Figuring out what your next 6-12 month hiring roadmap looks like can be daunting. So many variables to consider, so many new technologies, you might feel pulled in various directions. The key is not to become overwhelmed by the array of twists and turns in the HR arena, but rather to lean-in to where you see your workforce in the future and plot the steps to get there.
With every industry showing unique needs and changes, here’s a snapshot of some of the interesting directions companies are headed in the coming months.
Energy, Engineering and Industrials
With a shift towards green energy, new legislation in this sector will promote more green skills as workforces evolves to become sustainable and decarbonized.
Investment Banking
As banks consider their internal structure, they are analyzing how technology will provide more agility to their hiring decision making. In highly regulated environments there is more of a hesitation around new technologies like AI. But some are interested in piloting technology and new tools to drive efficiencies where it is seamless to do so.
Construction, Healthcare, Retail
In high volume, hourly hiring – such as in the construction industry – there is a focus on leveraging a skills-based approach to determine the best fits for roles. Quality of hire remains supreme in this area of sourcing and recruiting.
Organizations will be looking to hire more contingent labor workers as they bounce back from lower hiring volumes. A continued uncertain economic landscape across many sectors is creating a greater focus on creating flexibility in their employee make-up.
Food and Hospitality
In California there has been a new minimum wage applied to the fast food sector, now at $20 per hour. An interesting development that will likely have consequences to other sectors and parts of the country. This presents an additional layer of complexity to an already evolving talent acquisition landscape.
Technology
Companies are exploring how to source talent for supporting and driving AI technologies. There has been an increasing interest in looking into the architect and planner roles involved in implementing and setting the stage for new AI technologies. Establishing a gameplan ahead of AI usage is a strategic step that is critical to ensure compliance is met and tools are utilized properly.
Pharmaceuticals and Life Sciences
Organizations are looking to their location strategy to reduce cost and drive scalability/agility – with India being an area of interest for some employers.
An important thing to think about on your talent road ahead is what your destination will look like. With every hiring destination looking a little different, each industry is going to require different TA needs and will need to adjust to the changing economic and technological landscape differently.
For Parts 1, 2, and 3 of this series, visit here – Part 1, Part 2, and Part 3
Pillars of Resilience 4: Structures
Having examined three key pillars of organisational resilience, we arrive at the fourth and final pillar. After attitudes, beliefs, and agility, structures are the final major component whose embedding into a business ensures it emerges stronger from times of crisis.
An Example: Talent Structures
Robust talent structures are often highlighted for the pivotal role they play in resilience, particularly following the Great Resignation and accompanying ‘War for Talent’ in which many businesses are caught. The Great Resignation, otherwise known as the Great Attrition or even the Great Reshuffle, is an economic trend that has, since the start of 2021, seen unprecedented numbers of employees resigning from their posts. Major motivations include poor company culture, lack of growth opportunities, inadequate flexible working models, childcare issues, and low salaries. Perhaps not too surprisingly, surveys have revealed that those who have found new employment are experiencing improved pay, opportunities, flexibility, and work-life balance than they had been offered by their previous post.
The message from PwC’s latest Global Workforce Hopes and Fears Survey is clear; the Great Resignation is not over. 26% of the global workforce intends to resign in the next 12 months, compared to 19% last year, with employees feeling stifled and unfulfilled. Albeit that, as we saw earlier in this series, many global CEOs are anticipating a five-day return to offices, the data point in the opposing direction, towards the need for reinvention and the cooperant energy and support of the workforce.
The War for Talent is an intertwined subject, referring to the increasingly competitive climate in which organisations are trying to retain and recruit employees. The most significant predictor of industry-adjusted attrition is toxic corporate culture, with job insecurity and failure to recognise employee performance among the top five. Interestingly, very high levels of innovation are counted as a dissuasive factor for employees, suggesting that innovation must not come at the expense of culture; business leaders must find a healthy medium.
The Life Sciences industry is not a neutral party in the War for Talent; while it has always experienced attrition, there is today a higher proportion of talent migrating out of the sector altogether, forcing business leaders to rethink talent strategies that address not just attrition but an ever-widening skills gap. 80% of pharmaceutical companies reports a skills mismatch, indicating that, particularly in this climate, senior leaders need to re-evaluate recruitment and prioritise upskilling.
