There’s a talent shortage out there. It’s not just about certain industries or skill sets — everyone is feeling the pinch. That’s why we’ll be focusing our attention on employee retention for the month of March. For the next 30 days, we’ll be dropping resources, tips, and tools that employers, managers, and HR professionals can tap to stay ahead of the talent shortage and keep their best people.
To kick things off, we’re sharing 2022 predictions from Anthony Klotz, the psychologist and professor who first coined “The Great Resignation.” In May of 2021, he used the term to describe the wave of people quitting their jobs due to the pandemic. That trend continued throughout the year, with a record 4.5 million people leaving their jobs in November. But, there is some good news.
Resignation is slowing down
Sure, people are going to keep quitting their jobs. But Klotz doesn’t expect the turnover spike to be as high. He’s predicting that the quitting will continue at an elevated but steady rate. The tighter labor market means that companies are having to get more competitive with their compensation and benefits—both to attract new workers and keep the ones they already have.
Flexible work arrangements will be the new normal
The pandemic gave many people the freedom to work from anywhere. Unsurprisingly, people really liked this. Many companies are embracing this shift in mindset to attract and retain new talent, offering more flexible working arrangements and giving employees more power over their schedules. Klotz predicts that the employers who don’t flex with the times will be the ones who struggle the most in the tight labor market.
Remote jobs will become more competitive
The pandemic drove many employers to look for other options when it came to hiring, including automation and international candidates for remote roles. Recruiting internationally tends to equal cost savings, as you can often find workers who can do the same job for a cheaper rate than in the US. Klotz predicts that many companies will continue to look abroad for workforce options in an effort to reduce hiring times and costs—making these remote jobs even more competitive.
Summary
So how do you take in these predictions and refine your hiring and retention strategy? We have some thoughts. Check back in with the blog, and follow us on LinkedIn, Instagram, Facebook, and Twitter for tips every Tuesday and Thursday, throughout the month of March. We’ll be sharing more insights on the shifting labor market and the evolving strategies you can take to retain your top talent.