Talent attraction and retention has always been a critical HR strategic initiative. It has become even more of a challenge during the pandemic and will likely remain a key goal for many companies in the transition to post-pandemic work.
Based on research by the Society for Industrial and Organizational Psychology (SIOP), one of the top 10 work trends in 2022 is The Great Resignation. “Workers have quit their jobs at a record pace due to feeling unprotected, undervalued, and unfairly compensated by organizations.” This effect is likely different across the countries, market sectors, and specific companies, but it appears that we may be moving toward a candidate-driven market.
What is triggering resignations at a higher rate than before is not an easy question to answer. Has the pandemic detracted from the organizational culture, such as engagement and teamwork? Have employees reached a level of stress and dissatisfaction that they feel a need to look for something better? Do they feel unsupported in their development or that they do not have an understanding of their potential career prospects with their company?
At the same time, the fight for talent has become very challenging as well. How can a company identify the right people, attract them, and then on-board them? Does this require changing existing selection strategies, practices, and processes, especially if future business needs are being taken into consideration?
Helping companies with identifying and selecting talent is one of our areas of expertise. Developing such processes in a candidate-driven market is challenging but very exciting as well.
By PhD Marina Kolesnikova