We all love a pithy phrase. But whilst the 'great resignation' neatly captures what all employers are experiencing currently - 1.3 million vacancies in the UK, 33% of employees allegedly planning to look for a new job in 2022 and 26% having already called recruiters or shared their CVs online, it explains the symptom - not the cause.
At PeopleScout we're seeing a fundamental shift happening in how people are reflecting on their lives and work as the COVID-19 pandemic endures into 2022.
Conversations with employees across all ages and sectors indicate that people have developed a new sense of awareness and worth for themselves and the world around them. This is prompting them to demand more personal value and purpose from both life and work.
65% of participants in one study said the pandemic had made them rethink the place that work should have in their life. 56% said it made them want to contribute more to society.
Smart employers will acknowledge this truth and respond with a more human and purpose-driven employment deal.
Today's REC/KPMG report on UK jobs highlights the ongoing pressure on salaries - with wage inflation at it's highest for mover 20 plus years.
However, rather than just paying staff more, employers need to develop a more human employment value proposition.
The era of the employment contract, when a worker provided services purely in exchange for monetary compensation, is over. Employees want organisations to recognise their value and provide value to them on a human level. Monetary compensation is important for surviving, but deeper relationships, a strong sense of community and purpose-driven work are essential to thriving.
This is the value that employees expect their employers to provide.
Is your EVP based on legacy conditions and thinking - or does it deliver the personal value and sense of purpose demanded by a post pandemic workforce?
The latest KPMG and REC, UK Report on Jobs survey highlighted softer rises in hiring activity during March, as candidate shortages restricted growth of both permanent placements and temp billings. Nonetheless, expansions remained sharp by historical standards, fuelled by a further steep increase in demand for staff. The availability of candidates to fill roles continued to fall sharply, however, with overall staff supply dropping at the quickest rate for four months. The imbalance of labour supply and demand drove further substantial increases in rates of starting pay, with salaries for new permanent joiners rising at the quickest rate on record in March.