Tuesday, September 26, 2023

The war for talent in the ‘new normal’

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Shreya Christinahttps://cafe-madrid.com
Shreya has been with cafe-madrid.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider cafe-madrid.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Vikram Ahuja is a serial entrepreneur and CEO@Talent500trusted by some of the world’s best companies to build global teams.

Competition for talent is fierce in a post-pandemic world. In addition to the ‘Great Layoff’, we are now dealing with market slumps and slowed growth forecasts. Business leaders are realizing that success in the new normal means building the best teams most effectively.

Earlier this year, we did a survey of technology professionals after the pandemic. We gathered specific insights into how tech industry trends have shifted in the wake of the pandemic by surveying more than 5,000 active tech professionals across 15 leading technology hubs.

In summary, many professionals consider leaving their jobs in search of positions that offer a better work-life balance and more in line with their values. They are comparing and exploring multiple options before choosing their next position.

Let’s dive into this new normal and what it means for your business.

The big reshuffle is real.

In 2022, more people will consider a new career than ever before. 87% of our respondents say they are actively considering changing jobs in 2022. According to the World Economic Forum, more than half of US workers consider changing jobs now that the threat of the pandemic has abated.

“Pandemic revelations” show that workers are prioritizing employers who offer greater choice over their lives and higher compensation and benefits. The main reasons for switching include a lack of work-life balance and a lack of career opportunities with existing employers.

Employee motivation is changing.

In the past, competitive compensation was enough to attract top talent. However, with remote working becoming more mainstream, work-life balance (61%). according to Gallup† In addition, companies with a strong purpose are an attractive proposition, especially for millennials and Gen-Z.

Employees now expect a personalized employee experience that meets their needs at every stage of their career. Employers must provide an exceptional employee experience across all touchpoints, from recruiting and onboarding to development and succession planning.

Current recruitment processes don’t cut it.

People reject jobs based on the quality of the hiring process. We found that the three main triggers for rejection are: 1) lack of/delayed communication, 2) little transparency in selection criteria, and 3) time required for interviews.

Well thought-out recruitment processes can be a differentiator in attracting and retaining talent. Companies need to be more strategic when it comes to recruiting and job seekers need to be more transparent in their expectations.

Professionals want to be hired quickly and decisively.

The best talent wants to act fast and expect your hiring processes to fit at this pace. The vast majority (90%) of respondents to our survey find two to three interview rounds ideal, and according to a study by Robert Half, 62% lose interest if they don’t hear from an employer within two weeks of the first interview. For employers, this means having a clear idea of ​​what you’re looking for, knowing where to look for it, and making sure the hiring process is efficient and effective.

A 2017 Glassdoor Report found that the global average time it takes to hire candidates is approximately 24 days. Brazil had the longest process, averaging nearly 40 days, and India had the shortest, averaging 16 days. Consider 10 to 20 days as a reasonable time frame for candidates from applying to getting an offer.

Returning after offer remains a problem.

Drop-offs – candidates who receive and accept an offer but fail to show up on their first day – are high in today’s highly competitive Indian job market. The unpredictability of the labor market is partly due to the high demand for top talent and partly due to a lack of initiative from employers.

A candidate’s experience with a company during the interview phase can make or break the deal: The Robert Half survey found that 77% lost interest within three weeks of the interview without a status update, and 87% of the professionals we surveyed a lack of engagement after the offer and a bad experience can cause them to decline. A shorter interview process can increase the acceptance rate of the offer.

The future of work is completely remote and hybrid.

The future of work will be dominated by flexibility and freedom of choice. A majority of companies are moving to employee-centric models as they take into account that a significant portion of the workforce has relocated during the pandemic. According to a Gallup report from 2022, 38% of fully remote workers would prefer a hybrid work option, with 53% expecting this arrangement, while 24% expect to remain completely remote. In the meantime, a Slack survey found that only 12% of employees plan to return to the office full-time.

A flexible arrangement creates more opportunities for professional development. More people have signed up further education and training since Covid-19. Flexible schedules also increase productivity, especially for women, who are more likely than men to “adapt their career to family life

Talent on demand is the next big thing.

The traditional idea of ​​full-time employment has been challenged with the advent of independent consultants. This way of working gives professionals the opportunity to work with short-term contracts, with greater control and predictability over the type of work, pay and growth.

For companies looking to access top talent while reducing costs and risk, a gig-based workforce is an attractive proposition. This is especially true as more and more companies become aware of their need for greater agility.

New age workforce models are emerging.

A final finding of our research is that employer of record (EOR) services are expected to gain global prominence due to increased demand for flexible work, cross-border work and contract work. An EWC is a third-party organization that specializes in meeting all legal and operational requirements for building a global workforce for its client companies. The report shows a significant global shift in talent preference, with 80% of talent open to partnering with a company’s EWC partner.

It’s clear that if companies want to stay competitive, they need to consider their current processes to attract top talent. It’s a battle to the end for those most receptive to what the professionals need.


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