Christine Bangor-Jones, Founder of People Like Us, looks at the competitive landscape for recruiting and retaining talented employees
The War for Talent has been a term used over the years, often creating or recreating thought leadership on the matter. It was coined back in 1997 by Steven Hankin of McKinsey & Company and refers to an increasingly competitive landscape for recruiting and retaining talented employees.
But what does that landscape look like today?
I recall writing an article on this very subject in the early 2000s (yikes!) for a publication, when I worked in graduate recruitment in the City of London. Even back then it was about recruiting the right type of employee in what was a relatively crowded market of aspiring graduates wanting that big ‘City job’, earning the big bucks but not knowing the behaviours and softer skills sets they needed to get the dream job in a busy yet competitive market.
I look back now at the graduates I hired at the time, and several are now MDs and country heads, and I feel so proud of them and their achievements, but how did the War for Talent shape them?
Back to the modern world and, quite honestly, I feel the circle of life has come around again and we are in another era of the war for talent; the landscape is just different.
I’m not just talking about the skills sets needed now.
Although important and employees (for certain roles) need to have the academic prowess and determination to complete further qualifications, it is the ‘softer skills’ that are of equal importance, if not more so and this applies at all levels from trainees to C-suite levels and above.
If I could have a pound for the amount of times I hear from hiring managers of the need to ‘Hire for Attitude’, I’d be a millionairess!
While valuing diversity and inclusivity, Gen Z is also known for its emphasis on individual expression. They appreciate personal authenticity and are less likely to conform to traditional norms
Some say that hunger and attitude is often lacking now and that money is a key driver. With the rising cost of living and the disproportional cost of the Guernsey (and Jersey) housing market versus the UK and beyond, that is understandable. I hear often that the younger generation are now leaving the island(s) not because they want to but because they have to.
In equal measure, we are now in an ever-changing world where the Gen Z of today can bring a whole other facet of skills: entrepreneurship, a digital mindset and another perspective on work/life balance and how that works in practice in the workplace. While some, even seasoned leaders are potentially struggling to fully understand this new generation, this is our future workforce, so we need to sit up and listen.
And of course, businesses now understand the need for proper diversification and representation at manager and C-suite-level positions at board level – something I want People Like Us to keep at the heart of what we do and make a positive impact locally when working with businesses on recruitment.
So where does this leave employers?
In 2021/2022, emerging from the Covid pandemic, we saw salaries disproportionally increase due to added resources needed from businesses having taken on/acquired more business and the shortage of staff to facilitate this. This skewed the employment market offering and I think it is responsible for everyone to challenge on the sustainability of throwing cash at the problem as it were. What happens in two to three time and said employee wants a pay rise and you are already paying above the salary benchmarking? They leave and then you are back to square one.
The market was and remains candidate led but for different reasons now.
Employers have honed their employee value proposition and are aware what it takes to retain staff beyond a big pay cheque, in-house gym facilities, swanky breakout areas, flexible WFH arrangements, CSR initiatives and sustainability initiatives to name but a few. It is becoming increasingly evident that the workforce is settling, and employees want to stay at their current employers. That’s great news, right?
Yes, but only if this is embraced whole heartedly by manager to C-Suite level management. How has this landscape changed? What is the shift in hiring patterns and what skill sets are we looking for from our leaders?
Growing up in a rapidly changing world, our modern workforce tends to be adaptable and quick learners. This is valuable in a dynamic business environment where change is constant
Personally, I think there has been a shift in the hiring (and internal promoting) for the future leaders of today. Long gone are the days of hiring leaders with the traditional pedigree background but now a shift to hiring motivational, tech-savvy leaders with a global outlook. The need for ‘softer skills’ to foster the demand from a changing workforce is essential but equally so is leading by example to aspire the future leaders of today.
It’s a bit like remembering your teachers from the past and them shaping your progression in life. So too should the leaders of tomorrow be modern and move with the times, but equally have that strong sense of self and embracing and leading the businesses they work in.
So, I guess the question here is:
‘Who do you want to be now and in the future and what can you bring to the war for talent to change it again and start the new circle of life in the workplace….?
This article was first published in Business Brief, February 2024 edition