The ‘Great Resignation’ to the ‘Great Hire’
The Covid-19 pandemic caused numerous widespread problems for businesses, governments, and individuals alike. Regarding business specifically, the pandemic triggered significant talent shortages globally, with Professor Anthony Klotz has referring to this phenomenon as the Great Resignation to describe this. Statistically speaking, it is estimated that 77% of Gen Z-ers, 63% of Millennials and 33% of baby boomers are planning to change jobs within the next year.
This has increased employee turnover and the fluidity of the job market with a Korn Ferry study showing that 55% of professionals believe this will continue to grow in 2022. Resultantly, 50% of CEOs globally have cited talent recruitment as one of their most critical employees focuses.
The power of an effective workforce within an organisation should not be underestimated. It is well documented both in academia and reality that employees are a resource capable of sustaining a competitive advantage with positive relationship between this and firm performance.
The Great Resignation has had several practical implications. Firstly, and unsurprisingly this has increased the importance of organsiations having efficient and effective recruitment processes. As so many more people are leaving organisations, companies need systems in place able to cope with the increased pressure on them.
A perhaps more unexpected result of these higher levels of employee turnover, however, is the mindset shift that has taken place transforming the market from being dominated by employer’s demands to the employee’s. This means organisations are actively improving candidate experience and engagement during the recruitment process to increase recruiting success.
Having said all of this, the Definitive Guide to Talent Acquisition research found that only 15% of companies were attracting and retaining candidates well.
Is your organisation within this 15%? Or are you struggling like the majority?
The transformation from the ‘Great Resignation to ‘The Great Hire’ is the phase we are moving into and those organisations who can make the transition quickly will give themselves a chance to recruit the best talent.
It is simple, to hire the best people, you need the best recruitment systems, strategies and synergy between candidates and culture.
When you have achieved this, be sure to live up to the candidate’s expectations or they and you will become another statistic and the costly resignation cycle starts again.