What do you think will be the biggest challenges facing HR during the next decade?
This is one of the questions posed in a poll by the Society for Human Resource Management titled “Challenges Facing Organizations and HR in the Next 10 Years.” The survey responses, gathered from 449 HR professionals, show that:
Getting and Making the Most of Human Capital is a Key Priority
- Nearly half of the respondents (47 percent) cite obtaining human capital and optimizing human capital investments as the top investment challenge for businesses over the next 10 years.
- 29 percent of the respondents list obtaining financial capital and optimizing financial capital investments as the top challenge.
- Obtaining intellectual capital and optimizing intellectual capital investments comes in third at 12 percent.
To Attract, Retain and Reward the Best Talent, Organizations Should:
- Allow flexible work arrangements. According to 58 percent of HR managers surveyed, providing flexibility for employees to balance their life and work responsibilities is the most effective way to attract, reward and retain top performers.
- Cultivate a culture of trust and fairness. 47 percent of respondents say that creating an organizational culture where trust, open communications and fairness are emphasized and demonstrated by leaders will be a key priority.
- Provide meaningful work opportunities. 40 percent of HR managers say that designing jobs to provide employees with meaningful work that has a clear purpose in meeting the organization’s objectives optimizes the organization’s ability to engage and keep top talent.
- Demonstrate a commitment to employee development (29 percent).
- Offer a higher total compensation and benefits package than organizations that compete for the same talent (23 percent).
While these survey results aren’t earth-shaking, they do serve to underscore an important point. As businesses like your hospitality organization emerge from the recession, they should get ready to compete for talent.
Horizon Hospitality can help you prepare, by developing and executing a proactive strategy to recruit the top hospitality professionals – from executive chefs to hotel managers to food and beverage directors – you’ll need to succeed. Contact us today to learn more about our recruiting and consulting services for hospitality organizations.