We are operating in unprecedented times.
One thing is certain - we will not be returning to "business as usual." Slowly, the global community is emerging from the worst pandemic in nearly a half century. Many of the liberties and freedoms that modernized societies enjoyed were temporarily stripped away. Most were relegated to limited mobility, and access to basic needs such as food and fuel. In particular, Work and Education nearly halted with the exception of essential services. The good news is in most places around the globe, we are slowly starting to reemerge and establish new norms. Communities are reconnecting, and organizations and their teams are lessening reliance on video for more in-person encounters.
The ravages of COVID-19 had an adverse effect on many - but arguably have made us stronger, more resilient, and birthed new innovation.
As an Executive Search Firm, we have a unique lens into many organizations and have spent nearly two decades providing counsel and high-quality talent to assist in their growth trajectory. Here is a summary of our discoveries during the pandemic and a few thoughts to share with the employer community.
First, the demographics of the workforce have changed. CBS' 60-Minutes reported in January 2022 that 22M workers exited the workforce opting for a change in the quality of life. While some have returned, the result continues to be a compressed workforce which shifts leverage - from employer to employee or those opting to transition to gig assignments. This also results in wage inflation. As employers compete for the same talent pools, perhaps a shift in strategy is needed with a focus in employee retention and career development of the high potentials already in your workforce.
Second, pre-pandemic, 1 in 67 jobs was remote, today, 1 in 7 jobs is remote. Where there are reservations about remote work, we encourage putting systems of monitoring and accountability in place. Remote and hybrid work environments are here to stay.
Finally, as of this writing, most of the leading economic indicators remain strong and demand remains high for goods and services. S&P Global reported that balance sheets globally reached $6.84 trillion in Q2 2021 - an unprecedented level of liquidity. Pent up demand during the pandemic coupled with strong balance sheets are fueling the need for a growing labor pool.
We are truly experiencing unprecedented times and leaders that respond with an offensively well-thought-out strategy will be successful. Those that harken to the days of old, may also be successful but likely will bleed talent if advancement and promotion, technology, flexibility, and quality of life are not recognizable in the organization.
If you are pondering adding advanced HR or Diversity, Equity, and Inclusion talent to your team and are looking for both a thought-partner and search firm, please feel free to contact us. We stand prepared to assist.
President & CEO