There’s no clear answer to why employers are faced with more severe talent shortages than we’ve seen in the last 25 or more years. While the particulars differ by geography, industry, skill specialization and level, Bruce Tulgan says evidence of talent shortages is widespread:
- Voluntary unplanned turnover (the “quit rate”) is increasing.
- Pent-up departure demand (the “want to quit rate”) also is increasing.
- Open-position and time-to-hire rates are increasing.
- Early voluntary departure of new hires (less than eighteen months) is increasing.
Source: Training Magazine, October 11, 2021. Link. The supply-and-demand curve for employees promises to be unforgiving to employers for the foreseeable future and the talent wars will be expensive. While you cannot control the large acute factors and the long-term macro factors driving the larger talent shortage, Tulgan says you CAN fight the causes of turnover in your own team/organization among your own talent.
Your #1 strategy for winning today’s talent wars is to retain the valued employees you already have by fighting the top causes of turnover.” – Bruce Tulgan
INSIGHTS: Tulgan has provided an important look at the whys and hows of engaging existing employees and hanging on to new hires in the current market situation. This is a must-read for managers and team leaders.