How the War for Talent Will Change Your Business Strategy

Researchers warned us of a looming war for talent approximately three months ago.?

In April 2021, Prudential published a report that demonstrated masses of employees are getting particular about who they'll work for. In fact, 20% of respondents said they switched jobs during the pandemic, and 26% planned to look for a new job when the threat of the pandemic decreased. Perhaps most significantly, a total of 42% of remote workers said they would look for a new job if their current company did not continue to offer remote work options long-term.?

If you haven’t already begun to strategize how to retain and attract top talent, it’s time to get in gear.

Rob Falzon, Prudential vice chair, believes the most successful employers will be those who reflect what is important to workers. They must offer remote-work options, flexible work arrangements, opportunities for career development and mobility, and comprehensive benefits.?

But before you jump in and implement Falzon’s advice for winning the war for talent, pause and consider the following:?

Understand what’s trending

When a new topic in the working world has everyone talking, it’s worth paying attention. Right now, anything with the word “flexible” is eye-catching.?

“Flexible work” has 15,700 average searches a month right now, and “flex time” isn’t far behind with 11,100. To accommodate that curiosity, several business outlets have gone out of their way to include tips for flexible work on their blogs.?

You can also notice top trends by looking into research that reliable sources have published in the past few months. For example, a FlexJobs survey found 81% would be more loyal to their employer if they had flexible work options. And a recent PwC report demonstrates that 79% of employees believe flexibility has been successful for them.

Moreover, turn to your favorite influencers in thought leadership. Satya Nadella, CEO at Microsoft has also added to the conversation. He highlighted that the changes in “when, where, and how people work” must “be done with flexibility.” And, given his leadership over such a large company, you can trust Nadella has put much thought into the topic.

When multiple sources of information all agree on something significant, you must consider how it may be relevant to your business plan. By digging into each of them, you gain a deeper understanding of how it works and its significance. Then, you can adapt what you learned to best suit your company and stand out in the war for talent.?

Cross-reference external and internal research

As you assess recent information, you’ll inevitably come across reports arguing they know what employees want.?

This kind of data can help you stay in touch with the needs of workers at your company. For instance, the PwC report revealed a massive gap between how well employers think they handle childcare support compared to the actual employee experience on the issue.

According to their findings, there is a 36 percentage point difference in how well employers vs. employees think the company does with extending benefits for childcare. Furthermore, the divide for supporting employees’ mental health is 26 points, setting clear rules that establish when employees must be available - 18 points, and allowing flexibility in the day to manage family needs - 12 points.?

Given this information, it seems clear that your company should do more for family support. After all, external research is often your best way to predict what job seekers prioritize. However, the war for talent isn’t only about attracting job seekers. You must also retain current talent .?

Therefore, you cannot assume that the survey results perfectly represent the experiences at your company. Besides, providing them with benefits they don’t want wastes money and frustrates staff that you aren’t listening.?

Therefore, poll your current top talent to gauge their thoughts, and hold off on taking action until you see the internal data.

Only experiment with what is realistic for your business

As a business leader, you understand that you can’t make any major decisions without first evaluating the risk. If the whole world screams that option X is the only way to go, don’t take their word for it. Only you and your high-ranking staff or board members understand what your company needs.?

For example, the hybrid work model is taking off. A survey from Microsoft reveals 66% of decision-makers are considering redesigning physical spaces to accommodate a hybrid environment. And they’re making that choice, in part, based on the desires of their employees.?

In a study by Envoy , 47% of people said they’d look for a new job if their employer didn’t offer hybrid work. Additionally, FlexJobs found 69% of men and 80% of women rank remote options as a top factor to consider when evaluating a new job.

However, you must also evaluate the productivity, employee wellness, collaboration, and profit from the period when everyone had to work remotely. If working from home isn’t practical for what your company does, leave it be. But maybe virtual options were successful, and it would be too expensive to maintain a physical office space. Then, stay remote exclusively!

Just because everyone cries out for a hybrid model doesn't mean it would work for you. Only force it if you know it makes sense for accomplishing your company’s goals and mission. You won’t win the war for talent if the chosen work model hinders the business.

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As your company continues to transform, remember to advocate for marginalized employees.?Read more.