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Here Comes the Great Resignation. Are You Prepared for the Ensuing Talent Shortage?

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Have you read the news? The Great Resignation is coming. Anthony Klotz, a Texas A&M University academic who studies organizational management trends, told the media recently that employers should expect a significant exodus of talent as the job market continues to stabilize. Klotz explained that when there’s economic and societal volatility, employees tend to stay in jobs, even less than ideal ones. This means that the pandemic delayed resignations among those highly motivated to quit. Additionally, those who have begun to search for more meaningful work and balance, inspired by spending more time at home, are also prepared to job switch.

This means that the hiring market tide (which had already begun to turn in favor of job seekers) is going to roll in even faster. By mid-Summer, it is anticipated that there will be more employers looking for talent and more highly motivated top-tier candidates on the move. 

 

Where & When Work Happens Is Also Driving Talent Attrition

Fueling bottled-up talent mobility is the uncertainty around what ‘going to work’ will now mean. There is so much emotional flux that we can all relate to as we navigate the reopening of the ‘world.’ Strong feelings have arisen around remote work, missing colleagues and collaboration yet wanting better work/life balance, self-awareness epiphanies – just to name a few. This is inspiring exploration of what’s next for many in terms of careers, jobs that bring deeper meaning, and employers that align with values. This is particularly true for the youngest generations of workers, who seek purpose and value connection through employment.

 

The Talent Areas That Bring the Most Heat

The pandemic has pulled the future forward – job and workplace trends that were theoretical ideas on the horizon are playing out now. The World Economic Forum, in its Jobs Reset Summit presentation, posits that the future of work will be technologically enabled but also extremely human-centered. Talent for jobs in digital marketing, data, and technology will continue to be the most in-demand. As recruiters, we see this as a daily reality now. Our candidates in these areas are already considering multiple offers, and our digital, data-driven, and tech freelancers have no shortage of projects from which to choose.

 

How to Win When Competing for the Most Wanted Hard & Soft Skills

After enjoying over a year of having the upper hand when it comes to employment negotiations, some employers might be slow to recognize that the tables have turned. They are still proceeding as if they hold all the cards and expect candidates to endure tediously long hiring processes only to offer compensation packages that come up short. Unfortunately, these companies are now finding that their top choices for their open roles have been scooped up by a savvier competitor. Here are some of our best tips to make sure that hiring managers win the talent they most want:

 

Move Fast or Face Disappointment

Tech-enabled hiring and the fact that most candidates are more easily accessible during the pandemic have accelerated the hiring process. Because most are working from home, arranging phone calls and meetups is no longer dependent on candidates getting away from their office. This efficiency has collapsed the steps in the process, moving candidates along quickly from evaluation to offer. Decision-making speed in the interview process was always a factor in companies beating competitors to the most in-demand candidates like those in digital marketing and e-commerce. In short, if you’re an employer and your hiring process is plodding, you will lose out. Period. 

 

Focus on the End-to-end Candidate Experience

Hiring process speed isn’t the only factor that is a talent loss risk. With job seekers increasingly in the driver’s seat, the overall candidate experience has become paramount. After all, how job seekers encounter the company during the hiring process reinforces or contradicts a company’s employer branding. From our proprietary talent behavior research and from anecdotal evidence shared by our recruiters, the plurality of job seekers says their candidate experience influences their opinion of the company and whether they want to work there. Lack of communication is a major red flag, as is a cumbersome, inefficient process, along with excessive demands on the candidate’s time.

The Cheap Becomes Expensive

Employers who choose to lowball high-demand candidates will quickly learn that being stingy when it comes to putting together a compensation offer will cost them the top-tier talent. In an increasingly competitive talent market, we encourage clients to put their best offer forward from the get-go. There may not be a second chance to woo a candidate they love. And when it comes to existing employee retention, better compensation is a perennial job switch trigger – during good times and bad.

 

Don’t Underestimate to Power of Holistic Benefits & Responsive Flexibility

In our most recent talent attitude study as we emerge from the public health crisis, seven out of ten employees said that they are stressed out and seeking balance. They are also much more aware of the holistic support they require to feel cared for and be successful at work. Employees are raising the bar on every flavor of benefits employers offer – physical and mental health, and financial wellness. Employers that mitigate stress and honor well-defined work/life boundaries will be sought after. And when it comes to flexibility, now that working from home has been a proven possibility, employees will increasingly seek autonomy in deciding from where and when they work. On the talent flight trigger list, better benefits and increased flexibility consistently rank in the top ten in our annual hiring market studies.

 

To learn more about talent on the move, download our latest infographic here. For help building out your digital, data, or tech talent bench – whether freelance or full-time – contact one of our expert Marketing recruiters today.