News & Updates

Picture this: people are quitting their jobs at a pace we've never seen before. They're not just changing companies; they're switching industries, retiring early, venturing into entrepreneurship, or taking much-needed personal breaks. It's no longer just the Great Attrition; it's become the Great Renegotiation.

But here's the catch – competition for talent is more intense than ever. In the United States alone, there were 11.3 million open job positions at the end of May, up from 9.3 million in April 2021. And guess what? The number of people voluntarily leaving their jobs is 25 percent higher than before the pandemic. With this whirlwind of hiring, quitting, and job creation, it might be a while before we see job openings return to pre-pandemic levels.

So, what's happening here? It's a classic case of supply and demand mismatch. Companies are still trying to attract and keep employees using the same old tricks – good pay, fancy titles, and career advancement. While these are crucial, the COVID-19 pandemic has changed how people view work and life, especially among those who don't quite fit the "traditionalist" mold.

This is where the conundrum lies. There's now a structural gap in the labor market because there just aren't enough "traditional" workers to fill all the openings. Even if you manage to woo them away from other companies, you're essentially moving talent around without fixing the underlying problem.

So, what's the solution? Well, it's time to set our sights on the "nontraditional" workers. But how do we reach them?

Research by numerous global talent firms have taken a deep dive into this challenge. Having combed through economic data, surveyed a global workforce to understand why people leave, stay, or come back to work, and used advanced analytics to define different worker segments. What did they find? People want more from their jobs than just a paycheck and a corner office.

Grouping survey participants based on their primary workplace needs, something interesting emerged – different workers have different priorities. While almost everyone loves workplace flexibility, they diverge on other aspects like mental health support, meaningful work, or career growth opportunities.

This diversity among workers calls for a multi-faceted talent strategy. Gone are the days of one-size-fits-all solutions. Organisations need to get creative and customise their approaches to attract and retain talent effectively.

Let's break down five key employee personas to give you a better idea:

The Traditionalist: These people still value traditional workplace perks like competitive pay, a fancy job title, and a clear path to climb the career ladder. They're the tried-and-true employees, but they're getting rarer.

The Flexibility Enthusiast: These individuals crave work-life balance, remote work options, and support for their mental well-being. They want a workplace that understands the importance of mental health.

The Purpose-Driven Professional: These folks are all about meaningful work. They're motivated by the idea of contributing to a bigger societal or environmental cause. For them, fulfillment goes beyond just a paycheck.

The Career Voyager: Career voyagers want opportunities to grow and advance their skills. They thrive in workplaces that encourage learning and offer a clear path for career progression.

The Hybrid Seeker: These are the chameleons of the workforce, transitioning between traditional and nontraditional roles. They're looking for a dynamic mix of opportunities, from gig work to full-time positions.

In a world where the Great Renegotiation is the norm, organisations must adapt to a new era of talent management. The workforce is evolving, and understanding these diverse worker personas is key. By recognising these distinctions and tailoring their strategies, organisations can become the employers of choice, bridging the talent gap and thriving in this ever-changing world of work.