The 2020 pandemic put business processes and policies to the test. Unfolding a new dynamic for ways of working a lot of what “was working” became redundant. Replaced by the need to pivot, businesses grappled to adapt and override the fundamentals of doing business. In 2021, we are seeing these shifts continue as businesses continue to embrace remote working, flexibility, and the use of technology.
One of the questions being asked by HR personnel is, “How has 2021 changed recruitment and retention and what does it mean for 2022?”
With furlough schemes and forced closures, recruitment and retention have been one of the biggest areas affected by the pandemic. Some businesses have lost employees, either permanently or because of employees not wanting to return to the office having had time to reevaluate needs. Others have gained. An increase in availability due to high unemployment rates and technology offering access to global talent pools.
Regardless, one of the biggest challenges that businesses will have in 2022, is how to recruit and retain younger talent. Specifically, millennials (aged 25-40) and older Gen Z’s (aged 10-24). This year has already seen record numbers of millennials leaving jobs. Reasons include lack of support from management, burnout, stress, mismatch in values and simple “epiphanies” in life choices. In addition, furlough schemes and government benefits have taken away incentives for jobs that are “lower-level” or paid (e.g., service industries or hospitality).
What do businesses need to do in 2022 to combat this? How can they achieve high levels of employee satisfaction, morale, and wellness that will result in better recruitment and retention?
By 2025, millennials will make up 75 per cent of the global workforce. Looking across industries, we can already see the movement into leadership positions – the future drivers for business. However, while a large talent pool exists, younger gens are becoming more selective about the types of businesses they want to work for.
As a result, businesses need to understand their younger workforce: their values, preferences, needs and wants. From innovation, flexibility, work-life integration, remote working, diversity and social cause, the key will be understanding these values and building a culture that aligns.
Irrespective of whether your talent pool is local, offshore, considered freelance or permanent, the values remain the same. To attract and retain top talent and in turn, get the best out of them, means listening to their language. And right now, it’s the lingo of younger gens.