I hope your week is going well!
Earlier today, I held my “let’s meet you 2025 employee” keynote at HRTech Fest Connect in Asia. Virtually of course!
I spent quite some time thinking through the new talent proposition: who are these young workers and where can you find them? And how do you build a cohesive talent ecosystem?
“Building a skilled pipeline is a highly complex undertaking in any situation, but particularly in today’s competitive landscape where often the best and most loyal talent are passive candidates who aren’t actively searching for jobs,” said Findem CEO Hari Kolam.
Why do you need a talent pipeline? Because we are looking at a major labor market disruption. Just think about it: when the average tenure is 5 years, that means 20% of your workforce leaves your company every year.
We also know that tenure goes up as people get older: you switch jobs more easily when you are young. The average tenure of 20 somethings is less than 3 years. And in 2020, people stayed where they were – but they still wished to go.
Which means they are overdue.
Now, you should do the math for your own company, using your own retention data, but take into account that there will be a catch up and that you’ll need to prepare for an exodus.
A recent study
from Microsoft claims that almost 41% of employees is thinking about changing jobs this year. HR vendor Personio estimates in this report
that while it is 38% for the total workforce, it could be up to 58% for IT professionals.
And though the pandemic is not behind us, as businesses reopen, I am already seeing announcements about labor shortages in some geographies.
Keep in mind that when people work remotely, the labor market is global. There are now a lot more companies competing for that same worker.
That means you need to be ready: what’s your approach to attracting and retaining talent? Do you have the right tools and technology in place to ensure that you can replace your leavers? A skilled pipeline of verified candidates? Might be time for a sanity check, just to be sure.
Have a great weekend, Anita