“I’ll Have a Latte With that New Raise, Please, Boss”: Post Covid and the Talent Economy Has Now Arrived

0.8 %. 

The growth of the U.S workforce from 2000 to 2020, reported recently by the New York Times. 

$ 10,000 per year. 

The increase in yearly salary, says the Federal Bank of New York, workers without a college degree were making in March of this year over November of 2019. 

Talent is now driving the boat. Perks. Extra benefits. WFH. Whatever it takes to hire new talent in a rapidly shrinking labor market. 

And, although the big push is now to attract new employees, I’m convinced companies today need to also ensure they attract “the right talent”! 

And, in my best-selling business book of a few years ago Seller’s Edge , I talk at length about what my years of research into Talent and Company Cultures reveals. And no matter Boomers, Millennials or Gen Z’ers, employees (talent) continues to desire job benefits like more training, job flexibility and better advancement opportunities.   

Back to the “culture” piece, recent research found 79 % of employees say “company culture” is an important factor in job satisfaction. 

Next, aside from getting “the right fit” for scarce new workers, companies are also trying to compensate for fewer bodies by introducing more automation into the workplace!  

Advanced online education courses. 5 G. Artificial Intelligence (A. I.) Robotics and more. Much more. 

Investment in robotics and automation, in fact, is exploding as technology seeks to take on work once left to us all. A. I. tools alone are set to grow a whopping 100 % in the next 18 months! 

So here we are.  

Some stats: Only 20 % of employees today say they feel enthusiastic about their jobs says researcher Leftronic. Similarly, some 33 % of talent think that they are at their career’s “dead end”. 

Heck! Not a lot to cheer about today, is there?  

So, summing up, companies need to step up their game in attracting employees in a shrinking labor market with the perks employees have been requesting for some time. In addition, investment in new technologies like A. I. or robotics could help substitute automation for labor to address the tight market.  

Finally, offering you a couple Business Tips to help get you through all this, here’s what I suggest: 

Business Tip # 1. Set up a special “Recruitment Group” in the company to give the talent shortage “visibility” in the organization. You’re going to need it in the months to come as we emerge from Covid. 

Tip # 2. Clearly define your organization’s “culture” going forward to help ensure you’re attracting – and hiring – employees who “get” who you are and what you value. Success here will go a long way to helping you build a vibrant financial engine for the future! 

So good luck out there and get moving on hiring the right talent! 

 Until we talk again then. 

Ciao.