War On Talent

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24 Mar

Have you ever stopped and wondered how this lasting pandemic will shape the class of talent entering into the workplace?

What Is The War On Talent?

The war on talent refers to an increasingly competitive landscape involved with recruiting and retaining talented employees, especially as they enter the workforce. One thing's for sure as we continue to navigate the COVID-19 pandemic, and it's that a high level of flexibility will be required from workplaces, and from entering talent.

According to Bloomberg Wealth, a May survey of 1000 US adults showed that 39% would consider quitting their job, if it wasn't flexible about remote work. That figure increased to 49% amongst millennials and Generation Z.

Further research identified these results are influenced by the lack of commute and other cost savings, saving individuals around $5,000 per year, by working remotely. Other survey factors making remote work more preferable include reduced COVID-19 exposure, getting to stay with family, and the ability to maintain childcare responsibilities.

What can workplaces do to prepare for the war on talent?

There are currently more than 13.9 million job postings in the US, that's up 28% from this time last year. After discovering that remote work is a viable option, recruiters can expand their search, much more than they could before. Only 7% of the total postings are remote work friendly, but even still these types of opportunities are up 174% from last year.

According to Forbes, a war on talent is starting, and the workers are favoured to win.

Smaller spending opportunities during COVID-19 has resulted in a significant number of white collar workers, collecting pay-checks and saving money. Many of these people have invested in the stock market, cryptocurrencies, and real estate. These assets appreciated in value creating a wealth effect, job seekers and workers will now have the power to make demands. They could require higher standards of health and safety upon returning to the office.

Why should HR prioritize retention over recruitment in this war?

During the late 90s, the idea that talent, rather than other traditional strategic advantages (such as technology, supply chain, scale and brand etc) could prove to be the X Factor in organization’s success was a fairly progressive notion.

HR professionals from around the country and the world are still very much in the process of recuperating from a bewildering 13 months of layoffs, forced remote work, workplace and employee safety protocols, employee fury over inadequate treatment of underrepresented minorities, and much more.