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Posted By Editor poweredbyCULTURE on 06/02/2020 in Trends

HOW BUSINESS LEADERS SEE THE REST OF 2020

HOW BUSINESS LEADERS SEE THE REST OF 2020

As a team we are always looking for new resources and trends in employer marketing, culture branding, employee engagement, recruiting and retaining.  With that mission in mind, we came across Chicago based www.HuntClub.com. They promise an interesting approach to hiring by tapping into referral networks.  We do like the concept because both in sales and recruiting, there is nothing more powerful than a referral.  Having said that, we are not able to vouch for the service as of yet. 

However, we did find a really valuable study that HuntClub had published on how industry leaders are viewing the future. The link to the full study is below.

We have summarized what we found to be the most interesting.


WHAT WAS THE IMPACT OF COVID-19

RETURNING TO NORMAL: Three in five respondents predict the economy will show significant signs of improvement in late 2020 or early 2021.  Could we experience a version of business-as usual by the end of Q2 2021? Many think so.

PREPARED FOR A COVID SCENARIO:  Leaders who felt extremely unprepared for the business impacts of COVID-19 were three times more likely to make significant strategy changes than those who self-reported as prepared.  We witnessed some really great pivots.

It’s clear that when businesses were hit hard by external pressures, they reacted with equal force, altering plans, objectives and structures

WHEN WILL WE START HIRING AGAIN:  For those who paused hiring in the midst of the pandemic, nearly one in two expect hiring to resume later this year, demonstrating optimism that solid footing is around the corner.


BUSINESS LIFE IN THE NEXT NORMAL

REMOTE WORKING:  In the next normal, remote work is just “work.”  99% believe remote work will be more widely adopted among companies of all sizes.

GONE IS THE FIVE YEAR PLAN:   Being nimble is more important than adhering to rigid forecasts.  Nearly four in five think agile scenario planning will replace long-term forecasting.

A NEW WAY TO RECRUIT AND RETAIN:  The fisherman’s approach to hiring—fishing for applications and hoping candidates bite—will no longer be the preferred approach.   3 in 4 leaders in the next normal will lean into strategic hiring methods.

LIVE WHERE YOU WANT, WORK WHERE YOU WANT:  Nearly two thirds plan to hire based on skills alone, rather than geography.  In the next normal, we may not have to live where we work.  The best employee will be looking for the best employers, poweredbyCULTURE.


LEADERS TOP CONCERNS BY THEME
As responses by business leaders were reviewed, 11 concerns stood out.

Social isolation 20%
Customer acquisition and sales 15%
Government leadership 14%
Uncertainty about the future 14%
Unemployment 11%
Loss of revenue 8%
Productivity at work 8%
Balancing work and home needs 6%
Virus testing and vaccinations 5%
Reliable news sources 4%
Slow process and decisions 3%

It is clear many of us would like the old normal back, however, that may not be realistic.   We will be starting the new normal with less momentum, potentially a scarred workforce that will need to be re-engaged and expectations that we will be adopting a new normal.  It will be exciting to watch it unfold, knowing that great leaders will always find a way to rise to the top.

For the full study click here


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