Crisis or Opportunity? How to Find Top Talent in the “New Normal”.
It’s now almost three years since the first rumblings of a global pandemic were felt, but in terms of how much has changed since then, it feels more like ten.
The rapid adoption of collaborative tools and technologies, not to mention the upending of traditional work practices, has changed our collective understanding of both the potentials and limitations of the modern workplace.
And while this new world of work has led to great opportunities for both employees and employers alike, it has also contributed significantly to the challenging environment that companies who want to find and retain top talent currently face.
From the Great Resignation to the New Normal
The term ‘The Great Resignation’ was first introduced by Texas A&M University Professor, Anthony Klotz, who predicted that many people would leave their jobs when life returned to ‘normal’ after the pandemic ended.
This prediction came to pass, with record numbers of workers weighing up their priorities and loyalties in the past year or so. Resignation rates climbed rapidly among mid-career employees in particular, while the hospitality, technology, and healthcare industries all suffered the most significant talent losses in that period.
More recently, however, we’ve entered an economic climate where it’s becoming extremely difficult to replace lost talent too.
In the UK, for example, the recent KPMG and REC UK Report on Jobs survey highlighted real difficulties for companies looking for candidates due to an already tight labour market, a reduction in foreign workers, and general fears about switching jobs amid wider economic uncertainty.
Other reports indicate that, among all countries in the European Union, the job vacancy rate in the second quarter of 2022 reached 3 percent. This is the highest rate in at least a decade, up from 2.1 percent prior to the pandemic.
So how do companies find the right people to fill their crucial talent gaps?
Borderless Hiring: How to Find Top Talent Anywhere in the World
Removing the physical and mental constraints of hiring solely from a company’s country of origin gives immediate access to a more diverse workforce. Tech is at the forefront of this global mindset, with several start-ups taking the opportunity to scout high-skilled talent from multiple territories, while effectively operating as one-man bands in their country of origin.
An EOR provides the flexibility for an organization to expand, hire, and even retain talent in a new country without the complications of setting up a legal entity there. All the onboarding and compensation for a new employee is handled by the EOR, enabling the company to focus instead on sourcing the best talent globally, regardless of where they’re located, and driving company expansion.
Businesses with trepidation about compliance in countries where they lack an entity can enlist the expertise of Atlas’ EOR services to minimize risk and maximize opportunity. Atlas even takes care of visa sponsorship applications where necessary, which expands the talent pool for employers even wider.
Retaining Top Talent
Of course, it’s not just hiring issues that are besetting employers.
With such a crisis in terms of the availability of talent, employee retention is now more essential than ever for new recruits and existing talent. The foundation starts with onboarding to ensure talent has the tools and resources available to be productive and successful.
The results of a 2021 GPA survey demonstrated the necessity of an exemplary onboarding process — 81% of those surveyed said that poor global onboarding had a negative effect on new hire performance.
Accuracy plays another crucial role in keeping valuable employees engaged and loyal. In their research, Kronos and the Human Capital Institute revealed that 49% of US workers will start a new job search after experiencing only two problems with their paycheck, demonstrating how fragile employee engagement can be when employers fail to carry out core business functions.
With employees valuing recognition so highly, and at a time when finances remain fragile, it would be foolhardy to make a misstep in this area.
Again, EOR can play a significant role in ensuring that global employees are onboarded in a smooth and pain-free way. Atlas is the world's first and only 100% Direct EOR — which means that we own entities in each country, eliminating the need to work with third parties and reducing unnecessary delays and complications.
For employers that don’t want to be left behind in the 'new normal’, EOR is now the gold standard in terms of hiring, retaining, paying, and managing compliance for global talent.