With our current tight job market, increased job flexibility, and technical advances, we are going through what has been phrased as the “Great Talent Migration”. What is the reason for the current talent migration and what does it mean for companies looking to hire and retain their employees? In today’s blog, we discuss further.
What’s Causing the Migration?
A Microsoft study found that “41 percent of employees were considering leaving their current employer this year and 46 percent said they were likely to move because they can now work remotely. In addition, 53 percent of Americans said they would switch to an entirely new industry if they could retrain.” Some of the reasons for the current turnover include work burnout, more freedom and flexibility for where and how employees work, and technical advances. In the same Microsoft study, they found that “burnout is widespread — 54% of workers said they are overworked, 39% said exhausted.” Work burnout is a real issue and has resulted in an exhausted workforce. Work flexibility is also a big motivator for employees. While companies were slowly adopting increased hybrid and remote work options, the pandemic quickly accelerated the trend and employees have now grown accustomed to and enjoyed the benefits of having this option. As far as the technical advances, previously it was more challenging to collaborate and bring remote teams together, however with all the current tools such as Slack, Zoom, and instant messaging, it’s become easier than ever to stay connected even when teams are physically apart.
Ways to Retain Top Talent
Companies are getting creative with the perks they are offering to attract talent. Apart from sign-on bonuses, another interesting trend has been offering assistance with student loan repayment. However, not all companies have the option or ability to afford such perks. There are a lot of non-monetary incentives that companies can offer, one being remote work. Studies show that flexible work environments are here to stay and that gives employees a lot more options. Companies wanting to acquire and retain top talent should consider offering flexible and remote work options. Other non-monetary incentives include strengthening their company culture and policies. Employees are interested in working for a company they believe in, and companies who haven’t already, should consider adopting environmental, diversity, and inclusivity policies. Another incentive for employees is offering career development opportunities. Having strong mentorship and career growth pathways in place give employees the option to climb the corporate ladder without having to switch to a different company.