Competing in the New Talent Market

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Competing in the New Talent Market

Organizations are reexamining how they recruit, develop, and retain talent. They have to, because the pandemic has accelerated three already existing trends among employees: the search for meaning; the desire for flexibility; and the pace of technological transformation. Employees increasingly are bringing a new set of values, needs, and desires to the workplace, and the worker-employer contract is changing as a result, fundamentally and permanently. In this new environment, companies need to make six changes to succeed if they want to attract and retain talent. This article describes what those changes are and suggests how best to make them.

Many business leaders are asking when the workplace will get back to normal. If by normal, they mean “2019,” the short answer is “never.” And that might be a good thing. Blame, or credit, Covid-19.

The pandemic accelerated three workplace trends that were already under way: the search for meaning, the desire for flexibility, and the pace of technological transformation, which has enabled hybrid and virtual work but also is fundamentally changing jobs and the skills required. It also led to “the great attrition” — meaning the unceasing restlessness of much of the workforce. As the human-resource expert David Green notes, “Employee expectations have gone up.” Organizations are therefore examining how they recruit, develop, and retain talent.

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