Human Resources Market Update Q2 2016
In general, the Human Resources Market in the first six months of 2016 has been consistent with predictions made at the beginning of the year.
The onset of Brexit has made it more challenging to forecast hiring trends for the remainder of the year, however, we are expecting continued requirements for experienced HR professionals in the Irish market.
- Employers are focusing more on the benefits of employee engagement and retaining staff by targeting any issues before they escalate.
- The role of digital technologies will play an increasingly important role in HR and will make content and information easy to access and user-friendly for candidates and employees.
- The role of the HR Generalist remains integral once again. We see the demand for a HR Generalist with a broader skill set and experience with a view to adding value and making changes within organisations. Primarily focusing on employee engagement and this being one of the most sought after candidates on the market at the moment.
- Companies are looking for strategic thinkers and innovators in the HR workforce that can partner with the business objectives. HR candidates that can embrace new technological advances, drive and manage them, will prove invaluable.
- On the flip side, organisations have to keep abreast of the rate of technological change in the HR market and the benefits of going digital. HR Departments need to work with IT to design and implement apps that bring innovative and easy solutions to all areas of the HR process in a single module. These applications can manage everything from the recruiting process, compensation and payroll to video-based learning, talent analytics, and performance management.
- Organisations are redefining themselves after years of trying to drive retention and employee engagement, with a need to improve leadership effectiveness and have a more meaningful corporate culture. Executives are seeing the importance of making changes to the organisation and implement an entirely new management model. This, in turn, is creating new positions such as Employee Engagement Specialist, Talent and Leadership Development roles and Reward Specialists. A further emerging trend in the Tech, multinational space is the requirement for HR Analyst.
- Salaries will always be an important consideration for candidates when considering a move however it is not their sole motivator. The main reason employees leave is due to frustrations with a lack of career progression or clear career path. Here are the most the important factors we are seeing in Q2 when candidates are choosing an employer or accepting a new position:
80% – Competitive Salary & Benefits
69% – Career Progression & Prospects
59% – Work Life Balance
46% – Job Security
41% – Challenging Job Content
40% – Strong Company / Employer Brand
- The outlook is that salary increases are top of the agenda for most organisations. Our research has uncovered that over half of employees surveyed, 53% believe they are not being fairly compensated and employers recognise with 90% of employers we surveyed planning to give a pay rise in 2016.
- When it comes to benefits, our survey found that employees value performance bonus, pension, and health insurance as the most important benefits as opposed to an on-site gym or membership ranked as the least important.
What do we expect for the second half of 2016?
We expect the HR market to see continued growth into the final quarter of 2016 with organisations focusing on retaining talent and following best practices. Talent continues to be the hottest commodity in the global marketplace. Individuals have the power to influence the culture of a company more than ever before. The result of this is the need for transformation of corporate human resources teams. However, the positive impact we are seeing is the need for a dynamic HR workforce that has the ability to navigate new technologies, manage employee expectations, and ensure that the organisation has a productive and happy workforce.
If you are thinking of a move this Q3, for a confidential discussion please contact me on firstname.lastname@example.org or call 01 661 0444.