The workforce has changed significantly over the last several years, with many job seekers still trying to find their post-pandemic career footing. Their attitudes and expectations have evolved, their allegiance to the concept of college is shifting, and their preferences in workplace dynamics are evolving. While a new generation of tradition-busting talent continues to enter the employment sector and Baby Boomers are retiring at a record pace, identifying and attracting today’s job seekers can be challenging for even the most seasoned business owners and HR managers. Effective hiring starts with understanding the changing talent pool, then leveraging that knowledge to find the best person for the job.
Just ten years ago, the employment sector was being driven by technically savvy Millennials who were blazing trails and transforming workplace norms. At more than 53 million strong, Millennials in 2015 comprised one-third of the total workforce. While still the dominant labor pool generation, these demographics continue to evolve. According to an article from Johns Hopkins University, “Today, a large chunk of the workforce is occupied by Baby Boomers (19%), Generation X (35.5%), and Millennials (39.4%). (By) 2030, we’ll see Generation Z constitute about 30% of the workforce.”
Each generation of employees possesses general similarities in their employment preferences and work styles. The younger labor pool tends to possess very strong technology skills, but also embrace non-traditional employment models and an insistence on flexibility in their roles.
The youngest of the Baby Boomers are now well into their sixties and are exiting their jobsr at a rapid pace. Generation Xers are not quite leaving the job sector in droves, but older members are beginning to consider winding down their careers. In short, the generational workforce is in flux.
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Due to pandemic-induced job market challenges, many in the talent pool today are disheartened by their employment journeys over the past several years. Layoffs, changes in WFH options, and a pervasive sense of unease have led to a level of disengagement. While some job seekers perceive plenty of opportunity in the job market, they are also admittedly burnt out. So stability is a big thing; candidates today increasingly are seeking roles with clear job security, even if it might mean slightly lower pay.
But make no mistake, today’s job seekers expect to be compensated fairly. The substantial rise in the cost of living, including housing and student debt, is pushing them to seek higher-paying roles and more substantial benefit packages.
Digital fluency in the workforce is now more the norm than the exception. Even older job candidates possess some pretty formidable technology skills. And this next wave of incoming talent possesses something their predecessors lacked – knowledge and implementation of artificial intelligence platforms.
While many job seekers have earned a college degree, the rise of non-traditional education and alternative learning paths have bolstered specialized expertise and high-demand skills. There are coding camps, project management certification programs, and many other career development options that provide well-honed skills to today’s job seekers.
Members of today’s talent pool, particularly the younger members, prioritize jobs that support their personal values. They seek employer alignment with issues including social responsibility, sustainability, and diversity in the workplace.
While remote and hybrid employment options are continuing to wane in many business sectors, today’s job seekers still expect some sort of flexibility and work-life balance.
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Understanding that the labor pool is in flux is key to building a capable and enduring team. Next, it’s time to build a hiring strategy that embraces and leverages these evolving dynamics.
Provide job flexibility when possible. Share your organization’s mission, vision, and values – and how the job candidate can be a contributor to those goals.
While bachelor’s degrees are important for some jobs, consider focusing more on skills, expertise, and certifications that exist beyond traditional college standards. If your degree requirement is just an arbitrary qualifier, you may be missing out on top talent.
Transparency starts within the recruiting process. Provide job seekers frequent and candid updates on their candidacy. Be forthcoming about job duties, performance expectations, and career growth opportunities.
While today’s job candidates are seeking fulfilling employment, they also want to be appropriately compensated. Create attractive benefits packages that amplify the role’s salary. Consider offering professional or leadership development opportunities.
To attract today’s top talent, you need to create an environment in which they want to work and grow. While there is no clear roadmap on how to build a thriving company culture, it starts with fostering a sense of belonging, offering opportunities for continuous learning, and ensuring that employees feel valued and empowered to contribute their unique skills and perspectives.
It is essential to understand that the workforce continues to evolve. By recognizing these emerging trends and preferences, you better position your business for loyal employees and lasting success.