Equipping leadership
Executive education
Similarly to what we have seen in regard to the first three pillars, executive education programmes can help to develop senior management as they embed certain structures and frameworks into their organisations. A course like Mastering Talent Management: Hiring, Engaging, and Rewarding A+ Talent offered by Wharton equips talent leaders with methods, strategies, and tools for employee engagement, increased people analytics competency, and knowledge of incentive and reward frameworks. However, structures for resilience are by no means limited to talent. The Asian Institute of Management offered the course Crisis Leadership in November 2023, which aimed to empower learners to build crisis management structures into their leadership and businesses, including frameworks for situational assessment and crisis communication plans.
Rotational assignments
In the last instalment, I highlighted how rotational assignments can play a part in furnishing leaders and emerging leaders with cognitive agility. Indeed, a survey of 143 CHROs, conducted by the Darla Moore School of Business at the University of South Carolina, found that providing rotational assignments for emerging leaders ranked highly for importance as a practice for developing future C-Suite, higher even than leadership development programmes or mentoring. The extent of their perceived importance is likely down to the truly empirical insight such assignments offer into different business areas, locations, project types, and indeed structures. Rotational assignments within business units and their varying working models and structures enhances a leader or aspirant leader’s comprehension of the entire organisation and equips her to then create and tailor the right frameworks for resilience.
Do you want to discuss your leadership talent strategy, or need help identifying and attracting the right leaders for your business?
A collaboration with AMS Executive Search means an holistic and nuanced approach to securing the best individuals for your life sciences organisation, from Drug Programme Leaders to Chief Commercial Officers. To have a conversation, please get in touch via LinkedIn or email.
For Parts 1 and Part 2 of this series, visit here – Part 1 and Part 2
Pillars of Resilience 3: Agility
In the first two instalments in this series, I examined four key pillars of organisational resilience and suggested how to equip life sciences leaders to sustain the first two of these: ‘attitudes’ and ‘beliefs’. This article explores the importance of the third pillar – ‘agility’ – and proposes ways to ensure senior leaders are ready build this component into their business’s DNA.
An Example: Innovation
The Agile Business Consortium understands the idea of ‘agility’ as ‘a people-centred, organisation-wide capability that enables a business to deliver value to a world characterised by ever-increasing volatility, uncertainty, complexity, and ambiguity.’ This conception acknowledges not only the fact that an organisation must operate in a dynamic and unpredictable world, but that it must deliver value to it. Viewing agility through this lens, it becomes almost inextricable from innovation, since innovation is a manifestation of the behaviours and practices of agility that emphasises tangible outcome delivery. In the Life Sciences, we see innovation in adaptive clinical trial design, allowing the modification of trial parameters to increase efficiency and reduce costs, in the adoption of artificial intelligence and machine learning across a whole gamut of subsectors, and in the advancement of drug repurposing.
Notwithstanding that, much like adaptive decision-making or rapid prototyping, innovation can be considered a concrete manifestation of agility, the interaction between the two is in fact more intricate. Accelerating innovation can in turn improve business agility, in a mutualistic relationship. In a Forbes article from last year, Walt Hearn highlights Netflix as an emblematic case of a business not only surviving the Great Recession of 2007 – 2009, but thriving, by improving overall agility through enhanced innovation. In summary, he proposes three keys to accelerating innovation: harnessing the power of data, optimising R&D, and leveraging partnerships though an open ecosystem approach. Despite the obvious differences between Netflix and a pharmaceutical company, in the Life Sciences, data, R&D, and collaborations are hotbeds of innovation. What is more, with the increasingly blurred boundary between patient and consumer, and increasing need for customer-centric strategy in the Life Sciences, perhaps organisations in the industry could learn a thing or two from a consumer sector company like Netflix.
Equipping leadership
Executive education
We established in this series’ previous two articles how executive education and development programmes can support individuals in cultivating a leadership mindset, as well as bolstering the growth of executives into roles as inclusive and sustainable leaders. Programmes may likewise focus in particular on organisational agility, be this in management processes or, at a macro level, in business-wide innovation. Courses like Harvard Business School’s Driving Organizational Agility later this month are designed to equip leaders to drive an ‘agile transformation’ within their businesses, regardless of their unique strategic direction. An example of a more industry-tailored programme was the short course, Innovating Health for Tomorrow, offered by INSEAD, which sought to develop participants’ understanding of innovation in Healthcare and encourage a radical rethinking of services.
