Workforce Watch List: Human Capital Trends in 2014

It’s an interesting time to work in the human capital industry. Many factors are affecting how companies can attract, retain, and nurture talent, including things like aging baby boomers, social media, and government legislation. Read on to learn what human capital trends will dominate the industry in 2014.

Baby Boomers and Millennials

As Baby Boomers begin their exodus from the workforce, the next largest group (even larger than the baby boomers) is Millennials and, if organizations want to succeed, that means that they need to develop ways to entice the younger generation to work–and stay–at their company.

Part of attracting the Millennial group means addressing their concerns. If you’re in a hiring manager, human resources, or talent acquisition role, be prepared to talk about job growth opportunities, benefits (ie, with rising cost of education, does your organization offer tuition reimbursement?) and unemployment, to name a few. With 92% of companies using social media for recruiting, hiring managers will need to reach out to this group proactively. And, of course, as Baby Boomers leave a gap in the market for Millennials to fill, healthcare, and legal compliance issues will continue to be driving forces for change in human resources departments across the country.

How will social media affect the human capital landscape?

Did you know that over 14.4 million people found their current job through social media? Organizations incorporating digital strategies and social media into the way they recruit and retain talent will see much more success than those that don’t. Apart from the fact that recruiting via social lends itself to brand awareness and increased clout with a younger demographic, it gives recruiters and human resources professionals a leg up as well. A simple keyword search about a potential candidate can tell you all need to know and then some. Social media is also enabling hiring managers to proactively reach out to candidates who may not necessarily be looking for opportunities.

Job seekers are significantly more aware how important their digital footprint really is; they’re not just active on social media channels, they’re developing personal brands and focusing less on traditional resumes. As a hiring manager, especially for marketing roles, you’ll want to look for:

1. The top ten search results on a job seeker’s name on either Google or Bing
2. The number of Twitter followers a job seeker has, the last time they tweeted, and what their Twitter feed shows
3. The size and quality of their LinkedIn community
4. The number and quality of recommendations they have on LinkedIn
5. Their Klout score

However, social media isn’t the only thing changing the game. Other trends affecting how we recruit and retain talent are:

• The continuing high cost of employee health care coverage, as well as compliance and  implementation of new legislation. These things will continue to have major impacts on the U.S. workforce over the next five years.
• A shortage of skilled workers, particularly in STEM areas as well as employees who lack soft skills like creativity, critical thinking, and collaboration.