The Great Talent Shake-Up Ahead: Need For Proactive HR ...

The Great Talent Shake-Up Ahead: Need for Proactive HR Intervention Strategy

• January 5, 2022

In workplaces around the world, shifts in the workforce have been gathering pace since mid 2021, and are likely to accelerate in 2022. A great talent shake-up is looming and is set to be an inevitability across industries.

The months of pandemic struggles have without doubt been the catalyst of this phenomenon, as employees of all ages were prompted to reevaluate what they want. Consequently, many are demanding more fulfilling work and are leaving when adjustments are not made.

These shifts in the workforce were corroborated by LinkedIn CEO Ryan Roslansky in an interview with TIME in October 2021. His team had tracked nearly 800 million LinkedIn members and found that job transitions at the end of September 2021 increased by 54% year-over-year. Millennials’ transitions rose 50% during this period, while that of Gen X expanded by 31%.

Proactive HR Intervention Strategy

In anticipation of the great talent shake-up in 2022, some employers in Singapore have begun reverting salaries to near pre-pandemic levels to motivate employees to stay.

While this is expedient, what is critically needed is a proactive HR strategy, as the shifts in workforce show that a disconnect now exists between many employees and employers. 

A great number of employers think that employees are quitting because of compensation issues, but the top reason cited by employees is that they do not feel valued by their company.

To arrest this situation, employers need to urgently rethink what work at their company means for their employees. 

They need to evaluate the values they hold and engage their people in dialogue. Two-way communications channels need to be in place to allow true listening and more check-ins between employees and their managers. Employers need to recognise that the better managers are at listening, the more employees will feel they are understood and valued.

Imperative Need for Succession Planning

An equally important task ahead for companies is succession planning. Employers need to examine which positions are business critical portfolios and business support functions, and identify staff who have the competencies to take on greater responsibilities. 

This approach is especially needed for business critical portfolios as they are usually specialist positions that are vital to the strategy, performance and growth of the business, and require talents with specific knowledge and expertise built up over the years. 

By taking on forward planning, companies can then be assured of having a succession of staff who possess job- and culture-fit, as well as a ready pool of able talents to draw on when staff leave through attrition and turnover in the coming months. 

Building Talent Acquisition Capability

Succession planning, however, takes time and careful planning. 

To ensure the success of a pipeline of talents, companies must also take steps to build their talent acquisition capability. Internal recruiters of each company are highly advised to establish relationships with headhunters and executive search firms, particularly those with knowledge of their industry. 

Headhunters can facilitate connection with talents who possess the required expertise even if the individual is not actively looking for a job by employing highly targeted searches; this is often the most efficient option for sourcing senior roles and business critical positions. 

Alongside this, executive search firms can provide access to a pipeline of potential candidates who have the skillsets that best suit the positions available. 

By employing this double-prong approach and working with firms that adhere to agreed delivery times, internal recruiters can connect with qualified individuals readily, especially where a pipeline of talents is not available or when the company wishes to bring onboard fresh perspectives.

Therefore as shifts in the workforce continue in the months ahead and the great talent shake-up becomes imminent, now is the time for companies to urgently embrace a proactive HR strategy that includes succession planning and building of talent acquisition capabilities. Such a move is vital to ensure businesses have the resources needed for a sustainable workforce, particularly when the great talent shake-up sets in.

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