Workshops and training
In the first instalment, I suggested how senior leader attendance at workshops (which often facilitate more rapid learning and at a lower cost, compared to executive education programmes) helps to ingrain through a cascading effect organisational belief in continuous learning. Indeed, Matt Tenney, CEO and host of podcast Business Leadership Today, explores the impact of a learning culture on success. In his reflection on the book Learning Agility: The Impact on Recruitment and Retention by Linda S. Gravett and Sheri A. Caldwell, he notes an important message, that among companies experiencing huge growth, there is a connection between the eventual failure of those organisations and ‘their decision to replace “fresh thinking” with an inflexible adherence to the status quo.’ Learning and thereby adopting novel approaches is the bedrock of innovation, which may take the form of products – like organ-on-chip technology – or processes, like robotic automation in the life sciences research laboratory. Keeping abreast of industry developments through workshops and training events can act as a tailwind propelling leadership momentum and agility, whether in times of crisis or stability.
Rotational assignments
Another way to furnish leaders with what they need to build organisational agility is to nurture their personal cognitive agility. Lia DiBello defines ‘cognitive agility’ as ‘the extent to which an individual revises his or her evaluation of a situation in response to data indicating that conditions have changed’. Often overlooked and undervalued, rotational assignments are a valuable tool for refining this capability, whereby employees are assigned temporarily to a different job, function, project, or department, or geography. These assignments are considered
‘an integral component of top talent development plans at many corporations [that create] an opportunity for companies to provide their executives with an accelerated learning experience that can lead to demonstrable results for both the executive and the company.’
Individuals on assignment must be versatile, adapt quickly to new circumstances, rapidly acquire a breadth of new skills, and deploy prompt problem-solving ability. DiBello elaborates in her chapter in Naturalistic Decision Making:
Given the volatility of markets and the complexity of team decision making in large organisations, we need not be as concerned with the general cognitive ability of today’s executive so much as his or her domain-specific expertise and cognitive agility, which is often associated with the kind of intuitive expertise developed through experience.
One way to provide executives with such experiences is surely through rotational assignments that force them to exercise cognitive agility, that vital capability when it comes to navigating an organisation through upheaval.
In the quest for organisational resilience, four key pillars – attitudes, beliefs, agility, and structures – must be sustained if a business is to thrive. Having examined the ‘attitudes’ component of this framework in the first article in this series, here we look at the importance of weaving the right beliefs into the fabric of an organisation, and how to equip life sciences leaders to implement this approach.
An example: diversity, equity & inclusion
The need for core values and beliefs to underpin meaningful action is a well-established concept, from Kant’s Categorical Imperative to Martin Luther King’s famous statement on the ultimate measure of a man. In a business context, this means embedding the right beliefs to drive forward initiatives that create a strong organisational culture, which in turn contributes to the organisation’s resilience. Diversity, equity, and inclusion are a salient example.
Businesses with higher diversity outperform their peers; those in the top quartile for gender diversity have a +25% likelihood of doing so financially, while those in the top quartile for ethnic diversity have a +36% likelihood of financial outperformance. Furthermore, businesses with robust DE&I initiatives are far more likely to attract and retain top talent. Just one instance of such an initiative are flexible working models for parents. As recent studies have indicated, the Pandemic smashed cultural barriers to working from home which previously existed to parents, and especially to mothers. Leaders who not only adopt a new attitude to hybrid working, but embed within company culture equality for working parents, will see the fruits of organisational resilience.
The same is true when egalitarian beliefs are firmly rooted in a business around ethnicity, sexual orientation, neurodiversity, and beyond. Surveys and field studies conducted last year by the MIT Sloan Management Review, assessing companies with proven strengths in DE&I, have revealed that at the core of successful progress in the space are values (representation, participation, application, and appreciation) which form the basis for transforming the workplace. Such evidence further reinforces the idea that purposeful action and results are best achieved when driven by beliefs.
From a life sciences talent perspective, action may take the form of a shift towards skills-based hiring. When underpinned by a fundamental belief in diversity and accompanying values, skills-based hiring allows life sciences companies to in turn improve on this strategic business aim, in a self-sustaining cycle of diversity excellence. With a 65% white workforce in the life sciences industry, black individuals accounting for only 6%, discovering a broader spectrum of talent is made possible by prioritising aptitude and potential over experience.
Equipping leadership
Executive education
In the last article, we discussed how executive education programmes can help to equip industry leaders to futureproof their businesses, including by addressing leadership mindset. Indeed, inclusiveness is increasingly considered a key dimension of successful leadership. Executive courses dedicated to diversity and inclusion bolster the growth of executives into their roles as inclusive leaders who can build these values into their organisation, developing and executing comprehensive DE&I strategies.
