Key Talent Management Trends 2022
Top executives and experts predict the trends ahead
Posted on 12-16-2021, Read Time: Min
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With employees quitting in droves, triggering the ‘Great Resignation,’ it is quite challenging for organizations to prepare for, and manage the disruptions. As employee needs are evolving, owing to the changing situations, they seek more meaningful and useful company resources as part of their overall compensation packages. Are leaders prepared to engage and retain their employees in today’s competitive job market? What are the key talent management trends that can be expected in 2022? HR.com compiled a few strategies shared by top executives and experts, as they predict the trends ahead.
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Looking to Retain Talent? Incentivize and Give Employees a Chance to Grow. In the age of the “Great Resignation,” companies will begin to pull out all the stops to retain talent and encourage employees to upskill. This goes beyond financial compensation. The younger workforce isn’t as excited about bonus incentives for completing training, for example. Organizations will need to provide varying career growth opportunities, presenting upskilling options for employees to try new roles. Yet businesses will need to make sure that incentives don’t lead to employees learning only for learning’s sake. Companies need to give employees a way to apply skills and make use of their new knowledge. While companies might see a drop in productivity as employees spend time learning, every employee will provide more value once they’re digitally upskilled. — Danielle Phaneuf, Partner, Cloud & Digital Strategy, PwC
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A Positive Employee Experience Will Be More Important Than Salary: We must rethink the workplace, and I predict that we will see a massive change in the next two to three years, from leading with salary packages to leading with experience offerings to recruit and retain top talent. One thing the global pandemic taught us is that for most of us in the tech industry, we can do our jobs from anywhere. While there is a lot of comfort in that — physical as well as emotional — to be able to work from home or in your pajamas, something is also missing in that scenario. In order to create loyalty and connection for the workforce, companies will need to do more than throw money at them. We need to prioritize meeting and exceeding employee expectations. If possible, they need a work environment that they are invited to join, and one that offers more than the convenience of staying at home — a hot lunch provided, specialty coffees, comfortable spaces to sit back and bounce ideas off of colleagues. And by the way, when this happens, creativity and innovative thinking build off of each other in ways that a Zoom call cannot foster. - Raj Verma, CEO, SingleStore
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In 2022, Talent will Be Core to Driving Enterprise-wide Tech Enablement. Previous concerns that technologies like AI and automation might displace jobs have been replaced by one undeniable truth: talent is crucial for digitization. This will hold true when it comes to tackling the biggest challenges and opportunities leaders will face in the next year: navigating the massive cloud migration spurred by Covid-19, solving supply chain issues through a digitally intrinsic approach and pivoting toward the subscription economy. What’s more, deploying a human-centric, experience-driven formula for tech enablement will help companies unlock the value of their cloud investments and actualize its benefits while accelerating individuals’ upskilling journeys, thus creating more value for your business and customers alike. — Dan Priest, Managing Partner, Cloud & Digital, PwC
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People, Planet, and Purpose will Hold Sway as the Primary Inducements for EmployeeEngagement and Retention in 2022. Assess the reasons for employees leaving their organization during 2021. Money was not the overwhelming response. Instead, employee expectations were not met regarding respect, acknowledgment, and opportunities to use their talents. They are expecting meaningful work, being employed in a company that offers sustainably made products and/or services that offer more than just a high profit, and work requirements that take one’s family life into account. If anything, the “gift” of Covid-19 was to make all aware of the fragility of life and the value of living one’s “why.” - Eileen McDargh, CEO (Chief Energy Officer), The Resiliency Group
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Empathy and Compassion to Engage and Retain Employees: If 2021 was the year we all paid attention to the Great Resignation, then 2022 is likely to seem less like an aberration – it’ll become the norm that workplaces will go above and beyond to demonstrate empathy and compassion if they’re to engage and retain employees. The need to respond to an employee-heavy job market will force employers across all industries to offer wellbeing packages that proactively reward healthy behavior. Businesses that tailor their engagement programs to employees’ true needs and look after their physical, mental and financial well-being are set to see an upsurge in popularity among job seekers. - Sammy Rubin, CEO & Founder, YuLife
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Rebuilding Relationships Will Become a Key Talent Retention Strategy: As the great talent reshuffle continues into 2022, companies are continuing to look at ways to reduce churn across their employee base. People are one of the main reasons that employees stay with a company, so employers should prioritize relationship-building across their workforce to forge stronger connections amongst colleagues. Whatever their return to office strategy may be, they should plan group coaching and training sessions in-person to bring workers together and facilitate peer-to-peer learning., Establishing programs for coaching and mentoring that pair colleagues together for a more direct and continuous touchpoint also stimulates close individual relationships as well as conversations about career development. - Cameron Yarbrough, Co-Founder & CEO, Torch Leadership Labs
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Talent Management will be Transformed by Skill-Based Decision-Making: In the coming year, we will see more companies remove the arbitrary proxies they have historically leaned on to inform their talent management practices, such as whether one has a degree or how long they have worked in their industry. Key people decisions -- including hiring, promotions, and project resourcing -- will rely much more heavily on trusted skills-based data that individuals bring with them from outside and across the organization in the form of increasingly ubiquitous verified digital credentials. Not only will this significant shift in talent management practices help employers make more reliable HR decisions at scale, it will also help them build more diverse and inclusive teams, tapping a wider pool of qualified talent.- Jonathan Finkelstein, CEO, Credly
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