27 Mar Part 2 | Anticipated Construction & Human Capital Management Trends for 2023
In our last article, we discussed about industry trends across the construction market. Statistics indicate that the construction industry is returning back to pre-pandemic levels, and therefore the
competition for top talent will heighten. So how are companies industry-wide pivoting to attract and retain top talent?
Hybrid Work Model
Prior to the pandemic, candidates often prioritised salaries and career development opportunities as main drivers for advancing their careers – now, come post pandemic, candidates are often asking about flexible working options.
The continued lockdowns during the pandemic allowed employees to become more accustomed to working from home and made it clear to both employers and employees that the hybrid working model is sustainable, thus becoming the go to option for employees when considering a career move.
Companies that ignore the popularity of hybrid work will find themselves struggling not only to hire top talent but get applications from top talent. During their job search, many candidates filter out jobs that require them to be in the office full-time. Without offering hybrid work, companies will experience challenges of attracting applications from top talent.
Employer Branding
Long gone are the days when branding was only about the company logo, branding and customer perception. Today, it is all about the employer’s reputation as a place to work, their employee value proposition and additional reasons for their popularity among employees.
Companies who are ahead of the curve will invest heavily into their brand which encapsulates the entirety of the employment experience. Those who are able to integrate technology and consistently communicate the entire positive experience – will most likely attract top talent.
Positive Candidate & Employee Experience
The market has shifted – it is a candidate market.
Companies must prepare for candidates to interview them as well – and therefore, hiring managers must do more to attract and impress candidates during all stages, not only the actual interviews, but also email and phone communication along with other preparations. Long gone are the days where recruitment processes take 5 – 6 rounds before the candidate receives an offer. There will be continual investments made in streamlining the hiring process to ensure that companies remain competitive when attracting talent.
HR & Recruitment teams are the face of the company – and they will understand that to attract the best talent, at each touch points, they must improve the candidates experience.
A new age is entering the workforce - here comes Gen Z's
Gen Zers are all set to enter the workforce in junior-level roles. The major drift they will bring into organisation is – speed, they will expect everything to be virtual, streamlined & fast-paced.
Outdated methods will be a major turn-off for them. So, HR & Recruitment teams will have to gear up accordingly. automation, mobile-optimized application processes, and candidate engagement at each and every step of the hiring stage will become a necessity.
We absolutely need to up-skill!
According to research, there is a significant skills gap where 64% of managers think their employees are unable to match skill needs, and 70% of employees admit to not mastering the skills for their current job.
In 2020, companies listed about 33% more skills than in 2017. Reskilling the existing workforce will not be fast enough to meet the needs, and hence employers will hire and pay a premium for those skills. And while, paying a premium can be a short-term solution, it does not address the longer-term issue of ongoing skill shortage. Therefore, it is absolutely imperative that all companies look at balancing their highly skilled workforce and investing into learning & development so that we mitigate skill shortages in the foreseeable future.
The Conclusion
Gone, are the days where the power lies with employers to dictate working conditions. A new era has come where employers will need to adapt to the new world of work that includes, balancing working hybrid models and maintaining strong culture, presenting powerful branding to attract top talent, and pivoting their strategy of hiring premium talent and re-investing back into the incoming future leaders of work. A lot to ask from employers – but only for now…until the pendulum swings again.
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