In the same vein, senior leaders can enrol on executive education programmes focussed on sustainability, learning how to translate into business action the fundamental belief in environmental protection, positive ecological impact, and an equitable future for all. Most, if not all, sustainability issues are business issues; matters like climate change and women’s empowerment belong not merely in standalone sustainability discourses, but in boardroom discussions, informing resilient business strategies.
Today, leading life sciences companies are looking at sustainability not only as a compliance requirement but also as a source of value to their patients, their organizations, and the planet.
Mentorship
Compared to our other three pillars of resilience, beliefs are much more human and personal. Even when adapted into a business setting, beliefs remain quintessentially subjective and identity-rooted. Mentorship therefore lends itself well to equipping leaders to embed the right beliefs into their organisation.
The wisdom of a one-to-one, mentor-mentee relationship is conveyed and absorbed differently than content from an executive programme or even a workshop; two-way communication, a close relationship, and weighting toward real-world relevance can allow for a more profound and meaningful understanding of beliefs and values and a mentor can offer guidance on how these have shaped business decisions and practices. She then has the opportunity to reflect, learn from her mentee’s perspectives, and ‘give back’, in a deep learning experience for both parties.
Christian Dimaano, former Executive Director, Head of Regional Medical Affairs at Mirati Therapeutics, proposes tips for finding a mentor in the Life Sciences. These can be distilled down to three steps: making full use of personal networks, seeking a mentor committed to one’s success, and being open and authentic in one’s approach. Mentorship relationships are often organic, both cross-institutionally and within the same organisation. But, without relying exclusively on this path, how can talent leaders facilitate high-quality mentoring? They can evaluate the right types of mentorship programme for their organisation’s needs and for different situations. Types of relationship to consider may be:
Traditional mentorship
Reverse mentorship (when the less experienced employee mentors someone more experienced in their field)
Group mentorship (more cost-effective and relaxed)
Virtual mentorship (which complements hybrid and remote working)
Peer-to-peer mentorship (which builds camaraderie and strengthens team dynamics)
Sponsorship (helpful for underrepresented groups)
Onboarding mentorship
When intelligently designed with defined parameters and objectives – in this case, around values and beliefs – such programmes are an invaluable tool for building resilience more authentically.
Even when adapted into a business setting, beliefs remain quintessentially subjective and identity-rooted.
Four out of five (80%) of pharmaceutical manufacturing facilities are struggling with skills mismatches.
Life sciences has some significant challenges at the moment. As Deloitte says, we’re going from doing digital to being digital. We have all these roles to fill that two years ago didn’t exist. We also know that in five years’ time, there will be more jobs to fill that we currently have no idea about.
So where do we find the people needed to fill these roles?
I spoke with Georgia Pink, an analyst and senior event producer at Hanson Wade, which curates the LEAP HR’s Life Sciences global conferences. We explored artificial intelligence, strategies for growth, employer branding, skills-based hiring, internal mobility, data analysis growing talent pools and being optimisitic about the future.
At the confluence of innovation and regulation sits the Life Sciences industry. Although by and large unfazed by economic downturns, the sector – covering the research, development, and manufacture of pharmaceuticals, medical biotechnology, medical equipment, instruments, and supplies – has experienced over three years of upheaval. At the end of 2022, the McKinsey Life Sciences Resilience Survey revealed that 70 – 80% of life sciences company executives reported negative impacts on their business owing to macroeconomic challenges including the COVID-19 Pandemic, recession, inflation, rising energy costs, and hospital staffing shortages.
Against this backdrop of uncertainty, it is not surprising that resilience is currently a focal point of discourses in the Life Sciences and across sectors, relating to economics, manufacturing, technology, law, and indeed talent. It is paramount that organisations prioritise resilience and therefore that their executives be prepared to lead the charge.
What is Organisational Resilience?
So how do we define resilience, as distinct from recovery, adaptation, or preparedness? The answer to instability and crisis is not just weathering the storm, but fundamentally transforming. In a Deloitte article written during the height of the Pandemic, Punit Renjen (now Global CEO Emeritus) states:
‘Resilience is not a destination; it is a way of being. A “resilient organization” is not one that is simply able to return to where it left off before the crisis. Rather, the truly resilient organization is one that has transformed, having built the attitudes, beliefs, agility, and structures into its DNA that enable it to not just recover to where it was, but vault forward—quickly.’
