One of the most significant effects of the coronavirus pandemic was The Great Resignation. According to a survey by PricewaterhouseCoopers, 65% of employees were actively searching for new roles in 2021. Also, 88% of executives saw more turnover than usual. As a result, employers faced even greater competition for talent to fill a rapidly increasing number of vacancies.
Now that the pandemic is getting under control, many companies need to rethink their approach to hiring. As we enter The Great Rehire, you should be considering its impact on your talent acquisition methods.
So, what does this new trend mean for your hiring team as you work to meet candidate expectations?
Causes of The Great Resignation
Let’s begin with what caused the mass exodus of employees who quit their jobs.
According to a World Economic Forum report, 40% of employees were considering leaving their employer in 2021. The majority wanted more control over how, where, and when they work.
A 2021 report by Microsoft showed that 73% of employees wanted flexible work options to stay after the pandemic ended. Also, the Accenture Future of Work Study 2021 found that 83% of employees preferred hybrid work.
Millions of employees left their jobs to work for employers whose visions aligned with their own. LinkedIn’s 2022 Workforce Learning Report showed that 81% of executives began changing their workplace policies to offer greater flexibility for their workforce.
Skill Development for Career Progression
Many employees who left their jobs focused on developing new skills to advance their careers.
LinkedIn’s 2022 Workforce Learning Report showed that 25% of LinkedIn members changed their skills for the same occupation. This number is expected to increase to 40%. Also, a 2019 Work Institute Retention Report showed that the top reason employees remain with their employers is because of learning and development opportunities.
Strategies to Manage The Great Rehire
Because job seekers control the market now, most are looking for specific things when deciding which companies they want to work for. The following tips can help attract these job seekers:
Increase the pace of your hiring process. A 2020 report from a16z states that the average time to hire is 38 days. Candidates want to move quickly and get hired promptly.
Adopt a fully remote hiring process. With mobile and social recruitment increasing, your hiring team should be leveraging SMS and text-based recruitment to engage top candidates.
In your hiring process, emphasize diversity, equity, and inclusion (DEI). This includes keeping bias out of your job postings, interviews, and hiring decisions.
Focus more on talent relationship management to nurture your candidate and employee relationships. This includes using data analytics and richer engagement with talent to drive DEI.
Are You Prepared for The Great Rehire?
If you need help handling The Great Rehire, High Profile Staffing is ready. Reach out online or call 972-991-7900.