Meeting the YOLO Generation Where They Are

While the economy is gaining speed and job market continues to expand,  the talent radar is picking up some strong signals of imminent changes ahead.  After a year and a half of lock downs, endless zoom meetings, burnouts and overwork, companies’ are beginning to see significant numbers of their talent heading out for the exit.  The reasons for this post COVID spike in talent mobility are multiple.  The majority spurn their employers’ “back to the office” policies and choose new jobs that allow them to work from anywhere. Others look to turn to the next chapter of their careers, become entrepreneurs, pursue their hobby or a special passion,  relocate and take time off altogether. 

The post COVID generation is reclaiming the decades old acronym YOLO, “you only live once” as its name. As the legend goes, YOLO’s origins go back to 1990s and all the way to  the Grateful Dead drummer Mickey Hart’s California ranch. In 2012,  the acronym was revived by the Canadian rapper Drake as it went viral and became the symbol of a fearless youth culture.  Today’s emerging post COVID world is preparing to re-launch YOLO  into its mainstream culture with the gusto.  The long anticipated  “roaring post-pandemic 20s”, are about to elevate YOLO to become the signature name for the whole generation.  There is no question that there are still ways to go before the full recovery.  Half of the population are  awaiting the vaccines and there are many jobs still to be recovered. However, the trickledown of departures that started in the pandemic with those who could most afford it, is turning into the cascade of transition announcements on Linked in. 

Employers are beginning to get the wind of the trend, and some are putting containment measures in place to stave off the impending talent deficit.  Here are a few measures to consider. 

Short Term: 

·      Carefully consider “go back to the office”  policies.  Remember that flexibility is at a premium today. 

·      Give employees time off. Companies such as Linked in gave all their employees a paid  week off to unwind. 

·      Provide a bonus.  Credit Swiss gave its junior bankers a $20K lifestyle bonus  

·      Add vacation time. Remember, most employees did not have any time off during the pandemic. Houlihan Lokey awarded all expenses paid vacations to its junior bankers. 

·      Consider introducing corporate Subbatical Leave Policy

·      Plan for the “boomerang effect.” Reach out to the employees who exited the workforce during the pandemic. 

Longer Term: 

·      Focus on the internal Talent Market Place . Support internal mobility 

·      Review your Employee Experience approach, introduce new tools 

·      Teach new skills, train and develop junior talent 

·       Adopt  Talent Analytics for all of your Strategic Talent needs 

Most organizations celebrated the speed and agility with which they were able to change and adapt during the pandemic. We better not lose that momentum. We can use the pandemic as a starting point for  much greater structural organizational changes to come. Let us build back better, more sustainable and more human centric.