These four components –
Attitudes
Beliefs
Agility
Structures
– provide a useful framework for understanding and approaching resilience holistically. Getting them right is crucial, no matter the crisis or setback; their embedding must be driven by executive leadership, and particularly talent leaders, if an organisation is to leap forward from upheaval and thrive.
In this series’ four instalments, I present these key ‘pillars’ of business resilience, exploring both their importance and the crucial role talent leaders can play in sustaining them by best equipping themselves and their organisation’s senior management.
Pillars of Resilience 1: Attitudes
An Example: Hybrid Working
A salient example of an attitude adopted by leadership to ensure resilience is that towards remote and hybrid working models post-Pandemic. In this arena, the global health crisis precipitated a great shift in working paradigms, employee expectations, and employer-employee relationships. The CIPD reports numerous benefits broadly reaped by employees working flexibly, including higher levels of motivation and better work-life balance. Remote and hybrid working are not without challenges; loss of face-to-face knowledge exchange and impoverished personal connections are counted among them. However, these models are here to stay, with most office workers reporting in a McKinsey survey having hybrid arrangements.
Willingness on the part of leadership to embrace new attitudes to remote work is arguably crucial to competitiveness and business resilience. The CIPD guidance notes ‘savings on office space, higher levels of employee job satisfaction, and reduced absence rates’ as benefits for the employer, and studies indicate that remote workers are more productive than their on-site counterparts.
An article from PharmaVoice offers the thoughts of a sample of C-Suite executives from the Life Sciences sector on how to approach the hybrid working model. One such insight is the frank advice that executive leadership should ‘get over it’. The results of a KPMG survey released in October 2023 have revealed that 64% of 1,300 global CEOs predict a full return to offices, despite the fact that 82% of employees around the world expect an employer to help them achieve work-life balance. This dyssynchrony must be addressed. Leaders who adopt a ‘get over it’ attitude pave the way to a resilient future through aligned people operations, as emphasis shifts away from tradition, and toward adaptability and inclusivity.
Equipping Leadership
How can organisations and their talent leaders equip senior management with the tools to meld the right attitudes, beliefs, agility, and structures into its core? It all starts with having the right leaders in the first place. Effective talent management, external hiring, and succession planning are key methods to ensure that the right leadership is in place. The skills gap is ubiquitous, and profoundly felt in the sphere of executives and senior leadership. This difference between the skills, qualities, and vision of leaders and aspiring leaders, and those required for their roles, is often referred to as the Leadership Gap. It can be bridged by investing in the development of leaders and enriching succession strategies, as well as by collaborating with executive search partners whose industry expertise and analytical approach enables them to quickly and efficiently identify, attract, and appoint individuals with the desired skillsets and experience. How then can life sciences organisations equip leaders to uphold the ‘Attitudes’ pillar?
Executive Education
Executive education and development programmes are an invaluable means of equipping industry leaders to fortify businesses for the future. There are custom programmes for Healthcare and Pharma teams, which incorporate as focal points patient-centric strategy and health and life sciences ecosystem partnerships.
In terms of attitudes, executive programmes address leadership mindset, an holistic frame of mind and way of being that highlights purpose, vision, and empowerment of employees. As a leader develops this mindset, she can align an organisation to compelling goals and encourage a sense of autonomy and ownership, leading to the organic adoption of the right attitudes, be these toward a collective return to offices three days per week, or, particularly in the Life Sciences, toward rigorous compliance with regulatory standards.
Training & Workshops
Usually shorter and more targeted than executive programmes, training sessions and workshops can help leaders to develop skills in a very focussed way, facilitating rapid learning and leading to more immediate action. These outcomes are of tremendous benefit to a business needing to quickly adapt. Workshops may also provide a more cost-effective solution for organisations mindful of resources.
Most importantly, a learning culture is critical to an organisation’s sustainable success. Matthew Smith, Chief Learning Officer at McKinsey & Company affirms that, ‘Like so many things, it starts at the top, and it starts with having a CEO or a senior leader who actually values learning and talks about it very actively.’ As training sessions and workshops often address emergent topics and industry trends and have a practical focus, they can be convenient to talk about and the ideas easy to share. These behaviours help to ingrain attitudes to continuous learning and belief in the intrinsic value of progress.
