There is evidence mounting that when it comes to top tier talent, it’s a seller’s market. If you’ve got it, you’re in high demand. Which means the power within the hiring process is shifting from employer to employee.
In this new reality, job seekers are increasingly going to be able to leverage their experience, and choose from the opportunities open to them. The human resources talent acquisition game is changing, and employers are going to have to work harder than ever to find and hire great people.
What’s happening to cause this shift?
For starters, an entire cohort is rapidly leaving the workforce as Baby Boomers retire at a rate of 10,000 per day. Yes, per day! Many Boomers value employer loyalty and are leaving senior level positions within their companies and/or industries.
As these tenured employees exit the workforce, employers are faced with a mad scramble to replace all of that experience, talent, and labor. Companies will need to compete for the best talent in ways they may have never experienced before.
According to a recent survey by Glassdoor, it appears we may be seeing signs of this already.
- More than half (53%) of American employees (including those self-employed) believe if they lost their job they would be likely to find a new job matched to their experience and current compensation levels in the next six months
- Nearly half (46%) of U.S. employees expect a pay raise in the next 12 months
- Only 14% of respondents expressed fears about potential layoffs, reflecting a high level of employee confidence
Meanwhile, a 2015 Jobvite study provides some even more intriguing job search facts. Note: If you’re an employer who hates turnover, recruitment, and onboarding, you might want to have a box of tissues handy.
- 45% of workers will jump ship for a new job— even if they are happy in their current position
- The technology sector has the highest short-term turnover, but no industry is safe
- 50% of employed job seekers see their current positions as temporary
- Money is still the number one factor in the decision to leave or accept a position
- Employed job seekers fessed up to searching for new positions during their commute (38%), on the job (30%) and even in the bathroom (18%)
What happens next?
You can choose not to trust the data, or to believe your organization is exempt, but those could be some very costly mistakes.
Among employers, there will be winners and losers as this new reality plays out. Winners will find an increasingly effective work force. Losers will suffer with lower productivity, higher turnover, and the increased costs as a result of both.
How are you positioned to handle this new job search reality?
Will you be viewed as an employer of choice? A regular talent magnet? Or are you going to see the quality of your team depleted while your best and brightest are being lured away by more lucrative offers?
Don't take your employees for granted, and don't let their silence fool you into thinking they are satisfied. Even if they aren’t actively out looking, someone with a more attractive value proposition just might find them and snap them up.
Photo by geralt