Right Talent / Right Place in Economic Recovery
COVID19 has rapidly altered our immediate concerns on talent and optimization of location in the workplace.
Human resources leaders have a crucial role in this regard. HR professionals ensure the growth strategy for their business is executed effectively through the full capability of its people. As businesses emerge from COVID19, human resources leaders will be tasked with implementing against a backdrop of variability and ambiguity.
HR leaders can expect to see a new Talent-Location Paradigm in the post-COVID19 economy. This will entail Right Talent/Right Place strategies:
- Businesses that experience a boom need to be diligent in applying recruitment
strategies and those in decline need to carefully identify critical talent pools within their business making calculated decisions moving leaders and employees to the most critical roles and locations.
During the economic expansion of the past decade the market favored job seekers and employees. By March of this year, annual growth in private sector wages and salaries had reached 3.3%. The COVID19 crisis has flipped that paradigm 180 degrees where talent acquisition now sits squarely with the buyer. For HR leaders, this means adapting to the trend and installing the tools and process in our recruitment efforts to evaluate ‘best fit’.
Executive and senior level leadership roles will be in high demand. The COVID19 economic recession coincides with the demographic of Baby Boomer retirements leaving a shortage of experienced executive leaders. This will require HR leaders to:
Pivot investments to greater depth in leadership development within their firms
Take more perceived risk in promoting less experienced, high potential employees into leadership roles
Plan diligently to place experience leadership and consider relocating executive talent to critical locations
Read more about our relocation industry benchmark report on rebuilding after COVID-19 here.