HR and C-suite leaders optimistic about 2019, despite economy's uncertainty
- Data from Randstad Sourceright's Talent Trends found that human capital and C-suite leaders feel generally optimistic about their organizations' future prospects. According to 800 global respondents in Randstad's 2019 Business Health Index, conditions have improved slightly for companies, kick-starting a trend of across-the-board hiring, fueled by a pro-business political atmosphere.
- The index gave each of 17 countries surveyed a single score based on a combination of four factors: 1) actual business growth against expectations; 2) levels of hiring; 3) the political environment's impact on business; and 4) future growth outlook. The data showed that a positive business attitude grew by 37% among respondents, and that hiring was extensive during the last 12 months, for a 90% increase.
- Some countries feel more positive than others, the data revealed. U.S. respondents went into 2019 optimistic, but are less confident than the year before. Meanwhile, U.K. and Canada's confidence rose by 64 and 49 points, respectively. The U.K., Germany, Australia and Japan had the highest 2019 index ranking, and the U.S., Mexico and Poland had the lowest.
Although some economists and employment experts say another recession is possible, the hiring landscape currently remains positive. The labor market is still employee-driven; job growth continues in some industries, such as technology; and the current unemployment remains low, at 3.9%.
Recruiters will likely experience the same challenges in 2019 as they did last year, as employees and job seekers have the upper hand in today's labor market. Employers must be ready to offer the types of benefits and perks they're seeking, or else they'll exercise their options with the competition. Although higher pay is still the biggest incentive for jumping ship, health and wellness programs, flexible work schedules, career development opportunities, meaningful work and paid family leave top the list of in-demand offerings.
Recruiters and hiring managers will need to keep recruitment strategies focused not only attracting skilled talent, but also on creating a positive experience for candidates and marketing their organizations brand. On a similar note, many employers have turned new attention to their diversity and inclusion initiatives as both a retention strategy and a good branding move.