With the hiring landscape becoming more competitive post COVID-19, organisations are trying out newer ways to attract and retain talent to remain at the forefront of this era that has called for a wave of transformation.
The pandemic completely altered the way we work, and there have been many emerging trends that have created quite an impact on the jobs landscape. While 2020 was noisy with deliberations around pay cuts, job cuts, role changes, and furloughs, 2021 has been quite different. With a large chunk of the workforce looking for more flexible working environments, the job market and hiring landscape has completely undergone an overhaul.
Following the pandemic, a large number of workers left their jobs. It is happening across industries and all levels of organisations around the world. Numerous studies show a large number of employees intend to leave their current employers and even switch industries to do so. A study by Monster.com put the figure at higher than 90%. This is being called the Great Resignation.
But while the world was talking about the Great Resignation, there has been an upturn with more hires in the past few months than resignations. In fact, looking at the numbers, we might as well term this phase the Great Hire.
On one hand, people are leaving their jobs. However, they are also looking for better opportunities, thus creating a great opportunity for employers to get the right talent on board as a future fit. With the economy coming back on track and organisations looking at reimagining themselves in the hybrid space, the scope for hiring more talent has only increased in the past months.
In fact, progressive organisations have jumped onto the hiring bandwagon with newer strategies to attract talent and create the workplaces people want to be a part of. This is the time to hire, and this is when the best talent is out there looking for the best employer.
With newer workforce dynamics and the gig workforce and contractual labour gaining more prominence, flexibility is going to be a differentiating factor for organisations as they look to hire. A recent Microsoft study confirms employees want the best of both worlds when it comes to workplace flexibility, with more than 70% of workers desiring flexible remote work options to continue and more than 65% seeking more in-person time with their teams.
Similarly, according to a McKinsey report, 80% of survey participants said they enjoy working from home, and 41% said they’re more productive than ever. As organisations get real about remote and hybrid work, they learn that those able to provide workers with the flexibility to work where and when they want enjoy a significant competitive advantage in talent access over less flexible peers.
In such a scenario, organisations are striving to be talent magnets, hiring more employees than they lose and focusing on why people join and stay as well as why they leave. HR leaders across industries are looking at creating value propositions and employee experiences to drive success, setting their organisations apart and creating an edge for themselves.
When it comes to attracting new hires, organisations now need to ensure that their hiring strategies are aligned with the goals and aspirations of the new age workforce. These potential employees are not just looking for good roles and compensation but also for purpose, meaning, and flexibility.
There is also a need to create rewards programmes that cater to their needs and desires. Research shows 72% of companies are updating pay and benefits programmes in 2021 to address multiple challenges. Net talent gainers ensure that pay is competitive and fair in shifting post-pandemic labour markets, not only for new hires but also existing employees.
On top of all of this, the most critical factor in any hiring strategy is well-being. Since COVID started creating havoc in peoples’ lives, the focus on physical, mental, emotional, and financial well-being has grown expotentially. Organisations that intend to stay at the top of their game with world-class talent need to ensure that hiring is beyond what it used to be before 2020. It is time to reset and reimagine hiring as healthy employees drive healthy organisations.