Global Talent Trends midway through 2022

How long have we all been wanting to reach "post pandemic" times? Are we there at this point? It is interesting to me that Covid was not even a topic in the most recent Kiplinger Letter. The Summer 2022 Fortune/Deloitte CEO Survey also seems to show the CEOs see the pandemic in the rear view and are now much more concerned about other disruptors. Per that report:

"Now, halfway into 2022, with rising inflation, the mounting mental health crisis, and geopolitical instability, coupled with a broadening array of stakeholders with diverse interests, opinions, and expectations, it is not surprising that CEO optimism has declined."

When asked about their biggest challenge, CEOs didn’t disappoint in sharing their candid perspectives. The challenges were many but rising to the top this year was ‘uncertainty and volatility,’ beating out ‘talent,’ which still garnered significant mentions.  

But the challenges with attracting, developing and retaining talent are persisting! Per the latest from Mercer (Rise of the relatable organization: Global Talent Trends 2022 Study), "Whether we call it the Great Resignation or the Great Reassessment, a fundamental change in people’s values is underpinning a structural shift in the labor market." Talent attraction and retention are definitely high on the list of concerns that keep the C-suite up at night with two-thirds (66%) saying they face a labor shortage crisis and over 55% of executives sharing these 5 workforce concerns:

1. Difficulty hiring the right talent at the right price quickly enough
2. High employee absences impacting productivity
3. Digital exhaustion and remote worker fatigue
4. Loss of talent due to pandemic or unrest
5. Managing a larger cross-border workforce

Other interesting stats on talent in the report:

• 70% of HR leaders are gearing up for higher-than-normal turnover, especially in young talent and those with valued digital skills 
• 60% of executives believe that top talent will not return to in-person work
• Despite 88% of employees feeling satisfied in their current role, 2 in 5 still plan to leave this year, with Gen Z both the most satisfied (92%) and the most likely to depart (55%).
• Interesting Figure 15 on page 32. Executives are concerned about remote working, but employees see things differently with the emphasis being that HR will become a key mediator in bridging the gap.
• It is clear that companies will need to better train managers on how to lead in a virtual or blended environment.

When it comes to talent mobility, which has always been used to build and disseminate skills around an organization, things are swinging back into action after a pandemic pause, except that there is a more vibrant and developmentally focused shift in approach. Their report shares:

"Historically, expat assignments were the preserve of rising professionals or senior leaders; now, as companies build back their mobility practices, they are focusing on skill building for all experience levels and age groups. They are tapping into future-of-work skills planning, to fuel a revitalized talent mobility program that not only moves people to jobs, but also brings jobs to people (identifying jobs that can be done from new locations, which is on the agenda for 41% of companies today) and manages “work from anywhere” offerings (which are on the agenda for 46%). In fact, while one out of 67 job postings on LinkedIn allowed remote work in March 2020, by early 2022 that number had jumped to about one in six. Talent mobility teams are well equipped to handle the complexities of new work models, including those preferred by “virtual natives” who do not feel tied to a particular location."

These are interesting trends. Talent is requesting greater flexibility, more choice, the ability to act autonomously and more tools to self-help. They are demanding to feel more cared for and valued. These help to explain why we are seeing such incredible enthusiasm about our Point C technology. User testing and user testimonials have shown repeatedly that mobile employees prefer building a policy for themselves that applies to their needs and puts the power in their hands. It is clear that companies are in need of technology-led tools that lower relocation costs, attract better talent, and boost employee engagement. As we move into the 2nd half of 2022, Mercer is telling us through these survey results that relatable companies are those that are listening and empowering their employees and they are the ones poised for future success.