Last month, as 2022 went into the history books as yet another year marked by disruption in the economic and employment outlook, we took a look at the hiring trends we identified as defining the coming 12 months. As 2023 gets underway, we would like to dive deeper into how employers can build a successful talent strategy this year and beyond by understanding both the big picture and the finer points dominating today’s recruitment environment. Because one thing is for certain: The world of work is forever changed.
The Evolving Employer-Employee Relationship
It’s true: The upheaval and uncertainty of the past few years have transformed our workplaces forever. How, where, when, and why people work has undergone a seismic shift, and many companies were left unprepared for this seemingly sudden evolution (although, in truth, it had been brewing for years).
The Great Resignation gripped the news reports throughout 2021, when 47.4 million people voluntarily left their jobs, a record high number. While the Great Resignation morphed into such subsequent themes as the Great Reset and the Great Realization amidst rising inflation rates and recession fears in 2022, still some 46.6 million workers walked out the door last year. The fact is: More than 4 million Americans are still quitting their jobs every month. Add in another set of figures that may be keeping employers up at night: There are 10.7 million jobs currently open in the US, and only 5.7 million workers looking for work.
How do organizations successfully bridge the talent gap to build strong, resilient teams in today’s still-volatile marketplace?
The Power of Attraction
The reasons for the pervasive employment migrations over the past few years are as varied as they are nuanced; for one thing, switching jobs — and even entire careers — post-pandemic has never been easier. With remote and hybrid work arrangements here to stay, people can now literally work from anywhere, a factor that benefits both employees and employers who suddenly have a much wider talent pool to pick from.
Companies that want to differentiate themselves to attract and retain talent need a multi-pronged approach. Here are the top ways organizations can win today’s talent wars:
- Establish and communicate a clear company purpose. Ask yourself regularly: What makes your organization stand out? Every company claims to have core values, great corporate culture, and a commitment to professional development. But what are your unique differentiators and value propositions? How can you demonstrate your company’s purpose effectively? These days, talented employees want to work for companies that share the same mission and values as they do, and the onus is on the employer to showcase that alignment.
- Pay careful attention to job design at the outset. Job design is the intricate and imperative process of creating a job description that simultaneously enables the organization to achieve its goals while motivating and rewarding the employee. Roles that are carefully crafted and intentionally filled lead to higher productivity and quality of work, while also contributing to enhanced employee engagement — qualities that organically equal better talent attraction and retention.
- Implement a skills-based hiring approach. As the demands of industries and job roles change, more employers are embracing skills-based hiring practices. This means looking beyond college degrees and years in one industry or position to actually fill roles based on qualifications. Through instituting a skills-based hiring strategy, companies can boost the number and quality of applicants who apply to open positions and can assist workers to find more opportunities to advance internally, helping employers improve both attraction and retention.
- Listen to what your employees want. This may sound obvious, but to create a truly supportive and attractive culture, employers need to learn specifically what matters to their employees. What that looks like will be different from organization to organization, industry to industry. The only way to establish what will attract and retain talent at your company is to ask individual employees — and then tailor your organization’s hiring strategies and benefits plans accordingly.
Shaping the Future of Work Together
The C-suite needs to think hard about how and why their employees come to work. Employers that do this well and with intention will attract and retain better talent, bolstering their organizations for whatever the future holds for employment and the economy.
With our industry experience and insights, our team is uniquely positioned to help employers meet the demands of an evolving workforce. Our dedication to white-glove customer service and collaboration, along with the recruitment industry’s deepest databases, advanced technological resources, and a proven comprehensive process, position 20/20 Foresight as your company’s most valued asset for sourcing the world’s top talent in today’s rapidly transforming recruitment landscape.