Stay Informed: March 24, 2023 - Industry News and Updates for the week.

There was plenty of news this week relating to screening, hiring, and compliance. Here are three top stories you may have missed.  

Gen Z job market turnover expected to exceed 2022 levels

Robert Half's most recent report on the state of the job market shows that more Generation Z workers are likely to change jobs in 2023 than last year.

About 60% of 18- to 25-year-olds said they would likely to change jobs in early 2023, up from 53% last year. More than 50% of employees with two to four years at a company and working parents also said they were looking. "We do know there are clear preferences for younger people to work in as agile and flexible a work situation as they can find. That is clear as a bell," said Jennifer Carlson, vice president and region director of Robert Half for the Twin Cities.

Nearly 70% of those who work remotely said in a SHRM survey they would look for another job before returning to the office full time. "If you are young, that number jumps to 79%," said SHRM Chief Human Resource Officer Jim Link.  

The trend worries hiring managers and is leading companies to bolster retention efforts in a stubbornly tight job market.

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Related: How to approach rethinking your strategy, and modernizing your overall approach to be able to handle the incredible change we've experienced in the past three years.

Companies are increasingly focusing on employee branding

75% of active job seekers are likely to apply for a job if the employer actively manages its employer brand, said a recent Glassdoor survey. It also mentioned that 68% of millennials have visited an employer's social media handles to evaluate its social standing.

In today's world of transparency, supported by social media, employee branding has become key not only for employees and employers but for potential employees. Employee branding is a relatively new concept and is nothing but a communication strategy that intends to enhance the value of belonging to a company. It allows organizations to build an emotional connection with their employees.

The sole focus of these communication elements is to retain and attract talent, the toughest aspect of running any business. "Employer branding typically involves a range of activities such as showcasing the company's culture, values, benefits, and opportunities for growth and development to generate a positive image of the company in the minds of its employees, potential hires, customers, and stakeholders," said Richa Telang, founder and CEO, TrueBlue Advisory, an employer branding consulting firm. She goes on to identify the candidate experience to be a key gap in this are that companies need to focus on.

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Related: “Candidates expect you to provide an easy-to-use, modern experience throughout your screening and onboarding practice.  The background screening process will be one of the first impressions they have of your brand, and it will set the stage for how they perceive future interactions.”

What’s Shaping the Future of HR?

The emergence of technological innovations and the dramatic changes that have taken place in work practices in recent years mean that HR leaders now need to adopt new perspectives, strategies and even communication methods.

Companies and employees alike expect their HR function to address a variety of new challenges, such as overcoming hiring obstacles and addressing the phenomenon of "quiet quitting."

It's imperative, then, that HR leaders look to cultivate new competencies and adopt an agile approach. It's also important for HR specialists to think ahead, especially since more drastic changes will be upon the workforce in the coming years. As the digital revolution continues to pick up pace and generations of workers reach retirement age, HR execs must be aware of the key trends shaping the sector's future.

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Related: Why now is a great time to rethink and optimize your HR strategy