Holding many meetings remotely and working from home or places other than the office have shaped how we perceive work — that is, as something that must become more flexible in digital days.
In fact, working just to earn money is something especially young people (i.e. the so-called millennials and post-millennials) do not see as their main goal anymore. Hence, the job market is experiencing a shakeup, often called the great power shift or the war for talents. In this article, we’ll explain to you what those two terms are all about and how businesses can make use of this change to attract the best talents.
From generalists to specialists
According to a study published by Randstad that was conducted in 34 countries asking 35,000 employees about their job priorities, more than 60% of the age group between 16 and 29 want to become experts within a certain field; whereas only 47% of people aged 45 and above said they do.
This trend shows that all-rounders by themselves are on the decline, and it’s also businesses themselves who increasingly demand more specialists rather than generalists.
However, the demand for specialists exceeds the supply, introducing a power shift that is happening across many industries. Negotiation power has gradually shifted towards employees’ positions when it comes to talented people who are specialized in their respective fields. Many have reconsidered their demands in a job, preferring to spend their time on fewer but more meaningful activities, in order to be able to enjoy more of their private life.
The importance of values and impact
Personal values in general play an increasingly important role for employees in their professional life. According to Randstad’s study, doing meaningful and socially recognized work is important for the younger generations (49%).
By contrast, 40% of employees aged 30 to 44, and 42% of those aged 45+ view purposeful work as their priority. In the latter age groups, that is, above 30, the majority claim that they can relate to the company they work for. These figures clash with employees under 30 years old — among them, only 34% state that they identify themselves with their employer.
This trend shows that many young people no longer feel emotionally attached to their employer, and that they increasingly aim to separate their private and professional life. Time pressure, higher demands on performance and constant availability have led to many people rethinking their current job situation.
In the US, this has resulted in around 30 million people quitting their job within a year, a phenomenon now termed “the Great Resignation”.
The war for talents
As a result, intense competition exists among many businesses to attract and retain the best and most skilful employees. This “war for talents” is driven by a shortage of skilled workers in some fields, forcing many companies to rethink their propositions by offering higher salaries and better benefits packages. In order to successfully overcome the power shift, a positive and well-thought-through employer brand is essential.
Be sure that what you communicate externally is also consistent with the culture that’s being grown and lived internally.
1st step to win the war for talents: employee retention
Talent power is the power of a company. People are a company’s most important asset. This means, to win talents and avoid losing them, businesses should not only be sure to offer fair and competitive compensation and benefits, but also a positive professional environment to keep people happy for the long term.
Some more tips on how to increase job satisfaction in the workplace include:
- Offer opportunities for advancement, enabling employees to grow and develop within the company
- Encourage and promote open, clear and consistent communication between employees and the management
- Endorse an overall healthy work-life balance
- Create and provide a positive and respectful working environment where employees feel valued and appreciated
- In short: establish an inclusive, diverse and empowering company culture (Tip: we’ve actually already published an article on our blog that explains why diversity and inclusion is such an important factor to consider in businesses)
- In addition to the change, is that it isn’t enough these days with a good salary, people want to join companies that have impact and purpose. For example the trend of more green companies emerging and capturing the attention of skilled talents. As times are changing, so do the companies to do as well. Want to read more on this topic? Check out this article.
2nd step: make sure you attract the talent you want
There is no one-size-fits-all answer to the question of how you’ll achieve this goal. The best way to attract the talent you need varies from industry to industry, and may also depend on your specific needs and preferences. There are different ways to gain opportunities to win talent.
However, some tips on how to attract top talent include advertising open positions in high-traffic areas, i.e. on professional networks such as LinkedIn, or on job boards like wecanbeheroes (as a business, find insightful tips on how to best use our platform here; we also give away some tips for candidates themselves here).
Offering competitive salaries and benefits, as well as providing clear and concise job descriptions are key points to winning the right talent for your business. Additionally, and as already explained above, it is important to create a positive and welcoming work environment where potential candidates can envision themselves thriving.
A prime example of this is Meister who has visualized all their benefits on their company profile here on wecanbeheroes. Their mix of perks illustrates how important it is to offer a bouquet of advantages that can make a business stand out from the crowd – ranging from tangible aspects such as offering tickets for public transportation and gym memberships to intangible ones, like time for personal development and the option for home office. To view all benefits, click here.
Company culture is a must when it comes to attracting the most skillful workers and retaining your most valuable employees, the war on talent is real. Clear and consistent communication, improved collaboration and, in turn, customer satisfaction all result from a thriving company culture.
Be authentic and offer opportunities to learn and grow, and provide fair compensations and benefits packages. Last but not least, make your employees feel they do work that is meaningful and encourage a healthy balance between professional demands and private life.