Thanks to ongoing technological innovation and digital transformation, colleagues on opposite sides of the globe can now collaborate in real-time without missing a beat. Artificial intelligence (AI) and machine learning are part and parcel of the business experience. For talent acquisition and the world of work, the innovation that drives the Fourth Industrial Revolution is only just starting to make its mark.

From an analysis of recent trends and data from employee surveys, Guidant Global predicts the following areas will shake up the global talent market in 2020. Here’s what to expect. 

The rise of millennials and Gen Z

In our recent ‘Global talent trends 2020’ report, we reveal that millennials and Gen Z now form one-third of the workforce – with both generations expected to make up the majority of the average workplace as the decade goes forward. 

These generational cohorts are unlike their predecessors, with millennials and Gen Z encompassing different skills, strengths and values. Growing up with technology integrated into their everyday lives, it’s no surprise that millennial and Gen Z employees also expect their work to be tech-driven, hyperconnected and centred online. 

Typically, millennials and their Gen Z colleagues are tech-savvy, people-orientated and value flexibility above traditional perks like pay. Their expertise and behaviours have played an instrumental part in the major disruptions that have also defined 21st-century business.

It’s important that businesses recognise the value these groups bring, understand their needs and make appropriate adjustments to ensure they are engaged.

Increase in remote work and permanent flexibility

With millennials and Gen Z favouring agility and expecting work to be performed online, it seems inevitable that remote working and permanent flexibility will become even more commonplace.

According to Global Workplace Analytics, the number of people who work from home has increased by 140% since 2015 — and this figure is set to soar even higher in the 2020s: 16% of companies already hire exclusively remote workers. Meanwhile Upwork predicts that 73% of all companies will hire remote workers by 2028. In the 2020s, flexibility will become the new norm.

Research also shows that many millennials are willing to take a pay cut to work for a company that offers non-typical hours. Several leading and innovative businesses have already proven that being deskbound five days a week does not equal increased productivity. Instead they discovered that greater flexibility can, in fact, lead to better results. As people — particularly younger workers — become more aware of this, it is likely that the traditional 9-5 will be left behind.

Work-life integration

The average person in the UK works roughly 37 to 40 hours a week, meaning a full third of our conscious time is spent on our jobs. While the popular term ‘work-life balance’ suggests that we should separate the two, today’s employees increasingly desire a role that allows them to bring their whole selves to work. 

By replacing the idea of work-life balance with work-life integration, thereby placing individuals in meaningful roles that enable them to fulfil their purpose and potential, workforces will be more motivated and engaged. 

Harnessing technology

Rapid advancements in technology have impacted every facet of our lives, and talent acquisition and workforce management are no different. Thanks to the increasing use of AI, machine learning and other emerging technologies, the employee experience has been revolutionised. Workforces now expect streamlined and instant services, akin to those they experience as consumers.

By knowing how to appropriately leverage technology and interpret data, businesses can ensure they are operating in a better way. For example, predictive analytics can be used to forecast future hiring needs, while emotion recognition technology can give business leaders greater scope to understand the wants and desires of their people.

There’s no doubt that tech will play an instrumental role in this decade, shifting how we work, think and deliver results. Moving forward, it’s vital that recruiters harness this new technology strategically.

Innovation is no longer a luxury. According to PwC, AI could contribute $15.7tn (£12.1tn) to the global economy by 2030. If talent acquisition professionals to attract and retain the best people, adopting technological solutions will become a competitive necessity. 

As we hurl headlong into a new decade, the intertwining forces of technology, economics, politics and shifting demographics will require firms to adapt and remain agile. Attracting talent in this uncertain yet exciting period will certainly be challenging, but by advancing with technology and staying ahead of the latest trends, talent acquisition professionals can ensure that they attract and meet the demands of the best candidates. 

Powerpoints

1 The rise of millennials and Gen Z

Millennials and Gen Z now form one-third of the workforce with both generations expected to make up the majority of the average workplace as the decade progresses. Employers must adapt their attraction and retention strategies in order to keep this group engaged. 

2 Increase in remote work and permanent flexibility

According to Global Workplace Analytics, the number of people who work from home has increased by 140% since 2005 – and this figure is set to soar even higher in the 2020s.

3 Work-life integration

‘Work-life integration’ will replace the popular term ‘work-life balance’. While many employers and employees were once focused on having enough time, space and flexibility to fulfil their passions outside of work, today more people are encouraged to bring their ‘whole selves’ to work by tying their interests into their role. 

4 Harnessing technology

There’s no doubt that artificial intelligence, machine learning and other emerging technologies will play an instrumental role during this decade, shifting how we work, think and deliver results. As such, it’s vital that recruiters harness technology strategically.

Simon Blockley is CEO at Guidant Global

Image credit | Getty