A mismatch between supply and demand in the arena of digital talent, organizational changes dictated by new hybrid working models, and increased expectations for certain roles in terms of work-life balance are generating turbulence in the labor market. To attract and retain people in this environment, companies must devise new strategies in terms of recruiting, training, and incentivizing.
This article is the first of a series dedicated to our thoughts on the transformation of the labor market. Our goal is to highlight the leading best practices to address the skills shortage that is, and will continue to be, a hot topic in the hiring market, which is at its most challenging for companies in the last 10 years.
The search for professional profiles in the area of digital is a complex challenge intrinsically linked to a company’s ability to achieve its corporate objectives. The digital “gap” is one that companies must find a way to bridge, accepting it will also come with a bill that is difficult to balance. On the one hand, demand is growing fast. On the other, a lack of qualified resources has triggered a conflict among companies to secure the most valuable individuals, sparking a “war” of wages and associated benefits. In addition, there is the phenomenon of “the great resignation” – according to recent data, more than 40% of employees are considering leaving their current job.
Until recently, a company searching for staff relied on the promise of a permanent contract, an adequate salary, and some ancillary benefits. Now, these factors are no longer enough. The key elements that make a difference are:
- the ability to work remotely;
- the opportunity to grow professionally through exchanges with leading companies in the sector;
- less hierarchical professional relationships; and
- a more flexible work environment.
Winning companies create conditions where employees feel free to develop themselves in areas they find interesting or that promote a sense of purpose and personal fulfilment, including social activities or contributions to environmental sustainability.
In the upcoming articles, we will examine the impact of such significant work transformation upon performance, competitiveness, and companies’ ability to successfully follow their own paths of digital transformation. With the contribution of RCS Media Group, JLL, and Microsoft, we will seek to understand the most successful strategies that companies implement to enhance human resources and better manage (and retain) their top talent.
Our second article, coming soon, will dive deeper into how to overcome the digital mismatch.