well as the probability of finding the right candidate faster.
Diversity, Equity and Inclusion
Diversity, Equity and Inclusion (DEI) serves as an important aspect of hiring.
As a matter of fact, corporations identified as more diverse and inclusive are 35% more likely to outperform their competitors.
Diversifying hires allows businesses to generate new ideas and have different perspectives, increase in innovation, increase in employee productivity and profitability and provide a positive company reputation.
Labor shortages in the U.S. have been a longing issue that businesses have been battling with due to the rise of the Omicron variant and the “Great Resignation.” According to the Labor Department’s latest Job Openings and Labor Turnover report, approximately 4.5 million workers quit their jobs in 2021 which is equivalent to 3% of the total U.S. workforce. Most of the turnovers came from minimum-wage industries such as food services, health care, social assistance and warehousing. In order to combat labor shortages, companies such as Home Depot have adjusted their hiring strategies in order to get their speed hiring perfected.
How Fast Is “Speed Hiring”?
Dubbing the hiring shift as the “speed hiring” era, companies are taking less time to hire in order to expand their workforce. Jobseekers usually have to go through a timely process before obtaining a job. On average, the hiring process takes about 23 days to hire with some industries taking up to 53 days to hire. Not to mention, the jobseeker market is highly competitive as it is candidate-driven. Jobseekers have more bargaining power over employers and have a variety of job options.
Some Companies Offer One-Day Offers
In response to the hiring challenges, Home Depot plans to offer job seekers a position within a day of receiving their application. With Home Depot’s plan to increase their workforce by 25% in the Spring, speed is the name of the game in their hiring strategy. According to Home Depot’s vice president of talent acquisition, Eric Schelling, he states that “We know that the same things that are important to our consumers are important to job seekers — speed, simplicity and controlling the experience to fit their schedule”.
What Types Of Companies Are Speed Hiring?
With the current candidate-driven market, speed hiring might be best suited for companies who lack the right personnel to run their businesses and need positions to be filled right away. For companies that require skilled workers, speed hiring doesn’t mean that the business neglects their hiring standards. This implies that businesses need to reevaluate their hiring strategies in order to speed-up the hiring process. Especially with a candidate-driven market, speed hiring provides companies with a one-up from competitors who are seeking a similar candidate.
As companies are eager to acquire top candidates, speed hiring allows businesses to cut back on hiring time and costs, gain access to higher quality hires and potentially increase job acceptance rates.
Speed hiring allows HR managers and recruiters to reduce the amount of time spent in recruiting, researching, and screening candidates. This also reduces the time spent for HR managers and employees covering the workload for the unfilled position; in which, cuts back on hiring costs.
On average, top candidates are out of the jobseeker market within 10 days. Speeding up the hiring process allows businesses to recruit top qualified candidates before other competitors. This secures businesses with their ideal candidate and prevents businesses from missing-out on quality hires.
Besides acquiring the top suited candidate, speed hiring increases the chances for job acceptance rates. Providing a faster and more efficient hiring process provides a positive candidate experience, avoids candidate bidding from competitors and prevents candidate drop-out. Providing a timely offer also gives jobseekers less time to interview with other companies or engage with counter-offers from other hiring managers.
As professionals, the goal of every worker is to strive for the next step in their career. One way to accomplish this is through getting a promotion. Getting a promotion normally comes with it’s perks such as higher pay, more responsibility, and of course, a new job title. Reaching the next step means that the employer is satisfied with one’s work and one’s contribution to the company. From a career standpoint, getting a promotion signifies personal career growth and serves as a milestone which affirms an individual’s success in their field.
In numerous cases, it is more difficult for individuals to progress in their career as there are several external factors that play in the mix of promotions such as the type of industry and job location. As individuals in certain states in the U.S. and specific industries have hurdles that slow their career progression. Not to mention, getting promotions have been more of a blur due to the pandemic; with businesses having to cut back on capital spending and implementing lay-offs.
What are the promotion hiring trends per city and industry? What are the in-demand skills for these industries in order to obtain promotion?
Product Management Industry
Product managers guide the success of a product and lead cross-functional teams in order to successfully launch a product in the market. Product managers are responsible for managing all aspects of a product from market conditions to product release to delivery. Their role varies depending on the company and the product.
Product managers have 149% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Austin, Texas and Richmond, Virginia. The top skills in-demand for product managers are product strategy and product road mapping. As product managers work closely with the product, it is important for product managers to expert these skills and have a deep understanding of the product they are managing.
Marketers all share a common goal of generating revenue for a company, brand, or organization. This is possible through the execution of marketing strategies in order to drive engagement, obtain qualified leads, and generate sales. There are several career paths within the marketing field such as specializing in product marketing, social media marketing, and market analysis.
Marketers have a 94% above national average internal promotion rate where the top regions include New York City, Boston and Austin, Texas. The top skills in demand in the field are digital marketing, email marketing, and content marketing. With the rise of more emphasis on marketing through social media, it is no surprise why the top skills involve social media based marketing skills.
