Importance of HR Knowing Trends in the Workplace

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  • 0:03 Common HR Challenges
  • 2:05 Employment Trends Awareness
  • 2:45 What To Do with Trend Info
  • 4:05 Lesson Summary
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Lesson Transcript
Instructor: Noel Ransom

Noel has taught college Accounting and a host of other related topics and has a dual Master's Degree in Accounting/Finance. She is currently working on her Doctoral Degree.

In this lesson, we'll earn why HR needs to stay informed and aware of trends that impact talent and workers in the marketplace as it relates to hiring/recruiting, training resources, and improving benefits/compensation for employees.

Common HR Challenges

Meet Stanley, a 20-year human resources (or HR) director. Stanley prides himself on helping his department find the right talent for each position in his organization. However, this year Stanley faces a unique challenge because he's unable to find qualified people to fill the job roles he has available. Stanley works for a large insurance company, and the majority of the job openings are office and administrative positions in addition to a few sales roles. Stanley is looking for managers, directors, and sales staff and only has six months to hire over 60 people! Wow, Stanley really has a tough job! He cannot figure out why he is having a hard time filling each role this year. Stanley follows the same process as he always has: He posts the position, accepts and reviews the resume, and looks for matching qualities between the job and the person's skills.

Stanley is an excellent HR director, but he forgot to research what is happening around him! He did not realize that over the past three years, there was an increase in college graduates with degrees in technology, research and development, and business. Stanley also overlooked the fact that there was an increase in female workers re-entering the workforce after taking time off to care for their families. Stanley is shocked because he missed an entire target market, and he wants to find out what to do to attract new talent.

Stanley begins to conduct some research and finds some of the top challenges human resources managers face today. Some of the challenges include managing people, growth in technology, and slow growth in markets, like his, which is the financial and insurance industry. Well, Stanley decides he will make some changes to attract this newfound talent! He receives some interesting information about how women and recent graduates view the insurance industry. He was shocked to learn the perception of the industry was that it is a male-dominated industry, very conservative and traditional, and many people are only hired in entry level roles and must work their way up to achieve promotions that fit their skills. Stanley is at a disadvantage because he failed to keep up with the trends in the market.

Employment Trends Awareness

Stanley's example is one that many organizations will face if they do not keep up with the employment trends. Some of the consequences that organizations face when they stick their head in the sand, like Stanley did, is the inability to attract skilled talent, lack of marketing strategies that reach newcomers to the employment market, and lack of innovative ways to attract and retain employees.

Stanley was out of touch with the changes in the employment market. It is difficult for Stanley to change his corporate culture overnight and to begin making his company an interesting place to work for women and young adults. As employee interests evolve, it is important for companies to incorporate some of the interests of the employees they want to attract.

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