| | NOVEMBER 2022MANAGEHRMAGAZINE.COM8In MyOpinionRita NewmanThere is some colorful descriptions of the state of the workplace today ­ there's the Great Resignation, the Great Reshuffle and even Quiet Quitting. I may not be a fan of these, admittedly catchy, memes but it's true we live in an interesting and unique time. There are a number of factors impacting the competitive talent landscape and they will require organizations to sharpen their approach to attracting and retaining employees. What is happening in the talent market and why?Globally, the employee market remains extremely competitive with demand for talent exceeding supply. Australia has the second highest skills shortage in the OECD 1 and has record breaking job advertisements. Organizations are also experiencing high employee turnover which is creating significant productivity challenges. To some extent this is to be expected with a backlog of postponed turnover during COVID-19. But even allowing for this, organizations are faced with both attraction and retention challenges simultaneously.There is speculation of a looming recession could ease this pressure as growth eases. However, it is unlikely to be enough to close the gap between demand for talent, especially niche skills, and candidate supply. So why is this happening? On the one hand, closed borders and visa delays have reduced the size of talent pools. The pace of digital transformation has also accelerated over the last few years due to the impacts of COVID and the increased use of digital channels. This has also added pressure to contractor and project-based roles. But it's more than this. It's not just about economics. The world of work has fundamentally shifted and COVID will have a lasting impact on the global workforce. We've heard the cliché that employees have a new "worth it" equation and are questioning what they want from work and their employer ­ 38 percent of Australians want to leave their employer, with pay and wellbeing as the top drivers, according to PwC.The "worth it" equation being asked is also partly because we are seeing generational shifts in attitudes towards work where employees are re-evaluating the role of work in life and what they need to sacrifice. But it is also because employees are working longer hours and face fatigue and burn out. How are organizations responding?From an attraction perspective, organizations need to explore creative ways to tap into diverse talent pools. They also need to understand where their retention hotspots exist and use data to help inform why employees are leaving and what strategies they CATERING VALUE TO INCOMING TALENTBy Rita Newman, Group GM - Recruitment, Resourcing, Mobility, ANZ
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