When it comes to the talent market – like any other market – it all boils down to supply and demand. And today, the demand for quality job candidates far exceeds the supply. It’s not that no one is looking for work, but rather, that desirable potential hires can pick and choose where they want to go.
- It doesn’t look like this picture will be changing anytime soon. As of last September, the U.S. Labor Department reported an all-time high of 10.9 million job openings. And as of March, while this number had decreased to 10.8 million, the number of hires and total separations changed little, at 6.4 million and 5.9 million respectively.
- And looking ahead? Predictions call for more than 85 million jobs going unfilled worldwide by 2030 for the simple reason that there simply aren’t enough people to take them. Left unchecked, by the end of the decade, the global talent shortage could amount to approximately $8.5 trillion in unrealized annual revenue.
Part of the problem is demographics.
It’s understandable to assume the current talent crisis was caused by Covid-19 and its far-reaching implications. And that’s not wrong. But demographics also play a role. In the U.S., birth rates are at record lows, as Baby Boomers continue to retire, without enough Generation X workers to replace them. This follows trends that have been seen in Europe and Asia for several years now.
- Of course, the pandemic was a huge contributing factor. As employees sheltered at home, many reevaluated what they wanted from their employers, and from life in general. Factors like high salaries became less important, whereas work/life balance and flexibility became top priorities.
It’s about more than just a paycheck.
Paying competitive wages is important, so don’t short change current or prospective employees in this regard. But winning the talent war also requires purpose, conscious leadership, and a caring culture. Here are some additional steps you can take:
- Offer meaningful work. Make sure candidate’s values and vision align with those of your company. Learn what each individual’s passions are, and give them meaningful tasks and responsibilities geared toward their own societal, environmental and community service goals.
- Provide tailored benefits. This, too, requires meeting the specific needs of each individual. For some, it means educational assistance or a gym membership. For others, childcare, eldercare or a more comprehensive dental plan are in high demand. There is no one-size-fits-all solution.
- Focus on flexibility and work/life balance. Specific desired work schedules also vary from person to person. (Do you notice a pattern here?) But flexibility and balance are a common denominator, whether it means job sharing, remote or hybrid work, or flex hours to accommodate family and other personal needs.
- Give employees opportunities to learn and grow. Both personally and professionally, support training and development to help your team members grow and flourish along with your organization.
For more insight and resources on building and retaining your winning workforce, contact Accurate Staffing Consultants, Inc., today.