Source | www.willistowerswatson.com | John M. Bremen
In the midst of what many are calling “The Great Resignation,” future-seeking leaders have retooled their organizations to adopt strategies that involve both offense and defense when it comes to talent, and creating the place people want to be. They know the headlines miss the fact that far more people have been hired in 2021 than quit, and that the Great Resignation is to some extent a misnomer: the vast majority of those who quit one job have simultaneously shifted to a different, more attractive job, thus also prompting “The Great Hire.”
In the U.S., for example, April was a record month for quits, yet companies made many more hires. Even when involuntary separations such as layoffs are factored in, employers hired more employees each month of 2021 than people left. Labor markets remain disrupted, as millions of job openings remain unfilled due to talent shortages and lower-than-pre-pandemic labor force participation rates.
The same holds true globally. In the U.K., a survey predicted the majority of employers planned to hire during the early months of 2021. It also reported the number of firms planning to make redundancies dropped from previous periods. Talent shortages are expected in countries across Europe, Asia and Australia.
In short, the data suggest that companies can do more to attract workers as well as retain them.
In this environment, leaders strive to be “net talent gainers,” hiring more employees than they lose and focusing on why people join and stay as well as why they leave. They create value propositions and employee experiences to drive success, setting their organizations apart by: