Half of your employees are looking to leave. Yes, we said half. 50%. This is according to the 2023 Global Workplace Status report. Is your organization a victim of this statistic? You might not know until it’s too late.
Last year, the global employment landscape underwent a notable resurgence. On a worldwide scale, more than 50% of employees indicated varying degrees of intent to seek new employment. A notable 53% believe that the present moment presents a favorable opportunity to secure a job within their local vicinity.
It's not unexpected that employees are perceiving the global job market more favorably today compared to a year ago. The pandemic led to a permanent departure of countless workers from the job market, and lockdowns slowed down immigration, subsequently limiting the available talent pool. A glance at any job listing platform reveals an extensive array of vacant positions, often surpassing the pre-pandemic standard.
The ongoing labor scarcity does carry certain advantages. It has prompted companies to reconsider their hiring strategies. Conventional resumes often fail to predict future performance accurately. The greater emphasis placed on a person's compatibility with a role, rather than their educational background or internships, yields better outcomes. This shift is also a welcome development for job seekers, who are now presented with opportunities that were rarely accessible five years ago.
Despite the persistent concerns about widespread layoffs — many companies that over-expanded in recent years have been downsizing over the past year — substantial opportunities remain for candidates with high potential and exceptional performance. However, it's important for leaders not to hastily conclude that this has abruptly transformed into an employer's market. While there has been a shift, it's not an extreme one.
An overwhelming 51% of currently employed individuals admit to either actively seeking new employment or keeping an eye out for opportunities.
As a leader, safeguarding your talent requires the following steps:
- Retain Your Top Performers – These are the individuals that headhunters are pursuing. Envision your three most valuable team members—now contemplate the resources needed to replace them should they exit your organization tomorrow. To mitigate the risk of losing them, start with the following actions:
- Establish profound connections. This fosters an environment where employees are more inclined to share their thoughts, even about considering another job, enabling you to manage the situation effectively.
- Engage in regular conversations. Weekly discussions, whether structured or informal, help maintain alignment.
- Conduct retention interviews. Annually, delve into comprehensive discussions with your top performers, querying their reasons for staying, potential factors that might lead them to leave, and their priorities.
- Articulate and Embrace Your Values – Do your organizational values possess the ability to inspire a desire for involvement? If not, define your values in clear terms. Then, integrate them into every interaction with customers and employees, ensuring they encounter these values consistently.
- Prioritize Recruitment Efforts – Given the ongoing tilt of power towards employees for the foreseeable future, the smart money is on companies wielding robust recruitment strategies and establishing compelling employer brands. If your initial hiring process is adept, a substantial degree of unpredictability can be eliminated from staff turnover.
- If uncertain about your organization's recruitment capabilities, chances are, there's room for improvement.
- High-performing recruitment units often resemble sales teams more than traditional HR setups. Enlist recruiters who excel at presenting your offerings rather than those who simply process resumes.
Succeeding in the talent competition boils down to getting the basics right: having a strong defense to keep your current talent and being proactive in your recruitment approach to make the most of the current hiring situation. If you consistently and effectively work on these strategies, your company will be on the winning side.
Download our e-book, How to Run a 5-Star HR, to learn how you can win the war for talent.