Hiring isn't getting easier anytime soon
There has been some speculation that the slowing down of major global economies may also put a stop to the so-called Great Resignation, the en masse quitting by workers in the US during 2021. However, the latest data suggests that far from ending, the phenomenon will likely engulf other markets.
According to results from a McKinsey & Company survey published in July covering six major world economies, 40% of respondents were unhappy at work, with a high probability of changing jobs. One of the countries was Australia, for which this ratio was 41%, with the highest risk in India 66%. A similar study by PwC released in May, covering 52,000 workers across 44 countries, estimated that one in five workers planned to quit in 2022.
The risk for firms’ human resource planning is obvious, with existing talent shortages likely to be exacerbated. But what’s driving this trend, and how should managers respond?
While there are multiple factors at play, we think these three are worth highlighting, considering the rapidly changing set of workers’ preferences.
Design a responsive talent strategy
Each organisation will have specific circumstances and needs that inform its recruitment and organisational development strategies. However, in view of the latest insights, we believe that these four broad tactics should be considered by anyone looking to stay ahead in the hiring game.
We help solve our clients’ hiring issues every day, by leveraging offshore talent and technology. If our latest thoughts piqued your interest, we would love to hear from you and start a conversation.