This year was a whirlwind for talent professionals. A perfect storm of rapidly changing HR technology and a historically strong job market led to one of the most difficult hiring landscapes in a generation in 2019. What’s next in terms of Job & Hiring Trends for 2020 for talent acquisition leaders as we enter a new decade?
The Hiring Struggle is Real
To see where we’re headed, let’s look back at where we stand. Some of today’s hiring challenges, like tech talent shortages, are mostly beyond employers’ control. Candidates were in the driver’s seat in 2019, fuelling a war for top talent in tech, healthcare and professional services. The unemployment rate dropped to near 50-year lows in both the United States and the United Kingdom, hitting 3.7 percent and 3.8 percent, respectively, in 2019. The U.S. economy set records in July for the nation’s longest-ever economic expansion. And thanks to robust hiring, the number of unfilled jobs hovered near an all-time high in both countries, with more than 7 million vacant roles in the U.S. and more than 800,000 vacancies in the UK.
However, there are signs that the global economy is starting to slow. In the U.S., employers added 2.09 million jobs in the past year (as of October), the slowest pace in eight years. A U.S.-China trade war has sent manufacturing hiring into a free fall. Several high-profile U.S. tech IPOs have stumbled this year. The U.S. bond market has been flashing ominous recession warning signs for months. In response, the U.S. Federal Reserve cut interest rates this year — a sign that policymakers are worried about an economic slowdown. Meanwhile, the ongoing political crisis surrounding Brexit has sharply dampened future prospects for many UK employers.
Tech Changes Everything
While the economy is beyond the control of employers, the technology they use to hire isn’t. A revolution in the HR technology space is underway. Artificial intelligence has matured from a speculative future dream to a growing suite of affordable and easy-to-use HR applications. Online workplace transparency is continuing its march around the globe, with Glassdoor’s expansion into Asia and Europe. The rise of recruiting through social media and mobile devices is pressuring more employers to re-think whether traditional hiring models are ready for the digitally-savvy candidates of the future.
What are the hiring disruptions to watch in 2020 and beyond? Glassdoor, has a unique vantage point with millions of company reviews, real-time job listings, salaries, and more from around the world. This year, we’ve curated a list of eight HR and recruiting trends we anticipate for 2020 and what’s likely to shape the coming decade.
Visit link for Top 8 Trends- https://www.glassdoor.com/research/app/uploads/sites/2/2019/11/Job_Hiring_Trends_2020-FINAL-1-1.pdf