The Great Resignation is a term developed in May of 2021 to describe the record number of people who have left their jobs since the beginning of the pandemic. Many of these individuals exited the workforce due to health concerns or an inability to work remotely in a new position. Additionally, many have decided that work-life balance is of greater importance than it may have been in the past. And while it may be tempting to think that with the immediate threats of COVID waning, the workforce will resume its normal levels. However, that doesn’t appear trustworthy, with up to 20 percent of current workers expecting to leave their job in 2022, many looking for more fulfillment in the workforce. This figure is in addition to the over 47 million Americans who voluntarily quit their jobs in 2021.
The war on talent
Unfortunately, so many workers leaving the workforce and some never planning to return has led to an even greater War on Talent for many companies. As a result, most companies (69 percent) now report difficulty filling open positions. Many variables impact this problem. Worker attitudes change to want more remote options, flexibility, and mobility. The nature of work is also transformed by technology, disrupting traditional jobs. The widening skills gap could create a potential economic impact of $2.5 trillion. Low unemployment rates and a significant talent deficit further enhance these challenges, culminating in a hypercompetitive hiring environment. The bottom line is that most companies face heavy competition over the few potential candidates who qualify to fill many positions.
Given these challenges, corporations and educators must start looking to develop the future workforce now, which means training youth as early as junior high and high school levels with core job skills they can use. This will allow them to help prepare their future workforce and build relationships with students early on so that when they start to look for jobs, they consider their companies first.
Employers have not been as actively engaged with training workers on evolving job skills required for the 21st century as they have in the past, leading to renewed interest in student development and apprenticeship programs. Apprenticeships can help people learn enjoyable skills and move into jobs earlier; this benefits worker by lowering the amount of post-secondary formal education they need for some positions (thus reducing student loan debt for many students). In addition, it benefits companies by offering a steady supply of workers ready to begin their careers.
Dr. Toinette Gunn, Executive Director of Chicago Debates, summarizes this model’s benefits by saying, “Many young people have limited opportunities to help build the skills necessary to be successful in the workforce. I think schools typically do a better job at providing content knowledge than hands-on experiences that will correlate to workforce skills. Recognizing this, many schools have supplemental programs that offer opportunities for students to build such skills. However, students need access to more activities, like debate and other skill-building programs. Schools can also focus more on integrating social and emotional learning into all aspects of a student’s education, both inside and outside the classroom. Assignments and activities, such as debate, help to build critical academic, social-emotional, career, and leadership skills like advocacy, critical thinking, communication, problem-solving, receiving and applying feedback, listening, relationship building, empathy, collaboration, self-confidence, and creativity.”
Schools indeed play a pivotal role in developing youth skills, but the question remains as to how corporations can get involved at the high school level in helping to build future talent. Activities such as career fairs and information sessions on internships and apprentice programs can provide students with time on a job site with natural exposure to business activities. Companies can build relationships with students early in their careers or education path by doing these activities. Then, as they enter college, companies can offer internships or scholarships to help further career development. Students will often remember these companies when they graduate and pursue a potential position with the company or brand when they are ready to formally enter the job market. This type of brand recognition or loyalty is a familiar concept when discussing customers. Building a great image with younger members of society can result in better options for filling open positions.
Given the war for talent that will likely impact the job market for years, educators and corporations also need to be hyper-focused on developing diverse talent and ensure that Black and Latino’s youth are adequately prepared for the workforce at an early age. Many of these initiatives can focus on minority students under-targeted by corporations. These small changes can bring enormous benefits for companies looking to get a competitive edge in a hypercompetitive hiring environment.
Dr. Gunn addresses this issue: “Many urban Black and Latino youth lack access to key educational opportunities available to their suburban and middle/upper-income peers. This inequity, amongst others, ultimately limits their academic, leadership, and future career and economic potential. Without access to successful business leaders and exposure to opportunities that help develop the skills needed for career success, Black and Latino youth face more challenges in their professional and leadership journeys. But we must now equip them with the professional, business, and leadership skills they need to impact tomorrow’s workforce positively.”
How companies can positively impact the future workforce
Companies can create positive impacts on the future workforce by realizing the diverse talent at the secondary education level, such as:
- More applicants for current needs. Unfortunately, many of the problems in the current workforce are due to jobs becoming obsolete. The workers in those jobs lack the skills to meet the qualifications for many open positions. Working with students at a young age can reinforce the concept that they will need a specific skill set for success now and in the future. This increases the likelihood that these students will pursue the appropriate education or training to meet current demands.
- They are leveraging existing relationships with current students. Employers that reach out to students can foster relationships with these individuals before their careers start. This action can increase the likelihood that students will think of the employer when it comes time to fill out applications and secure permanent employment.
- It increased satisfaction and morale. Another unfortunate side effect of the Great Resignation is that it has left the remaining employees more unhappy. Most employers have openings they cannot fill, so the extra work is often distributed across the current staff. By targeting students that may eventually fill the open positions, a company is in a much better place to have fewer openings, providing current employees with a manageable workload. And this action can increase staff morale and satisfaction.
Undoubtedly, the Great Recession has shaken the job market and transformed things in ways nobody could have predicted before the pandemic. Unfortunately, it is making it much harder for employers to secure competent employees willing to work. Early employee training may be one of the best ways for employers to overcome these barriers and provide a new channel to target potential workers in the future.
