The Great Talent Migration: What It Means for Your Business
Businesses have had to deal with a lot of changes in the talent market over the last few years. The workforce went mostly remote to hybrid to in-person again (for some). Then employees began to request higher wages, better benefits, and more time off. People began to resign from their jobs because their employers were no longer meeting their needs. While that has slowed down some, employers are facing an all-new challenge.
What is the Great Talent Migration?
The great talent migration isn’t quite what it sounds like. Some candidates have moved away from their employers since they are able to work remotely now. But the Great Talent Migration refers to people leaving their jobs for different or better opportunities. Many candidates would consider leaving their current industry if there was an opportunity to retrain elsewhere.
This migration of talent was brought on by a number of factors. One of the biggest contributors to talent migration is burnout. People are getting tired and overworked in their current jobs. They lose the passion they may have once had for their work and for the industry. Over time, this hurts morale and hinders productivity. Eventually, they’ll leave for another job that makes them happy, which disrupts workflow as well.
Luckily, there is plenty your business can do to help keep your current staff happy and possibly even benefit from the Great Talent Migration. Here’s how.
Adopt a Hybrid Work Model
A lot of employees are leaving their jobs because they want to continue to work from home. To avoid losing some of your best employees, consider adopting a hybrid work model that allows your staff to work remotely. Of course, this won’t work for every job and some things need to be handled in person. However, providing this additional flexibility can help you retain your current team. It may also help you attract the attention of top talent in your industry as well.
Offer Better Benefits for Your Employees
Another top reason employees are leaving their jobs is their benefits packages. The COVID-19 pandemic made many people realize that they needed to take better care of themselves. As an employer, this means offering more paid time off, health insurance, sick days, and other quality-of-life benefits. Some companies have even started offering financial counseling to help employees improve their money management.
Emphasize Your Company Culture
Employees want to identify with their company culture and the business’s mission. Place an emphasis on a positive company culture that puts the well-being of its employees ahead of everything else. This will help your staff be more dedicated to your bottom line. Not to mention, it will help you retain your best employees and attract more top talent that truly fits your needs.
Work With Timpl Careers
The professional recruiters at Timpl can help you find the talent you need in this competitive market. We have already established huge talent pools in various industries. Our recruiters have gotten to know each candidate, their goals, values, and experience. Then we connect them with you if we see there may be a good fit. This relieves your hiring managers and human resources team of the tedious task of finding the perfect new hire. Contact us to learn more about how we can assist your business.