It seems so strange that it was only months ago that so many were talking about the large numbers falling onto the job market as the pandemic began and today, every operator is talking openly about the need to compete for talent.
Many blame Brexit. Others Covid. The cause is one thing but the real question is whether companies possess a real plan for competing for talent once again?
Strangely, a recent report noted that 45% of employees are planning to look for new jobs in 2022. This is one of the highest levels ever recorded and makes its own statement. However, it does also say that the battle for talent is only just starting and it is there to be competed for – if the argument is good enough?
The reality is that companies will need to change the way they have acted and thought over the last fifteen years. Recruitment was called into question and now, there does need investment in how to court talent and win their support.
Another report notes that less than 20% of companies possess strong talent friendly processes which proactively seeks talent. Less than 1:5 companies.
Many believe that service and relationships could be the two great business differentials as we come out of the pandemic. If true, then great people will be important. One can sit back and expect talent to walk through the door. Companies will need to be prepared to think differently.
Strangely, many employees feel they possess greater strength to choose today. As the majority of people worked from home and were sheltered in place, they didn’t spend money like they used to. The result is that a significant number saved their money. Many people invested in the stock market, cryptocurrencies and bought real estate. These assets appreciated in value creating a wealth effect. These factors created more confidence in the future. It’s also caused a big pent-up demand to go out and enjoy life once the restrictions are lifted. It explains why so many could go out and live large despite all the lockdowns.
The argument, of course, is that hospitality has been one of the worst-hit. True but many found they had options and new careers. Many did adjust as this too has given them confidence.
Many have reinvented themselves; thought differently about themselves and reskilled. This too has changed how employees think.
It’s hard for executives to wrap their heads around this abrupt change in fortune. They’ve been used to putting on hiring freezes, downsizing staff and taking advantage of the employees’ fear of losing their jobs by pushing them to work longer hours and weekends while at home. However, the game has changed.
Are you ready to compete?
45% are expecting to look for new roles in 2022. Everyone is at threat of losing good people. New plans need to start now.