In a recent message, one of our savvy Business Execution Specialists Dave Kastelic shared this wisdom and observations about the current state of talent in our businesses.
The Talent Tsunami
I believe there is a Talent Tsunami that is coming in the fall of 2021. In the past couple of weeks, I have spoken to five CEOs of mid-sized Alberta firms who told me they are currently struggling to hire at all levels. One said they are getting only 25% of the applicants that they would typically get pre-pandemic.
How can this be? We have 10% unemployment in this province. Here is what we and our clients are observing.
- People don’t want to come off of government support programs just yet. With children in and out of school and the upcoming summer break, it is easier for one spouse in many cases to stay home for now. Or some may be wanting to take the summer off.
- Early retirement is being taken by many, numerous people are escaping the stress of the pandemic and opting for this now rather than waiting.
- Skills or experience or both don’t match the jobs currently in demand.
- If you are an Alberta business, there is a significant exodus of talent to other provinces, many to British Columbia.
- People who are working are fearful of job security. With all of the economic uncertainty, they are not actively applying to opportunities or looking for a move.
Traditionally when you contact people on LinkedIn about a potential new job, more than 75% are open to considering the opportunity. The reasons are usually that they are not enjoying their role or their new supervisor, there is no room for them to grow and learn, or they are not feeling fulfilled. It is seldom about money, but more often about job satisfaction and culture fit. We call these passive (not openly looking) candidates. That number appears much higher now with covid fatigue and the huge change it has imposed on many employees’ lives. It is just a matter of time before this large silent passive group starts to shift to actively looking for a change.
One leader shared that he was shocked to find several of his key people’s resumes currently on Indeed (most employees don’t realize that when they apply for a job on Indeed their resume can be found by other employers). He said it made him feel so vulnerable; he had no idea that they were not happy.
Are Your People Looking for a Move?
With the COVID 19 restrictions coming off and the economy stabilizing, I think the fourth quarter of 2021 will see a record number of people moves.
So if you are a leader, you should be actively checking your current employee engagement. Checking in with them regularly, showing your concern for their well-being, and making sure their “Why” matches up with the organization’s “Why”. It may also be time for a review of current compensation plans. Most have not experienced a raise or bonus in more than two years. Are your plans still competitive?
Now more than ever at Results, we need to help our clients focus on talent. The Talent Tsunami is coming.
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