Turmoil and Talent Management

Following the turmoil this year, we have been speaking to our clients and candidates across the world to try and make sense of what is happening and what may come next for hiring and managing talent.

Some common themes that have already been reported:

  1. Work From Home (WFH) is here to stay, though perhaps not at 100%
  2. Most companies have imposed hiring freezes and/or are going through painful downsizing or paycuts
  3. There are multiple applicants for most jobs and many of the candidates are vastly overqualified for these roles
  4. Graduates are in a really tough bind at the moment

And so on….

We also found some other trends that are less obvious and sometimes counterintuitive. Here we share some of the more surprising trends that we have been encountering;

Talent - It is getting harder to hire (yes, really!)
Given the earlier comments about multiple applicants for any job being posted, this statement seems a little daft. In reality, what we saw is that many good candidates are not willing to switch jobs at this time. Even those who had been forced to take a pay cut, were willing to stick it out with their current organisation.

Very few employees working with larger organisations and respected brands were willing to consider a change, despite being offered higher salaries. Those who had recently been let go were still wary of taking on a job with lesser known companies and preferred organisations perceived to be more stable.

Trepidation - Employees are worried about WFH
Many articles have predicted how organisations will be forced to allow employees much greater flexibility and freedom in working from home. In reality, many employees want to get back to the office. Apart from the obvious reasons (children, internet, air-conditioning, social interaction etc.) they are also concerned about the impact of WFH on their career prospects. Recent graduates worry about the lack of mentoring and visibility, more senior employees worry about how the next promotion will come through. Worries about job security and lack of contact with superiors were fuelling their desire to get back to the office.

Technology - Driving a new wave of hiring and firing
Despite the headlines around job losses across sectors and organisations, there is an increase in opportunities for positions that have been newly created by the adoption of new technologies. For instance, a UK bank was forced to re-engineer a number of their backend processes when lockdowns were imposed leaving their Indian back office redundant. There are likely to be significant job losses in India, however they are now looking to add to their technology teams globally to support the new tech enabled processes which they have deployed.

If you’re struggling with some of these issues and would like to think through some possible solutions, please get in touch. Our team is working remotely with business as usual, and have taken this time to improve and increase our service offerings in talent management solutions.

We would be happy to brainstorm with you and see if there is a way in which we can assist.

Keywords: significant job losses | many good candidates | social interaction etc | multiple applicants | senior employees