The ‘Great Resignation’ is neither a blip on the radar nor a one-time emergency for organisations looking to hire. From where we stand, it’s the beginning of an entirely new era: one entitled ‘Attraction Plus’.
The new laws of attraction
Businesses need to understand that the laws of talent attraction have changed. They will have to work extra hard to attract increasingly scarce new talent. That requires continuing to attract this talent afresh, at every single stage of the employee lifecycle. The interest, engagement and loyalty of talent must be won repeatedly – and never taken for granted.
The cost of a failed talent strategy
In our 2022 Personio survey, 46 per cent of employees in Europe’s small- and medium-sized companies plan to look for a new job in the next 12 months. That number alone is alarming. Businesses soon need to change their focus from short-term survival to a winning long-term talent strategy.
Why does this matter? Business leaders should care because losing talent:
Has a financial cost. Every vacancy costs the average UK employer £3,000 and takes an average of nearly a month to fill.
Has a contagion cost. A high-turnover environment can hurt morale, lower productivity and has a further impact on turnover, especially among the most talented or highly-skilled employees.
The new laws disrupting old talent models
Talent attraction has, until recently, been seen as an external strategy, in which the perception of a business is seen as the main driver through which to attract candidates. We see this in the way many employers talk about employer value propositions (EVPs) when recruiting, but less so once recruitment is over.
These new laws of talent attraction are blurring the lines between internal and external, attraction and retention. Find out more about the benefits of Attraction Plus and how to implement it in your organisation with our free guide.