The Great Reshuffle and what it means for businesses

The pandemic is certainly changing the way the world works. 

Following the Great Resignation, where record numbers of people left their jobs after COVID-19 began, the trend has evolved into what is now termed the Great Reshuffle as talent masses search for more rewarding roles offering greater flexibility. 

According to a survey by Deloitte, Gen-Zers (individuals born between 1996 and the early-mid 2000s) have overtaken Millennials (those born between 1980-1995) as the generation most interested in leaving their companies, with over half of the respondents saying they expect changing jobs in the next two years.

In fact, in October 2021 alone, nearly 3% of the entire US workforce (equivalent to some 4.2 million Americans) already quit their jobs (Source: U.S. Bureau of Labor Statistics). But the Great Reshuffle’s impact is much greater than that. 

Combining shifting work trends with the overall accelerated adoption of digital skills by at least five years (source: Gartner), organizations must try to secure and futureproof their talent pipeline through effective talent sustainability strategies.

Achieving talent sustainability – especially among Gen-Zers and Millennials

People’s life priorities have changed as a result of the pandemic. Talent are shifting to careers that align better with their personal values. They are reconsidering who they work for and why. To continue attracting and hiring the right people, companies must recalibrate to address some top priorities brought forward by today’s talent.

Statistics from LinkedIn’s 2021 UK talent research showed the attributes of flexible work arrangements, inclusivity, and positive work-life balance have each increased in talent-perceived importance since COVID-19 began.

So, companies should consider enhancing their competitiveness by developing talent-centric strategies – authentically focusing on worthwhile (for talent) incentives, some of which may include:

Increasing work flexibility. Rather than scrambling to fit their lives around work, talent now look for ways to fit work into their lives. Companies should develop flexible working arrangements for colleagues, helping them achieve the desired balance between life and work priorities. 

Caring for your people. In choosing who to work for, talent prefer companies who are people-oriented. It is important for businesses to develop and promote strategies that highlight a people-driven culture, where talent is cared for, appreciated and appropriately rewarded.

Promoting purpose. Talent of today prioritise the meaningfulness of work. Businesses driven by the community’s perceived ‘best interests at heart’ will thrive in attracting and retaining talent. Emphasising fairness, inclusivity and ‘blamelessness’ in business objectives will help colleagues develop a sense of meaning and fulfilment at work – supporting talent sustainability. 

Investing inwards on career development. Talent also favour companies offering continuous learning opportunities. An inward investment on supporting and implementing talent development programs to help upskill and reskill colleagues will help companies attract and retain the right people.

Supporting diversification and inclusion. LinkedIn identified diversity as the second most popular trend impacting the world of work after COVID-19. A key takeaway of the Deloitte survey also calls for company leaders to re-evaluate the role of diversity and inclusion in talent hiring and retainment. It proposes moves towards gender and colour-blind hiring systems and processes and supports hiring for skills such as resilience and robustness.

Ahead of the game

What is clear is the need for companies to act quickly in addressing talent priorities amid the Great Reshuffle. Talent are moving towards careers that are better aligned with their personal life and work values. Under such fast-changing environments, companies must be nimble and ready to face the challenge of developing robust strategies to achieve talent sustainability for the formation a win-win environment for both sides.