Addressing the challenge of talent and the future workforce

The evolving work landscape prompts reflection on job preferences and motivators. Purpose, work-life balance, and personal growth now drive employees, especially Millennials and Gen Z. Remote work has reshaped job expectations, with holistic experiences outweighing salary. Highly-skilled individuals are in demand, intensifying the competition for top talent. Companies face retention challenges due to changing priorities. How can business leaders address this challenge?

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The shift in the world of work over the past few years has led people to reflect on what they want from their job and the drivers that motivate them. Employees are seeking a greater sense of purpose and meaning in their job and Millennials and Gen Z employees value work-life balance and personal development opportunities more than previous generations.  ​

The rise of flexible and remote working has seen people change locations and rethink their working patterns, looking for employers that suit their preferences. Salary is no longer the top factor for people choosing a job, instead, employees are looking for a holistic job experience:

In today’s environment, there is a demand for highly-skilled people, and the competition to attract and retain top talent is becoming a harder battle to fight.

Organisations face a challenge retaining their top talent due to a shift in priorities as employees are looking for a more comprehensive employee experience and employee value proposition, prompting them to explore other career opportunities. As a result, companies are now exploring new talent pools to find candidates that they can nurture and develop and taking time to strengthen their Talent Management Approach and Employee Value Proposition to attract, develop and retain top talent.

So, what can you do to address this challenge?

• Consider your current Talent Management approach and identify where there are strengths to build on or gaps that might prevent you from attracting, developing and retaining top talent.
• Ensure you really understand the different needs and desires of your talent and are evolving your Employee Value Proposition to respond to these.
• Align your Talent Strategy to support in delivering your business strategy, creating a plan to develop the talent and skills required today and build a talent pipeline for the workforce of the future.
• Leverage data, technology, and AI to consistently perform at a higher level than competitors, by building capability and addressing capability gaps. 

If this topic is of interest or you have any questions. We would love to chat! 

Ben Tulloh

Principal Consultant

benjamin.tulloh@q5partners.com