Program and Project Development Industry
Program and project development managers oversee the more technical parts of a company in contrast to a product manager that works on specific projects. They are responsible for planning, prioritizing and coordinating project development endeavors based on customer requirements. For example, a program and project development manager in the tech industry is responsible for overseeing the launch of a feature in an app or a website.
Program and project development managers are 51% above the national average when it comes to internal promotion where the top regions include Wilmington, North Carolina, Fayetteville, Arkansas and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for this role include cross-functional team leadership and agile project management. As program and project development managers manage a larger scale of a project, being an effective leader and being highly adaptable allows them to lead more efficiently which ensures a smoother program or project launch.
An accountant’s basic responsibility is to keep track of one’s personal finances or an organization’s finances. Some accountants may vary in specializations and serve different roles in a company’s or an individual’s finances such as being an auditor, a financial accountant or tax accountant. For example, an auditor would evaluate if a company’s financial statements comply with the generally recognised accounting principles. While tax accounts file an individual’s or company’s tax returns.
Accountants are 47% above the average national average internal promotion rate where the top regions for promotion include Boston, Denver and Chicago. The top skills being sought after are account reconciliation and generally accepted accounting principles. Especially when handling big clients and company finances, account reconciliation and having a comprehensive understanding of the accounting principles is a must in order to display credibility and reliability.
Human Resources Industry
Majority of businesses rely on human resource professionals in managing a company’s employees. From recruiting to employee training, human resource professionals are responsible for managing the employee’s lifecycle. Individuals in human resources may specialize in either recruiting, employee benefits, or conflict resolution.
Human resource professionals have an internal promotion rate 44% above the national average where the top regions for promotion include Fayetteville, Arkansas, Boston and Raleigh-Durham-Chapel Hill, North Carolina. The top skills in-demand in this industry include onboarding, applicant tracking systems, and recruiting. Especially with the great resignation and surplus in job openings, human resource personnel must excel in attaining top-fitted candidates for open roles and recruiting them for the company.
Business Development Industry
As a company continues to flourish, the key for a business’s success is their business development. Business development managers are focused on finding the right opportunities for a business to ensure sustained growth. May it be globalization or finding a new line that the business can benefit from, business development managers are crucial in the future of a company’s success in the market.
Business development managers have a 26% above national average internal promotion rate where the top regions include Fayetteville, Arkansas, Santa Barbara-Santa Maria, California and Chicago. The top skills in demand for business development managers are their ability to strategize and tableau.
Finance professionals range in different roles such as bank tellers, mortgage managers and investment managers. Due to the pandemic, the role of finance professionals has been substantially crucial for several individuals; as customers and clients sought banks and lending institutions for financial support during the declining economy. Employers in this industry are quick to promote existing employees with in-demand roles in order to ensure they are fully staffed during operations.
Finance professionals have an 18% above national average internal promotion rate where the top regions for promotion include Boston, Wilmington, North Carolina and Pittsburgh. The top skills in demand for finance professionals are financial analysis and finance modeling. Especially when handling an individual or company’s finances, finance professionals must be critical in their ability for financial analysis and financial modeling.
Sales serves as a key profitability driver for several businesses and establishments. The industry relies on sales professionals in order to sell their product or service in the market. With a variety of industries and a wide array of products and services, sales professionals may either directly sell to a customer (B2C) or sell from business to business (B2B).
Sales professionals have a 13% above national average internal promotion rate where the top regions for promotion include Austin, Texas, Santa Barbara-Santa Maria, California and Raleigh-Durham-Chapel Hill, North Carolina. The top skills for sales professionals include account management and cold calling. Sales professionals that work with larger corporations must drive sales and establish good connections with their clients. Being experienced in account management and cold calling are effective tools for sales professionals to do so.
Consultants provide businesses with advice and expertise in order for the business to improve their performance. They offer advice based on a business’s operations, profitability, management, structure, and strategy. Businesses tend to hire consultants if they lack in-house expertise, need a second opinion or need help with the company’s business model.
Consultants are 13% above the national average when it comes to internal promotions where the top regions for promotion include Chicago, Boston and New York City. The top skills in demand for consultants are their ability for business analysis and agile methodologies. As some businesses hire consultants during difficult periods, it is crucial for consultants to be experts in analyzing businesses and coming up with agile methodologies.
The purchaser’s role serves different functions depending on the business’s field and needs. Purchasers are responsible for the procurement process meaning they ensure the process of purchasing production materials, supply of goods and equipment runs smoothly. For example, a purchaser may order clothes from a direct supplier to be sold to customers. Another example would be a purchaser ordering raw materials from a manufacturer for a company’s product. Purchasers have a 12% above national average internal promotion rate where the top regions for promotion are in Fayetteville, Arkansas, Columbus, Ohio and Atlanta. The top skills in-demand for purchasers are strategic sourcing and procurement. Specifically with a larger scale of production, purchasers must be proficient in strategic sourcing and procurement in order to ensure a business’s operations flows efficiently.