It is hard to find talent in 2022 which is why businesses need to focus on talent attraction and retention if they wish to survive the great resignation.
Leading up to the COVID-19 pandemic businesses were already experiencing a drop in talent and skills, but ever since the pandemic resignation levels only accelerated. In the last few years, employers have been grappling with a shrinking talent pool and there does not seem to be relief in sight.
However, there are ways to adapt to the volatile environment but business owners need to have an adaptable and flexible mindset. Research shows that 55% of professionals believe employee turnover will only increase in the coming year.
Since it is hard to find talent, companies must think more broadly about talent attraction and retention. This includes compensation, rewards, and benefits, learning and development (L&D), succession and diversity, as well as equity and inclusion (DE&I).
It Is Hard To Find Talent In 2022
With the right tools in place, any company can rise above the challenge of talent attraction and retention. There are businesses that have been around for years, but they are behind their competitors in digital transformation and have start-ups with massive funding about to leapfrog them.
The only way to overcome this hurdle is to invest in reskilling your current employees. Companies that are still traditional in their approach might miss the opportunity to progress which is why they find it hard to find talent. They cannot hire enough data scientists, agile coaches, engineers, product owners, cyber experts, or design thinkers.
These incredibly talented individuals know their worth that is why it is hard to find talent in 2022. They are choosing to work at fun, youthful organizations as opposed to old-school companies with siloes, command-and-control leaders, and matrix structures that grind decision-making to a halt.
Then There Is Automation
Whilst all this is happening, your most loyal employees’ skills are becoming obsolete because of automation. This leads to unproductive middle managers, and your digitally unskilled frontline workers are not prepared for the changing world ahead.
We see this situation all too often and the challenges our clients are experiencing daily due to the global skills crisis. The World Economic Forum estimates that more than half of all employees around the world need to upskill or reskill by 2025 to embrace the changing nature of jobs.
Therefore, organizations in this situation are investing in reskilling to build the talent they cannot acquire or productively deploy. Yet, other studies show that talent and skills are the second-most underinvested area in corporate transformation and leadership efforts.
This is a problem since it is hard to find talent which is why certain companies are reimagining how they can bring learning to a scale of thousands of people quickly.
Keep reading as we share eight practical insights into the new world of work and how your business can thrive!
What Is Reskilling?
Reskilling is the process of learning new skills by employees to move onto a new role within their current company.
Since it is hard to find talent, why not create it yourself? Reskilling is an excellent alternative to firing current employees and hiring new ones with a different skill set. It is also a fantastic way to move a person who fits better for another role but somehow ended up working in a different one.
For example, you might have an account manager that excels in communicating with customers. Then after a trial run, that individual turns out to be a natural salesperson. You could present the idea of transitioning to a sales role and invest in reskilling them for a sales position.
Rather than firing the person or having their role replaced by automation, choose to reskill them instead. This is far more cost-effective and retains talented individuals since we know it is hard to find talent nowadays.
8 Ways To Beat The Talent Shortage
It used to be a numbers game when it came to attraction and retention but now that it is hard to find talent, 2022 calls for a much more human approach.
Companies must consider all the levers they have available to them for building and strengthening relationships with individual talent from compensation, rewards, and benefits to learning and development, succession, and DE&I.
1. Exciting Incentives For Employees
As mentioned, the Great Resignation is reaching epidemic levels.
Research shows that out of 700 people, 31% of them said they would quit their job even without having another one lined up. Now that is a reality check.
Adapting to the change means businesses are offering sign-on bonuses, even at the entry level, that are paid out before a candidate even starts. There is usually a clause that they must pay it back if they leave within a matter of months.
Companies are having more counteroffers than ever before and starting salaries are on the rise. Also, there’s a surge in offering long-term incentives (LTIs) for middle to senior managers to stay, including employee stock options and sabbaticals.
More organizations are offering enhanced wellness benefits, like on-site childcare, caregiver stipends, increased paid time-off, education reimbursements, and top-tier health and dental insurance.
2. Reskilling So It Is Not Hard To Find Talent Anymore
During the pandemic, companies were operating in survival mode but now it is time to develop future capabilities to quickly adapt. Since it is hard to find talent in employees, we cannot rely on talent acquisition teams hiring candidates externally.
Instead, businesses can focus on internal mobility to prevent attrition and solve the talent shortage, especially for niche roles. Reskilling and upskilling existing employees through specialized training, programs, courses, coaching, and on-the-job experiences are the future.
Alternatively, companies are investing in modern technologies to surface skills and connect employees with opportunities.
3. More Opportunities For Better Talent
As it is hard to find talent, organizations or either dropping or easing up on job qualifications like four-year college degrees and set years of previous experience.
Business owners are more understanding of gaps in resumes since people took time off for personal health reasons or to care for others during the pandemic.
In fact, companies are also looking for talent in non-traditional places outside of their industry or within the retired working population. It is important to be a fast learner who is agile so you can meet the evolving needs and skills of the marketplace.
4. Environmental, Social & Governance Issues
The younger generations care hugely about environmental, social, and governance issues (ESG).
It is hard to find talent because these individuals want to work for companies with sustainability commitments embedded in their core values and mission statements. That is just a start because candidates will do their own due diligence to see if a prospective employer is deeply committed to doing the work.
This means companies must take meaningful action towards sustainability and incorporate it into every aspect of the business.
5. Take Accountability For The Talent Shortage
Due to the pandemic, it is hard to find talent, which has made businesses rather reactive. As a result, they are left chasing to stay on top in an ever-changing business environment. The problem is that these businesses are not planning properly.
Therefore, business owners need to step back and find out why people are leaving the workforce. Ask questions like, is it the pay, the benefits, the culture, the business model, or the location?
6. Remote Onboarding Process
Working remotely means more ambiguity for employees which is why more structure is required. It is hard to find talent, but not when you are open to a remote working relationship. Gone are the days when onboarding a new employee meant tech support coming to you with a computer and a phone or a lunch with the team.
Remote settings enable scheduled virtual introductions and explanations of the role each colleague plays. This requires clear articulation and HR to work closely with the new hire to guide them through the onboarding process in the first 90 days.
7. A Flexible Workplace
There is less need for workers to live right near offices. People can now live in more affordable areas, since remote work means you can work anywhere, at any time.
In fact, since it is hard to find talent; a remote working situation has proven to be as productive, or even more productive than working in an office.
Therefore, companies will move toward a hybrid work model, allowing employees to split their work week between working on-site and working from home, depending on their needs.
8. Inclusive Company Culture In A Remote Environment
Business owners must look at their company culture and employer value proposition (EVP) to understand how they do or do not align with the candidate experience and what candidates want in the organizations they work for.
Virtual work is making it harder for candidates to understand and connect with a company’s culture which is why this is super important. A positive, inclusive culture not only makes sense from a talent perspective, but also from a business perspective.
There is a direct relationship between highly engaged and enabled employees and increased company sales and earnings.
How To Get Started
Most reskilling takes around six months or less. However, the time reskilling takes also depends on the requirements of the new role employees will assume.
Since it is hard to find talent, reskilling is a worthwhile investment.
Only about 9% of reskilling takes longer than six months but less than a year. It’s estimated that around 10% of reskilling may take a year or longer, although that is likely for more skilled and more elevated roles within the company.
If you want to start reskilling, then join our FutureFit courses today!