How can employers redesign their strategy to attract and retain talented people during these challenging times?

Redesigning Employer Strategy

While we're recovering from the pandemic another disaster struck the world recently. The event has caused so much impact in our daily lives and conversations that it’s part of today’s scene. It’s devastating for the people of Ukraine and all those Russians who haven’t chosen this war. These events require a lot from our resilience.

We experience that the way we work has changed significantly as a result of the extremely challenging times and that these changes are permanent. This in turn has a huge impact on employers who want to attract and retain talented people. Organisations need to adapt to the new ways of working. This change is being accelerated by two major trends in the market: the labour shortages in Denmark and employees realigning with the way they want to work. Let’s take a deeper look at how the workforce is being affected and give you our take on how organisations can adapt to this new context. 

The discussion regarding the great resignation is happening in Denmark. 

Zetland published an article that summarizes the global resignation trends quite well and gives 4 qualified guesses why it affects Denmark: 

1. Stress, working conditions and toxic corporate culture 2. The Corona Awakening: the search for purpose | 70% of employees in a 2021 McKinsey study said that their sense of purpose is defined by their work. 3. Anti-work: we don't live to work 4. Accumulation and contagion

According to the article, there are also some positive takeaways. The Corona crisis might lead to a big revolution on how we work and look at our job, just like other revolutions that have happened after the previous crisis. Some companies started on stay-dialogues, in other words, a dialogue to keep employees in their job. Other people are successful with promotions that don’t lead to climbing the hierarchy, but rather to increase personal development and work happiness. More and more workplaces deploy better salaries, better working schedules, more flexibility and career development. 

According to Dansk Industri, four out of 10 companies see labour shortages as the biggest growth challenge in 2022.

In October 2021, the Danish government, the social partners and KL signed a tripartite agreement to help alleviate labour shortages and bring more people into the labour market in the short term. The agreement addresses four key areas: 

•Better match between the unemployed and companies. •Stricter affordability rules to ensure that the unemployed seek and take up jobs. •Strengthened efforts to get unemployed seniors back into jobs. •Helping companies recruit European workers.

Technology continues to break ground

81% of C-suite leaders said they would not have been able to operate effectively during the pandemic without HR technology. Flexibility and responsiveness are also major benefits technology bring to HR. 89% of the C-suite and 83% of HR leaders say HR technology enabled them to be more flexible and responsive to changing needs while helping their businesses become more resilient.

Demographic shifts bring change

Alongside an ageing work population, the arrival en masse of Generation Z in the global white-collar workforce is set to have a big impact. Born in or after 1997, the oldest Gen-Z individuals are around 24 years old, meaning we’re reaching a point where a greater proportion of them are finishing their studies and entering full-time work.

Their desire for flexibility and purpose at work, together with their attachment to technology and desire to be ‘good global citizens’ will undoubtedly require organizations to rethink many things in 2022 and beyond.

What now?

Okay, so we observe 4 major trends, people are resigning due to unhealthy work circumstances, search for purpose, search for more balance, 40% of all Danish companies see labour shortages as the biggest challenge for growth, the impact of technology during the pandemic was significant and created a new way of working and there is a demographic shift on the horizon.

These trends have alignment between employee and employer in common. Who wants to work in a toxic working environment? Or a place without purpose or development. Yes, we need to get paid. But purpose and development are more important and salary is a hygienic factor. If organisations want to keep their employees and attract the RIGHT employees, a shift in mindset is needed from the Leadership. After all, if human capital is the most important asset and at this point in time the biggest challenge for growth, organisations better make sure to align with the expectations of their workforce. Read our article about Talent Based Leadership (from 2016!). 

What does TMA do?

It all starts with the right mindset. TMA helps Management Teams of organisations with understanding and applying talent-based leadership. To match the expectation between the employee and the employer. People perform best, learn most efficiently, take initiative and engage best in case their job is aligned with their drives, talents, passion, cognitive capabilities and competencies. From here, development can take place for every employee. Empower people to take ownership of the environment around them, to take care of each other. Because if employees and their context develop, the greater whole grows. Let’s tackle this challenge together and set a new scene of working in Denmark. Wasn’t that what we wanted? Sustainable growth?

We believe that every organisation needs to take the individual as a starting point. In reality, employee surveys show that more than 50% state that they are not contributing according to their capabilities and capacity and that they are also not asked or challenged to utilize their potential. An individual’s natural behaviour doesn’t change. Expected behaviour can be changed. We’ll be launching a range of articles, webinars, workshops for organisations that explain our why, how and what. And we’ll be looking for organisations who want to try it. 

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TMA | Talent management that drives sustainable growth.

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