The Workforce Crisis
Despite what’s been recently reported in some sectors such as technology, we are still very much in a workforce crisis in America. There are now more open jobs than ever before. In fact, there are currently two jobs available for every American worker today.
There is little debate that the events of the past three years have changed worker expectations. Those expectations have been dramatically heightened – and employees have reconsidered what’s most important and what they want from work. For organizations to remain relevant in this competitive labor market, they must reconsider what they offer to candidates to join – plus what will inspire their current employees to stay.
The labor market facts at a glance:
- 47M+ workers quit their jobs in 2021 with just as many tracking in 2022
- 4M workers missing in the labor force (from participation level of February ’20)
- 3M open jobs in October 2022
- 0M hires in October 2022
- 50% of all employees admit to looking for a better job
The Next-Generation Employer Brand and Value Proposition
The first step in addressing the workforce challenges is rethinking how organizations attract and recruit new talent. The former objective of the EVP was to differentiate the organization by highlighting foundational offerings and perks, such as:
- Total rewards
- PTO
- Workspace
- Stability
What’s required today is something different: Expressing authentic “Commitments” that the organization and its leaders are willing to make to employees. These Commitments ultimately represent a real manifestation of culture because they describe what it’s like to work there. This includes positioning on concepts like:
- Trust
- Transparency
- Flexibility
- Development
The Culture Story
Reconsidering the traditional EVP model as Commitments is just part of the solution to today’s workforce challenges. In order to attract, retain and inspire today’s workforce, organizations must tell their story (what they do and what they stand for).
At NICH, we’ve developed a proven framework that tells this story in a compelling and authentic way. This story serves as foundational content for all people-related communications – from leadership messaging to the employer brand.
For it to be real, it needs to be told in the voice of the employee. We’ve found that this is best done through a qualitative approach to insights. This means having in-depth conversations with employees on the frontline.
The New People Strategy
Ultimately, telling the story is just the start. And part of that story, especially when it comes to concepts like commitments, can transparently be aspirational. That’s why developing a people strategy that aligns with the future business objectives is critical. Success starts with developing a roadmap for that strategy and the initiatives that make it happen.
NICH +Culture
We’re workplace culture experts. Our clients are renowned for their exceptional and unique approach to today’s workforce challenges. Founded in 2016, our differentiator is rooted in the fact that we’re practitioners, not career consultants.
We understand the challenges and limitations that executives in large organizations face every day. We care about our clients and the employees that work for them. Our ultimate goal is rooted in our purpose: To help everyone lead meaningful lives through meaningful work.