Mentorship
Mentorship can be a vital tool for senior leaders in building resilience into their organisations. Women Leaders in Pharma defines mentoring as ‘a relationship between a mentor and mentee which focuses on long term career development, building skills, knowledge and understanding. By sharing their experience, mentors help to guide a mentee in their career development plan and personal growth.’ Mentoring can thus be valuable from a talent management and succession planning perspective, contributing as an organisational mechanism for resilience.
The right mentor can give tailored guidance, underpinned by real-life experience, on how to embody the values and attitudes needed in specific business contexts. This might be introducing the mentee to an Ethical Decision-Making Framework – whereby attitudes inform choice – or sharing personal experiences of success through the value of customer-centricity. Storytelling has indeed been found to be the mode of knowledge sharing preferred by mentors and mentees alike, especially new CEOs and their guides.
The answer to instability and crisis is not just weathering the storm, but fundamentally transforming.
When clients approach us to come up with something transformative, we know it’s going to be a challenge we can help solve. So, when US-based healthcare service providers, LHC Group, asked us to help redefine them as the “destination of choice” for healthcare workers, we jumped at the chance.
The task for our Employer Brand and Advisory team was to attract and retain quality healthcare workers in a saturated US-market, while preserving the community-owned business feel, and positioning the client in a relatable, authentic way. We knew that to elevate the employer brand and make it connect with the targeted candidates, a well-thought-out mobilization plan was needed – starting with an EVP.
The EVP would serve as the foundation for all the LHC Groups’ brand and attraction strategies and used across all candidate platforms. But first, using our diverse perspectives and expertise, our team needed to understand the challenges, successes and candidate profiles to inform personas and key messages. Once we’d gathered this information from the client, the EVP pillars were created and tailored to each audience, along with messaging pillars and an activation strategy.
As part of the solution, we delivered an employer brand story, a relatable and engaging narrative, a new career website, and an employer brand and recruiter toolkit. We also provided LHC Group local care providers with customizable branded attraction materials, brand messaging, and assets to elevate the candidate and employee experience.
And the result? Through delivering a robust EVP strategy, we’ve seen an increase in social metrics and Google Ad clicks, attracting and retaining the best healthcare professionals and helping establish LHC Group as the employer of choice in the healthcare industry. If you’d like to find out more, read the case study here.
If 2022 was a year of bullishness for companies and peak hiring volumes for Talent Acquisition (TA) functions, 2023 is certainly looking like a year of uncertainty. We’ve had layoffs in the tech sector and in parts of financial services and, naturally, hiring reductions in both. And whilst other sectors are not reducing headcount en masse it certainly looks like growth has slowed from the peak that we experienced in 2022. In any other year we would be confident that a reduction in net hiring for our companies would make TA easier but don’t be fooled, despite hiring slowdowns, demand continues to outstrip supply for many skills and in many geographies.
I’m pleased to share the latest article that I have contributed to with my colleague Nicola Hancock. In the article we explore the concept of a jobs-full recession where, despite declining GDP, unemployment rates are remaining at very low levels. Analysts believe that in many markets we’re in a position of full employment where there are more available jobs than workers. A simple LinkedIn jobs search today shows c. 5.6m open roles advertised in the US. Total unemployment in the US as of February is 5.9m. It’s a crude comparison for many reasons but it does demonstrate that hiring is unlikely to get any easier anytime soon. In fact, as we reference in the article, US Labor Department numbers showed 10.46 million job vacancies in November 2022, with 1.8 jobs available for every unemployed person in the US.
And whilst growth may have slowed within many companies, staff turnover will remain a concern for HR leaders. With the rise in inflation and the corresponding impact on cost of living, many workers are struggling to make ends meet and are understandably looking for new opportunities that will secure a higher salary. As I share in the article, typical workers who change jobs will achieve a 9.7% increase in wages v’s a 1.7% fall for those who stay. Hardly surprising workers are considering a change.
As I’ve been arguing for some time, now really is the time for Talent leaders to take new approaches to securing the skills and talent that they need for the long-term success of their businesses. Taking a skills-based approach to hiring; hiring for potential; tapping in to new and hidden talent pools; revolutionizing internal mobility; designing consumer-grade processes. There are multiple strategies that will give talent leaders strategic advantage. 2023 must be the year that talent leaders strive to innovate.
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“Things are complex. While the overall economy is a concern and there is a lot of talk about inflation, if you look at it from a pure jobs and talent perspective, things remain very competitive,” says Nicky Hancock, President and Regional Managing Director, Americas and Investment Banking, AMS.
