HR Market Update - July 2020

HR Market Update - July 2020

Angela Franks Market Insight

HR Market Update - July 2020

As we find ourselves in the second half of the year with many people thinking, they can’t wait for this year to be over, I can’t help but wonder what 2021 will look like. When COVID-19 started sweeping the world, organisations began creating initiatives to help stop the spread, addressing the need for social distancing, staggering work shifts, downsizing operations, mandatory work-from-home (WFH) where possible, delivering services remotely and lots of other exposure-reducing measures. We are by and large fortunate in Australia when we compare our numbers to other nations but what we can’t escape is the deeper financial and emotional impact. For many organisations these are undoubtedly the two biggest silent disruptors to their employees day-to-day. And so, the focus for HR has shifted to sustainability – both for the business and for the employees.

But the question remains, how do we support the workforce and deliver results for the long haul?

Globally HR professionals are trying to figure out how to balance the needs of the organisation with the needs of the staff against the backdrop of changing health and economic impacts. The virtual roundtables we held in July really drove home that organisations and their people have been impacted in their own unique way.

For Talent Acquisition teams in businesses COVID-19 only mildly impacted their businesses. The burning issues they are facing included managing employee burnout, addressing talent management strategies (especially when they have relied on international talent and global mobility), taking advantage of ‘new’ available talent, and preparing for the ‘new’ post-COVID workplace.

Where working from home 100% of the time has worked well, there is now an expectation that it can and will continue. When looking at pulse surveys globally, 2-3 days at home seems to be the expectation longer term. HR are going to have to rethink and evaluate their wider benefits scheme and EVP or IVP (individual value proposition) when going to market.

For organisations significantly impacted by trading conditions, recruitment isn’t the only function where work has gone into a holding pattern. Remuneration and performance reviews are fast approaching, and organisations are constantly having to review the approach to pay increases and bonuses.

For businesses in manufacturing or labour-intensive environments, their issues have been working with staff who don’t feel comfortable returning to the workplace and increasing the cleaning frequency of common areas.

Professional Services have been in the media for the past 2-3 months with inevitable redundancies happening in three of the Big4. They now must manage and promote their brands for the niche or critical roles they are hiring in a market that may be nervous.

Organisations who were in a strong position pre-Covid are still taking the opportunity to ensure their organisation structure is fit for purpose and robust enough to withstand uncertain times. We have seen some change programmes and redundancies brought forward which will be a theme for the months leading up to the end of the year as JobKeeper changes. Employee Relations and change management skills are certainly going to be in demand.

Frazer Jones are working hard with clients and candidates to ensure we help people feel connected and supported whether they have recently found themselves in a position they never anticipated or completely overwhelmed with the workload. Our teams across the globe are in continual contact with all HR professionals, via webinars, online roundtables, surveys, and interviews, to ensure we have a thorough understanding of how this pandemic is affecting both businesses and professionals and establishing how we as a business can assist and help everyone through this economic event.

Our Frazer Jones HR Global Market Report will be launched in the coming month, and we will also be sharing the key topic articles via our blog every few weeks. The Australia team is currently in the process of collecting market insights to release a pulse report on impacts of COVID-19 to the Australian HR Market, including salaries, benefits & bonuses, promotions etc., with the report to be released later in the year.

Please do get in touch with us for any information you might need, whether it be how Frazer Jones can help you make your next move, to developing talent in a team of your own, or to even just have a conversation about the HR market. We would love to hear from you.