The impact of the ‘Great Resignation’ on recruitment
As we near the end of this year, companies are doing a lot of reflecting. Many are looking back at the last year, dubbed the Great Resignation of 2021, and are wondering how to stop their staff quitting. The term refers to the droves of workers deciding to leave their current jobs in search of greener pastures. Today the demand for top tech talent is undoubtedly outstripping the supply with a real employee market dominating the economy.
Why is the Great Resignation happening?
Lockdowns gave many the opportunity to reassess what was important to them, and what they wanted from their work. With more available job listings in the UK than ever before – surpassing a million for the first time ever – the sentiment remains, that if employees are not happy, then they’ll simply quit and find another job. Microsoft unearthed that over 40% of the global workforce are considering leaving their employer this year, leaving employers with a challenge: how can they attract new talent and retain their existing talent?
How do you take advantage of the Great Resignation?
The Great Resignation does not have to be a negative world trend for your business. Instead, see it as an opportunity to do better than your competitors, retain and keep your staff happy, and win top tech talent whilst you’re at it. Retention is key, and the answer to taking advantage of the great resignation of 2021 looks a little like…
1. Offering what top tech talent is demanding with flexibility / remote working
The landscape of what people are looking for is shifting, and the need to support staff and listen to their digital desires is critical. The tech industry specifically has one of the highest industry turnover rates, with resignations increasing by 4.5%.
If you don’t offer what the top tech talent is demanding, then you will be competing with not just the companies in your employees’ commuting distance, but every company in the world, thanks to digital transformation and a breakdown of traditional geographical boundaries in the hiring world.
Although salaries and culture go far in attracting innovative employees, companies are being forced to listen to the demands of a remote workforce. Even Big Tech companies such as Google, Facebook and Twitter keep deferring their mandatory office attendance, for fear of losing their employees.
It is simple: to retain your staff, or even attract new talent, you must listen to their key employment desires to make them feel heard and valued.
2. Stay in touch
Whilst at the risk of sounding cliche, building relationships with candidates and potential candidates in the industry, is a sure-fire way of making sure you have the best pool of talent waiting to come work for you instead of a competitor during the Great Resignation.
Consider likely places you will interact with potential new clients and utilise that LinkedIn network of yours.
3. Rethink your hiring process
When recruiting for top tech talent, consider the team reaching out to your candidate. Make sure they are tech-savvy and up to date on the latest trends, not just so they know what they are looking for, but so you can impress the talent. Chances are your candidate knows what they’re talking about, and will be able to make a quick judgement if your recruitment team fails to meet their technological expectations. This reflects badly on your company and can easily be avoided.
Touchpoint Resource have decades of experience placing tech talent within companies and are well versed in the latest trends and tech jargon. They understand the language used and the roles and organisational fits that you require in order to be able to dodge the effects of the Great Resignation and take advantage of it instead.
Rethinking your hiring process and who you involve in it could help you to find your top talent and keep them. So take advantage of the Great Resignation today.