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An unclear yet stabilizing economic climate prompted many businesses to hold on to talent. That affected the overall labor market by stemming unemployment. Tiger Recruitment CEO David Morel?writes in Forbes?that businesses are waiting out the economy, if possible. Instead of layoffs, they are "hoarding" talent to avoid future costs when the economy recovers and hits an upswing. That retention has helped keep unemployment low. Morel argues that "soft benefits" like those focused on work-life balance will keep talent in the fold during these periods, even under a salary freeze. ?? What should employers do to retain talent when money is tight? ? Todd Dybas Read more: https://lnkd.in/eqUb2Kjv

Employers Are Hoarding Talent, But For How Long?

Employers Are Hoarding Talent, But For How Long?

forbes.com

Justin Todd

IT Director at DTCC; MBA

1 年

Is it a question of 'hoarding' talent, or just an inability to discern or understand the underlying talent of the employees? It feels to me that many companies don't understand the individual talents and contributions of their team members and don't want to be the ones to let go of those few critical people who serve as the duct tape holding their operations together. Just look at the layoff stories at Tesla and Meta. Within weeks, some individuals were being called back and offered new roles/raises/promotions because it wasn't until the employee was gone that the company realized what the employee brought to the table.

Sally P. Glaser, MS, MFA, EdD

Graphic, Multimedia & UX-UI Designer | Trainer | Project Manager | Video Editor | Fine Artist | Researcher | Storyteller | Media Marketer Let my Professional & Academic talents propel your company to the next level!

1 年

I believe that listed percentage is based off of people who are eligible to claim unemployment benefits. For example, if you are forced to work contract/temp only jobs, you might not have earned enough money to qualify in a given yearly quarter. It also doesn't take into consideration the unemployed who have given up searching for work and are being supported by family members. A possible reason? The apply online only process leads to resumes not being seen. You can't get a job if you can't get an interview...

The experience of myself and those in my network would not seem to support this "holding" of talent premise. However, it could well be that trends from his firms POV show this. In terms of answering the question what can companies do when money is tight to retain... I'm sorry money talks the loudest, then benefits, then perks. For some work culture and "work life balance" may trump the prior items. If money is tight and wages are frozen, bonuses cut etc. then be sure all levels feel the pain. Nothing kills moral, productivity or pushes people out the door than being told sorry no bonus its tight then finding out higher ups still got raises and bonuses (contractually obligated or not its the optic and reaction of the rank and file).

Bruce Clark

I have accepted a position with Crown Castle

1 年

This write up and the CEO perspective seems out of touch, there have been thousands of seasoned telecom employees with record of excellence RIF'd over the past year, perhaps this is stale information (late to the game). I'd like to see Linkedin provide some stats around this topic. Of course we all want to think we are top notch and should have been "hoarded talent" and maybe some are and should be held onto as we know the pendulum will swing in the other direction. Can you hold out until these companies realize the need, will you want to return to a company that dropped you after 10,20 or more years?

Katherine Kinlin

Copywriting you needed yesterday.

1 年

Low unemployment? Wish that were me and, like, 99% of my feed.

Jennifer Reisker

SAP | EWM, MM, SD | Data Steward | Data Analytics | Training & Development | Manufacturing, Aerospace, and Pharmaceutical

1 年

I’m pretty great and got laid off a couple weeks ago. Wish I had been hoarded ????

John E Ochotnicky

Software and Information Technology Professional

1 年

The CEO's commentary seems broadstroke and tone deaf to the myriad of folks who've been RIF'd over the past 6 months. For those seeking opportunities, the competition is as fierce as ever, with hundreds, if not thousands of people chasing a single role. For those still working, count your Blessings, because despite the "low unemployment" narrative, nothing could be further from the truth. It's very difficult to find a professional job right now. Many roles are placeholders. Once you've exhausted unemployment benefits, you're no longer counted as unemployed.

Marc Calvert

CDL A Truck Driver at Pratt Industries

1 年

I learned long ago never show a CORPORATION everything you can do because they expect that out of you every time and more and more and more every day and they’re not gonna pay you anymore to do the same job.

Grover Jackson

Construction Specialist at Offshore Inland Marine & Oilfield Services, Inc.

1 年

I started in work force in 1975 I worked fast food thru high school after 4 years in army I started construction as a pipe fitters helper back then employees performed and they were rewarded for their hard work even in fast food we took pride in our product and was rewarded the reason employees have stopped taking pride in their work is because employers have stopped caring for employees if you have the loyalty of your employees you will have a successful business

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