Keeping afloat in the tech "talent tsunami"

Organisations that remain closed-minded to these changes are overlooking a truly critical threat to their top assets. Those who do not adapt will be left underwater and lose out to those that do.

The generation game

Over the past few years, we have seen a shift in what employees are really looking for from their employer, particularly for younger generations such as Gen Z and Y. We might think that this is all pandemic-related, but the reality is that this process all started even before Covid-19 hit.

While Gen X workers typically look for stability in employment, Gens Z and Y aren’t afraid of change, averaging just 18 months within a company in hot pursuit of rapid career growth and development. As the employment market progressively turns toward being majority Gen Z and Y, it is no surprise that organisations have seen shifts in employee behaviour and need to quickly adapt in order to attract, retain, and manage talent.

See also: Becoming an adaptive leader in the age of technology

The need to look at talent management with fresh eyes was then accelerated by the pandemic’s rapid shift to a hybrid work frame. Suddenly, employees felt disconnected from their company, often going long periods with no physical interaction with colleagues or clients, and leaders’ efforts to engage with them in a meaningful way were simply not resonating.

This disconnection led to existential questions: where am I going? What do I want to do? Is this what I want? These pandemic-driven personal revelations, combined with Gen Z and Y’s willingness to seek new challenges, have created the perfect storm for organisations.

Then we add macro factors to the equation. At the same time, as employees were questioning their futures and organisations were caught on the back foot in trying to retain them, we saw an explosion in the number of exciting potential new environments for talent. Particularly in Singapore and Southeast Asia, we have seen a proliferation of fast-growing new tech companies securing funding and snapping up talent, seemingly unaffected by the impact of COVID-19.

See also: Board members in Singapore feel least prepared to cope with cyberattacks

Cue the “tech talent tsunami”.

Stemming the outflow

Organisations in the current space need to combat this turmoil in the talent market by taking a number of preventative steps. The first (and most important) step is to understand and accept the reasons behind the changing workplace dynamic and create regionally nuanced talent strategies.

Similarly, organisations must be wary of large-scale kneejerk reactions to industry trends. Ultimately, attracting and retaining talent still boils down to the individual employee, who can be motivated by a myriad of reasons, including the challenges of a job, money, options, and personal beliefs.

We generally find that across Asia, candidates and employees are more focused on rapid career growth, rather than strictly on compensation or the workplace environment. Ensuring that this is a priority and weaving it into your development programme – rather than just paying lip service – will be crucial in attracting and retaining talent.

We are also seeing candidates negotiating for flexibility over on-site perks. Previously seen as the “gold standard” for talent retention, free food and in-office services are becoming less attractive as employees spend more time away from the office – instead, one key area that employees are increasingly interested in is the ability to work in hybrid work environments or a flexible work-frame.

Growing in the new age of talent

In order to stay ahead of the talent curve, organisations need to consider two things. Firstly, navigating the shortage of manpower, mainly within the tech industry, and secondly, balancing remote work with workplace engagement.

To stay ahead of the latest tech trends, click here for DigitalEdge Section

We have seen the volume of remote job applications around the world double, with Singapore seeing triple the number of such applications. Combined with talent from non-traditional sources, and flexible working arrangements, organisations can shrink and expand as needed while supporting the needs of their full-time employees.

One major problem is that there are many roles where it takes a significant investment of time and resources to train someone well, resulting in organisations being wary of engaging with flexible workers and freelancers. Notwithstanding, global freelancing throws in other challenges such as time differences and performance management.

However, diversification of employment alternatives may be useful. If you can break down the projects or assignments into pieces, you can semi-outsource the task. This “plug and play” work can then be complemented by a core group of employees, providing the deeper knowledge, company DNA and organisational engagement required to complete the bigger picture. This allows companies and workforces to remain flexible in a changing market landscape, making it easier to secure top talent across the board.

Moving to higher ground

The global challenge of employee engagement and connectivity was an organisational hurdle even before the pandemic. Covid-19 enhanced it, put more of a focus on it, and pushed us to creatively meet the new and dynamic needs of a workforce.

For example, younger generations have been pushing for work-from-home for several years but have now become emboldened after seeing the success of remote working during the pandemic. Freelancers have always existed, but not with the level of organisational involvement and responsibility that they have today.

To manage this shift, internal stakeholder management should be more than simple communications; it should be engagement, connectivity and relying on your highly trusted core staff to ensure contracted roles remain entrenched within the company culture.

Managers should be trained to adapt to managing virtually, ensuring that age-old rituals that connect people are not only done on-site, but are also done virtually: virtual town halls, team lunches and buddy systems.

Finally, understanding that individual goals and motivations are just that: individual. Catering to this diverse set of needs is regionally unique, yet universally relevant, as workforces and role definitions continue to change at a rapid pace.

The message is simple: in order to stay above water amidst the talent tsunami, one must learn to embrace flexibility and understand the changing needs of workers. Pandemic-driven digital transformation in the region is changing how employees and organisations alike view the concept of talent as well as careers in the field, and both sides will need to swim with the changing tides.

Aviva Arnon is the CPO at Payoneer

Photo: Shutterstock