Workers are still leaving in droves
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Adjusting to the new Labour Market
McMinsey & Company | Jul 15, 2022
Workers are still leaving in droves
- Much has changed in the business world since early 2020, but one trend has remained constant: people keep leaving their jobs in droves.
- In fact, 40 percent of workers McKinsey recently surveyed say they’re thinking about leaving their positions in the next three to six months.
- That widespread disgruntlement is the same as 2021 levels.
- Workers are also switching jobs and industries, moving from traditional to nontraditional roles, retiring early, or starting their own businesses.
See:
Start-ups Pushing Remote Working
Remote Working Cybersecurity Checklist
- They’re taking a time-out to tend to their personal lives or embarking on sabbaticals. Call it the Great Attrition, the Great Resignation, or the Great Reshuffling; any way you slice it, competition for talent remains fierce.
- At the current and projected pace of hiring, quitting, and job creation, openings likely won’t return to previous levels for some time.
- Organizations are going to be looking to fill roles for months to come, even if the economic outlook darkens.
Shifting motivations
- “The Great Attrition is making hiring harder. Are you searching the right talent pools?” reveals that many workers no longer want a traditional position with traditional pay and perks. This new research—including a survey of more than 13,000 respondents in six countries—shows that many people are reevaluating what they want from a job (and from life), and they’re looking for something more, less, or different.
- Employees frequently cite the feeling of always being on call, unfair treatment, unreasonable workload, low autonomy, and lack of social support as things undermining their well-being.
See: 58 Must-Read Remote Work Resources | 50 Great Remote Working Resources
- They want more flexibility, more mental-health support, and more meaningful work. Companies are addressing these problems, to be sure, but they’re still coming up short.
Talent pools are changing
- As businesses navigate the complexities of the Great Reshuffling, developing effective contractor hiring strategies becomes crucial. To adapt to the new labor market dynamics, explore comprehensive insights on how to hire and pay contractors in Canada, ensuring your organization remains competitive and resilient in attracting top talent.
- A central problem is that organizations keep trying to hire “traditionalist” workers using the same tried-and-true methods. Instead, they have to look in different talent pools, including people who have retired but might go back to work for the right situation.
- McKinsey’s research delves into five different employee profiles, or personas, to offer companies a new way of looking at the workforce. We broke them down into traditionalists, idealists, do-it-yourselfers, and others. These groups show that companies have to get more creative with their employee value proposition to solve this attrition problem for the longer term.
Continue to the full article --> here
Bernard Marr & Co | Jun 16, 2022
The end of traditional, full-time employment?
There’s no doubt that some major trends will affect how organizations recruit talent going forward:
- In the wake of COVID-19, 84 percent of employers said they were set to rapidly digitize working processes and, in turn, expand remote working – with the potential to move 44 percent of their workforce to remote working.
- More and more people are now “gig workers.” In the US alone, more than one-third of workers (36 percent) participate in the gig economy, and more than 90 percent would consider freelancing.
See: Pros and Cons of a Distributed Workforce
- Seventy-five percent of the workforce will be represented by millennials by 2030. And millennials are very comfortable participating in the gig economy; almost half of all millennials use gig economy platforms to find work.
Advantages of remote working and freelance talent pools
- Talent pool is now truly global. Your next hire could literally be located anywhere in the world. They could be a freelance contractor or a flexible gig worker, or a full-time employee who works remotely 100 percent of the time.
- You’re no longer at the whim of local labor markets; employees don’t have to be in the same city as your business, or willing to move.
- This opening up of the talent pool is a positive shift, particularly in terms of diversity, but it will require organizations to rethink their hiring strategies and employment models.
Unilever case study on adapting employment models
- U-Work. This employment model gives people the flexibility they’d typically expect from contract work, with the security and benefits that come with a permanent position. People in U-Work don’t have fixed roles. Rather, they work on varying projects, and between these assignments, they're free to focus on non-work priorities. U-Workers get paid per assignment, just like contractors, but they also get a monthly retainer and benefits (whether or not they're currently working on an assignment). U-Work is already live in a number of locations around the world, including the UK, Australia, New Zealand, Malaysia, Spain, and Russia.
See: List of Digital Nomad Visas (TechPats) by Country
- Hybrid working. Unilever is developing hybrid working options that will help employees balance work and home life, such as working in the office for a couple of days a week, and working at home (or wherever) for the remainder.
- Four-day week. In New Zealand, Unilever is trialing a radical approach where employees work for four days a week but get paid for five days. The approach is based on the 100:80:100 logic, in which people keep 100 percent of their salary, work 80 percent of the time, and still deliver 100 percent of their output. If the trial is successful, Unilever says it will extend the initiative to other offices and countries.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
- How Much Money Should a Beginner Invest?
- As Fintech Valuations Fall, Portage closes US$655M VC Fund
- A Digital Currency for the Public by the Public
- How to Effectively Market an Equity Crowdfunding/Reg A+ Offering
- Large Enterprises Are Betting On Blockchain In 2019
- Waterloo’s startup engine is in hyper drive
Leave a Reply