Top talent is holding the cards in today's job market. Even when the world’s biggest names are laying off thousands of employees, skilled workers have a better-than-usual shot at holding onto their jobs if recession arrives. However, about 86 percent of hiring managers have been struggling to retain candidates with the right hard skills or experience.
For some businesses, the consequences can be detrimental as the lack of talented professionals could hamper productivity, turnover and profitability, preventing the company from reaching its full potential. Moreover, losing a top-performing employee to competition can be quite costly. On average, employers spend 6 to 9 months of a top employee’s salary to hire and train their replacement.
For some of the talent crunch, the industry has itself to blame. Salaries have been stagnant for more than a decade and serious lack in employee wellbeing led to absenteeism and resignation. This being the case, what should be leaders’ next course of action? Let’s deliberate on the Great Revolt and the need for top talent in the midst of the layoff season.