Here’s Why Now Is the Perfect Time to Re-Recruit Your Existing Team
Make sure the best offer a top-performing employee receives comes from inside your company.
It’s never been harder to find and hire top talent than it is right now. And most organizations seem to be overlooking the one talent pool they should arguably be spending the most time recruiting from — their existing employee base.
In early September, The Labor Department shared the results of its most recent Job Openings and Labor Turnover Survey (JOLTS). It showed that while companies struggle to fill their 10 million collective job openings, more than 8.4 million unemployed people are still actively looking for work.
This isn’t so much a labor shortage as it is a fundamental reallocation of talent.
No One is Coming Back to Work for Minimum Wage
Where have all of the minimum wage workers gone?
Ben Bernanke, who served as Federal Reserve chair from 2006 to 2014, says, “The economy is going through a big shift overall and that has ramifications. We are reallocating where we want to work and how we want to work. People are trying to figure out what their best options are and where they want to be.”
The Washington Post recently reported several ways this “great reassessment” is playing out for companies looking to hire, as workers make very different decisions about work compared to pre-pandemic times. They found that:
Resignations are the highest on record — up 13 percent over pre-pandemic levels.
There are 4.9 million more people who aren’t working or looking for work than there were before the pandemic.
There’s a surge in retirements with 3.6 million people retiring during the pandemic, or more than 2 million more than expected.
And there’s been a boost in entrepreneurship that has caused the biggest jump in years in new business applications.
In times like these, there’s a lot of emphasis on hiring talent better and faster — and perhaps rightfully so.