Over the past year, many employees have stayed put, hesitant to change jobs due to economic uncertainties, resulting in a decrease in turnover rates for many companies. However, while this might appear as contentment, many employees actually feel stagnant, desiring change but hesitant to take the leap.
Historically, periods of low turnover are succeeded by spikes in attrition, and early indications suggest that such a trend is emerging. Hiring has stabilized globally across various sectors, and as confidence in the economy grows, attrition typically increases—it's not a matter of if, but when.
In anticipation of these shifts, leaders must act swiftly. If you’re unprepared to ramp up hiring efforts when needed, you’ll be struggling to keep up with the competition.
To mitigate the impact of attrition spikes, leaders should consider the following:
Facilitating Career Progression: Employees naturally crave change and career advancement, especially during uncertain times. Encouraging professional growth through new roles, projects, or skill development can boost engagement and retention.
Preparedness: Anticipate higher attrition rates and take proactive measures to retain and attract talent. By planning ahead, companies can position themselves to navigate future talent shifts effectively.
Investing in Technology: Equip recruiting teams with tools like generative AI to streamline processes and handle increased demand efficiently. AI can automate repetitive tasks, like creating first drafts of job descriptions, allowing recruiters to focus on strategic activities like candidate engagement.
Supporting Talent Acquisition Teams: Check in with recruiters, who play a crucial role in talent acquisition. Many have faced layoffs and navigated a volatile job market, so showing appreciation and providing necessary support is key.
Planning for “The Great Reshuffle” is vital for staying competitive and ensuring organizational resilience amid changing market dynamics. If you want to talk talent strategy to stay competitive or you’re ready to hire in a C-Suite or Senior Finance role, get in touch with us! Email Paul, Brent, Troy, or Tara, or give us a call at 519-673-3463 or 416-847-0036.
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