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Adjusting to the new Labour Market

McMinsey & Company | Jul 15, 2022

Remote working and shifting talent pools - Adjusting to the new Labour MarketWorkers 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.

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  • 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.

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Talent pools are changing

  • 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.

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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.

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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.

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  • 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.

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NCFA Jan 2018 resize - Adjusting to the new Labour MarketThe 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

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