Future HR Challenges – Attract, Retain and Reward Top Talent

A study published by the Society for Human Resource Management (SHRM) states that human resource (HR) executives are facing three big HR challenges over the next decade. The study surveyed a sample of HR professionals from SHRM’s membership base. The three challenges are rewarding and retaining the best employees, developing and training the next generation of corporate leaders, and creating a corporate culture that draws the best employees to organizations. The study also looked into investment challenges, evolvement of the workforce, talent management tactics and critical HR competencies. With economic recovery still a continuing issue, this study points out ways to better the employee experience in order to allow companies continued growth.

The HR challenges study suggests the following methods to attract, retain and reward optimal talent.

• Allow flex-time. 40 percent of HR managers responded that allowing flexible work hours and providing employees flexibility to work/life balance is the most effective method for attracting, rewarding and retaining top performers.
• Cultivate trust. Of the HR managers that responded, 37 percent say that an organizational culture where open communications, trust and fairness are emphasized by leaders is a high priority.
• Better compensation. 26 percent responded that offering a better compensation and benefits package than competitors will help retain talent.
• Meaningful work. Designing jobs that provide employees with important and meaningful work is critical according to 24 percent of respondents. Work should have a clear purpose in meeting the company’s objectives in order to engage talent.
• Commitment. Demonstrated commitment to developing employees is also necessary according to 24 percent of HR managers.

These requirements for attracting and retaining talent are not new, however they have become increasingly important in the age of the Internet when more options exist to talented recruits. Competing for talent that will help companies move into the next decade of business and HR challenges will require a more employee-centric focus than in previous decades. To see more of SHRM’s research, visit the research section of their website. www.shrm.org/research/Pages/default.aspx

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