Contrary to popular belief, Americans did not suddenly rush back into the job market when expanded unemployment benefits ended in September. Instead, there are still a lot of open jobs in what’s being called “a very tight labor market,” with employers continuing to struggle to fill vacancies. The “Great Resignation” is still very much in play.
If the extra unemployment support wasn’t keeping potential workers on the sidelines, what is? The article below offers a list of possible reasons, and mobility managers should take note, especially because “aligning with talent strategy” was identified as a top mobility priority for 2022. Here are a few items that stood out, with some added commentary from a mobility perspective:
“You’re trying the wrong tactics to bait talent.”
Sign-on bonuses might be nice, but they don’t have lasting impact. What if you offered support for employee-initiated relocations/“de-locations,” or provided opportunities for professional development through international assignments? These kinds of offerings would likely move the needle more than a one-time bonus or perk.
“Many people have experienced what it’s like to work from home and have been successfully doing so.”
Mobility teams can play a lead role in defining what support looks like in a remote/hybrid working world. Instead of saying a job position absolutely has to be tied to an office, instead consider how a global mobility program could help facilitate attracting and retaining employees from across the country or world.
“Is your compensation competitive?” And, “Job seekers are looking for better benefits.”
I combined these two items from the list, because to me, it’s always important to look at total compensation, especially when relocation is involved. If a salary is great but someone has to move for the job and the mobility support is minimal, you could lose a promising candidate simply because the move is too much of a financial hardship. It’s a good idea to regularly benchmark your mobility benefits and other benefits to make sure you’re competitive in the marketplace. Are there mobility benefits that you aren’t offering today that could be added to the mix to help make relocations look more enticing? We’ve got a few thoughts on what that looks like.
Take a peek through the full list and spend some time thinking about solutions for your company, because attracting talent figures to be the top challenge for CEOs in 2022. This issue isn’t going away, and mobility teams should be prepared to roll up their sleeves and help.
Organizations and leaders struggling to attract talent have been using the additional unemployment benefits provided during COVID-19 as a crutch. It’s much easier to blame another person for your problems than to look inward and look at the problem. Or in other words, it’s easier to lie to yourself.