Future of work trend #2: Scarcity
‘Just in time’ manufacturing has become next to impossible in a period of supply chain disruption and material shortages. In the same way, organisations can no longer take a ‘just in time’ approach to talent acquisition during a period of talent scarcity. It’s time to get creative about how you recruit, retain and reskill your people.
Finding and keeping top talent is harder than ever, with the convergence of economic expansion, COVID border restrictions and a fundamental skills mismatch.
Globally, employee turnover is expected to increase in 2022 with almost a third of professionals telling Korn Ferry they would quit their current job – even if they didn’t have another one lined up. For many, COVID has triggered the desire for a work-life ‘reset’. The ‘Big Quit’ couldn’t come at a worse time for organisations still grappling with limited global mobility due to border restrictions, along with major growth targets. And at the same time, the World Economic Forum predicts 50% of all employees will need reskilling by 2025.
We cannot keep using the same strategies to address this problem and expect a different outcome. It’s time to consider all the levers you have available to build and strengthen relationships with individual talent. This includes flexing your compensation, rewards and benefits packages to meet individual needs, as well as re-thinking succession and learning & development strategies.
7 ways to find the talent you need
Leading organisations are already taking these steps to tackle the talent shortage:
1. Creating clever incentives – Tie sign-on bonuses and referral incentives to retention periods, and compete on flexible, individualised benefits rather than starting salaries. For example, consider additional vacation days, or external coaching to meet the need for career growth and learning opportunities. One client converted its entire senior leadership floor into a fully-equipped yoga, gym and pilates studio with 24/7 access for all employees.
2. Looking within – Proactively find opportunities for great employees to learn and grow with specialised training. 37% of global professionals say upskilling and reskilling is the main way they plan to address the talent shortage, and we are also seeing growth in the interim and contingent workforce.
3. Being more inclusive – Asia-Pacific companies are using more technology-based screening and assessment tools to remove unconscious gender or age bias. Hosting regular virtual or in-person networking events can also help you plan and curate your future talent pool.
4. Taking care of the candidate experience – 75% of candidates say they probably won’t accept a job offer if they are treated poorly during the interview experience. Think about how you can keep them engaged and make them feel part of the team before day one.
5. Exploring all options for flexible work – Hybrid working is now a baseline expectation for many roles. Almost one in two candidates will now turn down your job offer if you require them to work in the office full-time.
6. Walking the talk on your EVP – Beyond pay, employees want to work for an organisation with an aligned purpose and values – including a firm commitment and action on Environmental, Social, and Governance (ESG), diversity in leadership and workplace culture.
7. Making leaders accountable for stemming turnover – None of these strategies will be effective unless they are measured and managed. And that starts at the top. Understand why people are leaving, or what’s holding them back. And make the solutions part of manager KPIs.
In times of scarcity, it’s natural to react quickly and scramble for any solution. Let’s make 2022 the year we think clearly about the longer-term – and create new ways to attract, manage and retain the future talent you will need.
