At Frazer Jones, we are enabling HR leaders to drive a progressive agenda to push their businesses into the future.
Looking at the current state of HR, Michael Illert believes that the core points for a progressive HR agenda are new work, data, talent management and diversity, equity and inclusion (DEI).
An uncertain 2022 but a news disconnect
If you watch the news, I am sure we can all agree that this year has been fuelled by significant uncertainty including inflation, Covid-19, the Ukraine war and more.
As a result, you would expect the employment market to significantly slow down including the market for HR professionals.
This is where I see a market news disconnect. If you look at Frazer Jones’s average intake of new mandates 2021 vs 2022 you’ll see we are outperforming last year’s average intake including October.
17% of these mandates are talent-acquisition related which shows the still significant hiring pressure in the market as, if there wasn’t, businesses would reduce recruitment teams but not increase them.
“We’re seeing an active market against a gloomy news picture.”
Equally, more than half of all HR jobs posted on LinkedIn require strong talent acquisition and recruitment skills. That is nearly 200,000 recruitment related jobs on LinkedIn’s job portal alone. This shows an active market against a gloomy news picture.
A shortage of talent
We appreciate this is a bit simplified but if you look at government action globally, you could argue that we have arrived in modern monetary policy territory.
“We are now facing a significant shortage of talent across the board.”
Since 2008, money has been pushed into the economy through various mechanisms; Covid-19 was no exception. At times it felt governments globally were competing to offer more support. This enabled many businesses to navigate this challenging time as cash-positive.
This caused significant investment as soon as the lockdowns faded away and we are now facing a significant shortage of talent across the board. I believe this is caused in part by these five reasons:
- Growth after Covid-19
- Less global mobility
- Changes in career paths and life priorities
- The mental health crisis
- A reversal on gender equality
The core challenges in HR
Michael Illert discusses the core challenges in HR of new work, data, talent management and DEI.
These four points also deliver the solutions to the significant talent shortage we all face globally. Watch our video for more in-depth insights.