Hiring News & Trends
Hybrid Work Makes People Happier, More Loyal, HR Leaders Say
Benefits reported by HR leaders around hybrid work arrangements include:
- Increased productivity
- Increased wellness
- Mental health benefits
- Allowed for optimal environment for learning and development
- Hybrid work arrangements are the most in-demand wellness benefit among workers, with 92% of employers using it to recruit new professionals and 85% using it to retain talent.
- 89% of HR leaders stated that hybrid work arrangements help retain people who would otherwise leave their roles, including parents, caregivers and retirees.
Workplace Preferences: What is your preferred working arrangement?
- Fully remote: 60%
- 1-2 days in office per week: 27%
- 3-4 days in office per week: 9%
- Fully in office: 4%
Vaco LinkedIn Poll, April 2024: 23,118 respondents
Source: Human Resources Director
Damian Smith Director of Sales Vaco
“Hybrid work arrangements have significantly reshaped the workplace landscape, fostering increased productivity, wellness and retention. Candidates today overwhelmingly prefer flexible work schedules, valuing the balance between their professional and personal life. While some industries, like IT and manufacturing, require onsite work, many companies are leveraging hybrid models to attract and retain top talent. It's crucial for businesses to adapt by offering flexibility in work arrangements and compensation. By doing so, they can meet the evolving expectations of their workforce and ensure continued engagement and satisfaction. This balanced approach not only addresses immediate staffing needs but also promotes long-term loyalty and well-being among team members."
Hiring News & Trends
AI at Work Is Here—Now Comes the Hard Part
1. People want AI at work—and they won’t wait for companies to catch up.
- 75% of knowledge workers use AI at work today, and 46% of users started using it less than six months ago.
- 79% of leaders agree their company needs to adopt AI to stay competitive, but 59% worry about quantifying the productivity gains of AI.
- This uncertainty is stalling vision: 60% of leaders worry their organization’s leadership lacks a plan and vision to implement AI.
2. For workers, AI raises the bar and breaks the career ceiling.
- 55% of leaders say they are concerned about having enough talent to fill roles in the year ahead.
- 66% of leaders say they wouldn’t hire someone without AI skills.
- 71% say they’d rather hire a less experienced candidate with AI skills than a more experienced candidate without them.
- 76% of professionals say they need AI skills to remain competitive in the job market.
3. The rise of the AI power user—and what they reveal about the future.
- AI power users are 37% more likely to say their company has a virtual learning program.
- They are 37% more likely to have received training on prompt writing.
- 35% more likely to have received training in how to use AI for their role or function.
- 32% more likely to receive training on specific use cases such as writing or analyzing data.
Source: Microsoft
Niraj Chatwal Director, IT Strategy & Transformation MorganFranklin Consulting, a Vaco Company
“In the coming quarters, we are predicting an unprecedented shift towards AI integration across various industries, driven by both individual use and strategic organizational investments. AI is not just a passing trend but a cornerstone for future business strategies. So much so that the majority of chief experience officers and chief financial officers are planning to significantly increase their AI budgets, indicating a robust commitment to this technology.
Generative AI is an excellent launchpad into the broader world of AI, offering companies an easier introduction to this transformative technology. Its widespread adoption is primarily due to its ability to simplify daily tasks and augment human intelligence. But the real transformative power lies in more sophisticated machine learning models that promise higher returns on investment, particularly in areas like anomaly detection, fraud prevention and predictive analytics. As we move forward, it's crucial for companies to balance immediate AI applications with long-term strategic goals, ensuring ethical use and robust data curation to maximize AI's potential while mitigating risks.”
Hiring News & Trends
7 Ways the Federal Trade Commission Ban on Non-Competes Will Impact Companies Utilizing a Contingent Workforce
- Increased Mobility and Negotiating Power for Workers: This could lead to a more dynamic labor market, with workers seeking opportunities that best suit their skills and preferences.
- Engagement of Contingent Contracts Will Increase: This could lead to a larger pool of available contingent workers for employers to engage with, providing greater flexibility in staffing and resource allocation.
- Reliance on Workforce Management Technology and Partners: Companies will need to invest in technologies and processes that enable them to quickly scale their contingent workforce up or down as needed.
- Compliance Considerations and Upkeep: Employers will need to stay informed about any legal developments or challenges related to the ban and adjust their practices accordingly to mitigate compliance risks.
- Enforcement Challenges: The FTC and other regulatory bodies will be developing mechanisms to monitor compliance and address violations effectively.
- New Ways to Safeguard Company Information: Employers and legal professionals will need to adapt their strategies and policies to comply with new regulations and navigate potential legal challenges.
- Talent Acquisition and Retention: Employers will need to enhance their talent acquisition and retention efforts to attract and retain top contingent talent. Strategies may include:
- Competitive compensation packages. - Skill development and career advancement opportunities. - Fostering a positive work environment that encourages loyalty and engagement among contingent workers. Source: HR Grapevine
Larry Moscowitz Vice President of Legal Affairs Vaco Holdings
“Assuming that it goes into effect, a big question mark given the pending litigation around it, the FTC's ban on non-compete clauses would significantly impact the labor market and likely benefit contingent workers. By enhancing mobility and negotiating power, workers could more easily pursue opportunities that align best with their skills and career aspirations. This in turn could meaningfully increase the engagement of contingent contracts as employers would have one less mechanism for retaining full time talent, while providing employers with a more flexible and dynamic talent pool. Whether the rule is ultimately enacted or not, the FTC’s rulemaking should remind companies of the need to invest in workforce management technologies and compliance strategies to stay ahead of regulatory developments. As the competition for top talent intensifies and regulatory risks around noncompete clauses increase, businesses must rely more heavily on offering competitive compensation, career advancement opportunities and a positive work environment to attract and retain skilled workers. Ultimately, we anticipate this increased mobility and market fluidity will drive innovation and growth across industries.”