The greatest job market in history has ended, according to a recent article in Korn Ferry. Authors Jacob Zabkowicz and Doug Charles cite contributing factors like:
- There were 9.9 million job openings in February, a 12 percent decline from December 2022, and the first time that figure has fallen below 10 million since July 2021.
- Companies added about half the number of jobs in March as they did in January.
- Last month the number of people who filed for unemployment benefits for the first time increased by 18 percent from January.
If it’s true that employers are now in the driver’s seat, what might this mean for employees who are turning over the keys?
Zabkowicz and Charles have some ideas: “Pushing back hiring decisions. Promoting internally to fill open roles rather than increasing headcount. Capping salary increases. Calling workers’ bluff when they say they’ll quit if they’re required to return to the office.”
Despite job market cycles and swings, has the most recent war for talent left some lasting changes that won’t soon be forgotten? Today, more than three years after the onset of the COVID-19 pandemic, a new employee value proposition drives workers’ decisions about where, how, and when they work. Organizations have made significant policy and practice changes during the past several years to better support their people.
At a recent meeting of ATD’s talent development leader consortium CTDO Next, Angela Cheng-Cimini, senior vice president of talent and chief human resources officer at Harvard Business Publishing, shared her ideas and research about the new employee experience. These include radical shifts in performance management, an unfaltering focus on holistic well-being, and the importance of culture in sustaining positive changes.
Managing today is about supporting employees in their work—however they get it done—rather than “reporting employees” by micromanaging tasks, for example, Cheng-Cimini purported.
Hyper-personalization is another theme emerging from recent transformations in the talent marketplace. AI is responsible for much of the development in this space, with the driving philosophy that learning, skills development, and career advancement are unique to everyone.
When asked the most important thing for talent development to do in this new world of hyper-personalization to make the greatest impact, CTDO Nexters responded:
- Don’t make assumptions based on how you did things and what you care about. Link leaders with new hires to hear their voices.
- Emphasize clarity—around expectations, resources available, opportunities, etc.
- Respect is most important, followed by self-awareness.
- People want to be heard, and they feel respected when they’re heard.
- Meaningful connectivity and rich conversations are vital.
- Make it easy for managers to have career and development conversations; provide a short list of questions to ask, for example, with little-to-no training required.
- Create a culture of belonging by providing a consistent experience, not merely one or two high points.
- Customization is critical when personalizing learning experiences.
Cheng-Cimini added her thoughts: “Empathy and care go a long way. Meet the person where they are. Treat people how they would like to be treated. Managers must understand the buttons they need to push to activate the highest levels of engagement, meaning, and fun.”
The new employee experience requires talent development leaders who design and facilitate custom learning journeys for each worker’s skills, evolving interests, and career goals. This process of activating learning particular to an individual includes active listening and ongoing feedback to uncover the “why” behind outcomes.
Regardless of the current economy, job market du jour, and resulting talent marketplace, the employee experience has some transcending qualities. TD leaders who honor their people’s holistic development, support their autonomy, and value their input will create an employee value proposition that stands the test of time.
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