Let’s do a Great recap. The iterations the workforce has gone through since March 2020 are The Great:
- Retirement
- Resignation
- Reshuffle
- Recognition
- Realization
- Reprioritization
- Relocation
We are now in the Great Renegotiation. In all these evolutions, the workforce evaluated the role that employment should play in their lives. Many took control of how they produce income by trading traditional full-time employment for gigs, part-time, or starting their own businesses. There were 11.2 million jobs available in America as of the last business day of July 2022. There are more jobs than there are people willing to do them. What is the disconnect?
- Employers say: No one wants to work
- Workforce says: No one wants to work under the conditions employers are offering
Two plus years into the pandemic, the workforce has more agency than ever to choose how they make money yet so many employers refuse to accept that the balance of power is shifting. Too many employers are trying to attract workers with the same benefits they offered pre-COVD like signing bonuses, titles, and promotions. This strategy may attract traditional employees, but there aren’t many of them left swimming in the talent pool. The majority of available workforce want the flexibility to work remotely, mental-health support, and a manager who cares about them as a person.
The Great Rethink
For employers, it’s time to decide if you are willing to do what it takes to stay in business. For example, if you have a crucial position that’s been vacant for at least 90 days, then it’s time to look at your employee value proposition. Have you adjusted it to meet the needs of the current talent pool? Look at your notes from the interviews of recent candidates.
- What were the majority looking for?
- Did they expect both career development opportunities and autonomy to complete projects?
- Were they not hired because you don’t fund upskilling?
- Did any decline offers because they were not willing to work 40 hours a week on site?
Evolve to Survive
If you decide to update your benefits packages, you can use the answers to the above questions as a guide to attract the talent you need. To retain the employees you have, meet with HR and evaluate your company’s culture as objectively as possible. For example, If you say you have an inclusive culture that embraces work-life balance, but penalize employees for calling out microaggressions or taking a parent to a medical appointment, then employees will quit. Not only will they leave, but other employees who observe these contradictions may resign too. If culture adjustment is a huge undertaking for you, consider hiring a consultant. Someone who is trained in managing perception, can make impartial observations, and can help you refine your approach based on the currently available talent pool.
A Better Leader
Rethinking does not mean you are weak. Rethink about it like this: we are in an age where we must learn a skill, use it, then unlearn it to learn the updated version, use it, unlearn it, rinse, and repeat. Consequently, we should not be afraid of appearing indecisive when we change long-held opinions because new data, like this is available. Rethinking means you are both a realist and an innovator.
How are you adjusting to The Great Renegotiation? Please share in the comments.