In 2020 the world paused, with millions working remotely under stay-at-home mandates. Businesses across the world continued to operate, navigating unprecedented times and a confusing new normal. Between daily Zoom calls, social-distancing restrictions and mass feelings of uncertainty, many people began to report an experience of chronic exhaustion and stress, termed ‘Burnout’.
According to research from Indeed, a staggering 52% of survey respondents experienced burnout during the COVID-19 pandemic.
Perhaps as a result of these stressors, 2021 has seen a paradigm shift in employees’ attitudes towards their workplaces, careers and priorities. Data from the US Bureau of Labour Statistics shows that 4 million Americans left their jobs in July 2021. Similar trends have been observed globally, with nearly 1.2 million jobs open in the UK during the last quarter, and 15 out of 18 sectors reporting record numbers of open positions. Some of the most highly affected industries include manufacturing, with a 78.3% year-on-year increase in vacancies, as well as transport and storage, wholesale & retail trade.
This phenomenon is being labelled ‘The great resignation’ by some, and it’s changing the way we recruit across the world.
As manager of the Retail, Robotics & Supply Chain Technology division at Gillespie Manners, I’ve witnessed the effects of ‘The Great resignation’ first hand. My team specialises in sourcing high calibre candidates for mid to senior and C-level roles across the UK, US, EMEA and APAC. In each of these markets, we’ve seen the competition for quality talent soar.
So, in a candidate-led market, how can businesses ensure that they’re attracting and retaining the best talent?
A candidate-led market is one in which the balance of power shifts from the hiring manager to the candidate. In essence, it’s an issue of supply and demand. The best candidates will find work more quickly, and will often be involved in multiple interview processes, with their pick of potential employers.
Finding and securing the right talent for your business can be a challenge, even at the best of times. Without a dedicated talent function, many start-ups, challengers and SMEs can struggle to dedicate the right resources to a search. Even armed with internal resourcing teams, larger enterprises can still encounter barriers when resourcing for senior and C-level roles owing to the niche nature of their requirements, and therefore smaller candidate pools.
At Gillespie Manners, we specialise in providing Retained Executive Search services specifically designed to suit a variety of recruitment needs, adaptable to your business environment, industry and project size. If you have any questions about the current market, the trends and challenges in hiring for your industry, or want to find out more about how we can support with your search, call 01442 878138 or drop me a message.
Wayne Passmore is Manager of the Retail, Robotics & Supply Chain Technology division at Gillespie Manners Search and Selection. He’s spent the last 17 years resourcing mid to senior and C-level roles globally.