The Future of Work

 The Future of Work

The global talent market has undergone a paradigm shift since the beginning of Covid-19 and will continue to evolve in the near future. Experts call it the Great Reshuffle which is teaching the recruiters a great deal not just about what the employers want, but also what the talent requires. While employers are seeking to comprehend their talent needs and the culture they should be developing, members of workforces are blatantly reconsidering why and where to work in the near future. Over 19 million professionals in the US have already resigned from their jobs since April 2021, creating a wave of disruption amongst businesses.

Certain key parameters in the current times, when most talent management strategies are undergoing an overhaul, will contribute to the overall future of work. How can they be used to the advantage of businesses? The following article will highlight how the present-day learning processes and experiences in recruitment will influence the talent market of tomorrow. 

The Needs of the Candidates

The phenomenon of great attrition is spreading wide across different industries, with a likelihood of 40% workers leaving their existing jobs in the next 3-6 months. And nearly 36% of them quit without having another job in hand!

Today, it is important to analyze what the talent seeks from their employers. Candidates are re-thinking their reasons to select who they work for and who they commit to working with, emphasising on the significance of a system that recognizes work-life balance, pay parity and offers an inclusive work culture. 

The major factor influencing candidates’ priorities is the fast growing need for a set-up with flexible work arrangements. This requisite has come forth rather strongly now that many companies are preparing to go back to operating from their office spaces. Work-life balance was anyway the top priority for resources at the onset of the pandemic but it has only grown in value as remote work is now a common phenomenon and is being seen as a necessity. As the world of opportunities expands, otherwise satisfied workers may get tempted to resign and move on.

An inclusive workspace for professionals coming from diverse backgrounds is another key demand, steeply rising after the George Floyd killing that resulted in worldwide protests against racism. Organizations are fairing well when it comes to being flexible and offering work from home options, but some are still struggling to meet the expectations of an inclusive workforce. As per global data by Glint, employee happiness is already down by 3 per cent. This can be attributed to the fact that many enterprises are not largely investing in addressing talent needs. While work from home may seem like a favorable adaptation, there is still a disadvantage to it. On the flip side, it blurs the job timings and leads to employee burnout, taking away the essence of it – work-life balance.

Cultural changes ought to be followed by policy changes so that your staff does not feel burned out from a digital but long workday. And when flexibility is an option you can offer, consider increasing the pay to draw more talent. The power dynamics have shifted into the hands of the talent and they are set to demand more on multiple fronts. Candidates today are more selective and certainly more vocal about what they want.

The Demands of the Employers

The demands from employers are driven by both – digital as well as in-person roles. And as we comprehend the steeply rising demand for recruiters, companies are now recruiting again at a considerably faster pace. This is because all employers are after similar sets of skills with everyone seeking to hire the same talent, at the same time – leading to the markerketplace of talent turning highly competitive. One can anticipate a more competitive environment for most roles, specially for those associated with digital transformation. And while there has been an influx of open positions, the number of candidates has not matched the demand. Demand for candidates remains high across the board, which is the reason why recruiters must look past pre-covid norms and conventional career paths to shape new talent management strategies.

To match the demands of employers, job seekers are learning new skills in hope of meeting market trends. No matter what role the candidates are in, or what stage of career they are at, it is the time to develop a set of durable skills. Upskilling or reskilling courses are popular nowadays as they help candidates learn new attributes and add value to their professionals careers.

Overall, with the future of work closing in faster than expected, companies are reconsidering their requirements and employees are reorganizing their priorities to adapt to the constantly evolving systems and to explore new opportunities. Many of these changes that we see today are likely to be continued and shall evolve further in the times to come. Hybrid work setups are here to stay, professionals are improving their worth by developing future-friendly skills and digital transformation is only going to accelerate. The underlying message, however, remains the same. Benefits must be aligned with employee priorities today to safeguard the success of your business in the future.