One of the significant outcomes of the World Economic Forum held in Davos is the forward-looking workforce projections provided by the World Business Forum. This group has been researching the skills and competencies that will be needed to meet the challenges workers are likely to face in the future. After each Davos meeting, they publish a list highlighting the skills and competencies that will be in demand in the coming years.
When we look at the published lists from the last fifteen years, we see very little change among the early lists. However, this trend came to a significant turning point in 2015, and since then, the expected skills and competencies have started to show major differences compared to the past.
This shift is closely related to the entry of new generations (Millennials and Generation Z) into the workforce and their upward movement in corporate career ladders. This transformation deeply impacts the entire set of skills and competencies required by today’s and tomorrow’s leaders.
Another noteworthy point is the increasing tendency of the global workforce to exit the job market during the 2008 financial crisis, a trend that was further triggered during the 2019 pandemic and has reached higher levels each year. The process of exiting the workforce, known as the Great Resignation, is actually a continuation of the financial crisis that began in the US in 2008 and later affected the entire world. When we look at US statistics, the severity of the issue becomes clearer: up to 3% of the workforce is rapidly and increasingly exiting the job market. Even if we think this data doesn’t concern our country directly, it stands as a crucial indicator of global trends. In September 2021, LinkedIn, an international professional network, investigated the percentage of global members who had changed jobs within their profiles and found a year-on-year increase of 54%. LinkedIn CEO Ryan Roslansky referred to the generational differences in job changes, noting that younger employees see job changes as a way out, calling this phenomenon the “Great Reshuffle.” Dr. Kirstin Ferguson recently suggested that the “Great Resignation” might more likely lead to a “Great Realignment,” advising employees to: – Find more “meaning and purpose” in their work and/or – Seek out organizations that better align with their wants and needs. Ferguson believes that the “Great Realignment” offers an enormous “opportunity” for employers to “understand expectations and reconfigure relationships” with their employees.
Looking at the period from 2020 to 2022, we can say that employees did not leave their jobs during the pandemic, nor did they actively seek new careers. Most chose to maintain their current situation. The activation of these postponed decisions is having a clear impact on the process known as the Great Resignation. With the return to the new normal, it’s anticipated that there will be a significant increase in the global employee turnover rate. Of course, there’s an important difference between thinking about leaving a job and actually doing it. Especially given the economic conditions pointing towards a global recession, this decision might seem even harder than it did six months ago. However, leaders must still find ways to manage the risk of resignation and keep talent within their organizations. Many leaders and organizations are currently facing this vital question: “How can we retain our employees, talents, and high-potential colleagues?” People leave their jobs for many reasons, including frustration, feeling undervalued, lack of work-life balance, inflexibility, burnout, and lack of growth opportunities.
Organizations are taking action by effectively using all the tools at their disposal—such as benefits, conveniences, flexible working hours, and perks—to attract the talent they need and are reshaping their recruitment strategies. As demand for Millennial employees increases, so do their career expectations. Being labeled as the “smartest” generation doesn’t just mean they want higher salaries; it also means they want a workplace that nourishes them holistically and is values-driven. As the Great Resignation progresses, job seekers are taking advantage of every opportunity, knowing they’ll receive offers they can’t refuse.
Chrisanne Christ, the senior HR executive at Centier Bank, one of the Best Banks to Work For in the US, states, “When our employees feel valued, they can perform at their best and help and guide our clients.” She describes the impact as “a ripple effect that spreads across the entire community we belong to when each individual feels valued. This is the most important path to shared success.” At this point, one of the easiest solutions is to improve our listening skills—a skill we all know is important but often struggle to apply. By simply using this skill, we can address the real needs of our talented employees rather than just their desires. Could listening to and understanding each other be the compass that guides us through the chaos we’re all going through together?
**Sami BUGAY** MCC – Master Certified Coach – ICF NCC – Certified Ontological Coach Assessor & Mentor – ICF Author, Leader, and Team Coach