Whether the modern business world likes it, or not, Covid-19 is here to stay. For the modern Chief Human Resources Officer this is a significant issue. We are approaching the end of 2020 and many executives had assumed that by this point we would have made greater progress in negating the impact that the virus had on business in the day-to-day.
It’s a problem with no end in sight as the promise of a vaccine seems still to be eluding governments of the world. According to Dr Anthony Fauci, the Director of the National Institute of Allergy and Infectious Diseases, “It won’t be until we get into 2021 that you’ll have hundreds of millions of doses… It’s going to take months to get enough people vaccinated to have an umbrella of immunity over the community”.
CHRO’s should be searching for innovative solutions which help them to attract employees in a post-Covid market, help them to use their data to build upon their HR functionality and create significant rewards opportunities for the employees they are able to retain. Doing so will figure them as an Employer of Choice.
Becoming the Employer of Choice
Differentiating your business from your competitors is a key driver in an innovation-first economy but even more so in one attempting to bounce back post-pandemic. This is where the CHRO must work across the business with all c-level staff to activate noticeable change. If businesses wish to stand out from the crowd and become an employer of choice, CHRO’s should consider the following:
In 2019, more than 50% of HR leaders struggled to ensure that employees had the skills necessary to navigate an increasingly digitized workplace. In 2020, they were forced to put this to the test. Effective HR divisions will already be considering the means of working with employees remotely through technology to prepare them for these unprecedented times as well as the fourth industrial revolution.
Though this may not be a pressing concern in the current financial and economic climate, CHRO’s should be looking at how Covid-19 is changing the way the modern business operates and preparing to hire the change-makers of the future that could help them to adapt with it rather than be swallowed by it. The average number of applications per job has increased 40% since lockdown.
The last thing the modern CHRO should want to do is lose valued members of staff. Employee retention is a powerful weapon in the war for talent and according to data from the Bureau of Labor Statistics (BLS) between January and June 2019, 3.5 million employees left their jobs in the US voluntarily.
Obviously, Covid-19 has facilitated a culture change within most businesses, but this needn’t be seen as a bad thing. In fact, it could potentially lead to a better system of operation entirely. According to SHRM 1 in 5 employees have left a job due to workplace culture and 58% of those who left a job due to culture claim People Managers are the main reason they ultimately left.
The advantages of employee recognition cannot be understated at this time. Not only does it help staff to realize their positive impact on the business, it helps to reduce stress and boost retention.
According to a study by OGO, 40% of employed Americans would put more energy into their work if they were recognized more often, also adding that 82% of American professionals feel that they aren’t adequately recognized for their contribution. Reversing this could well help increase annual turnover.
By activating these HR advantages, executives are one step closer to becoming an employer of choice.
To learn more, download the full report here or continue the debate at the HR Insight Summit, a GDS Summit, where we bring together senior Human Resources executives who are actively seeking to share, learn, engage, and find the best technology solutions.
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