November 2021 saw a record number of employee separations (which include layoffs, discharges and quits) when compared to the previous 10 years of employment. However, that was not the only month that saw millions quit their jobs.
Dubbed the “Great Resignation,” a wave of quitting employees over a year’s span meant that over 47 million Americans quit their jobs in 2021. As a result, human resources (HR) departments across industries faced significant challenges. However, this “big quit” also presents opportunities for human resource management professionals to take advantage of an expanded talent pool.
What Is the Difference Between Recruitment and Talent Acquisition?
Recruiters and talent acquisition specialists have a lot in common. Both HR roles focus on finding the right person to fill vacancies or new positions. However, the main difference between these HR roles is in the approach.
Recruiters typically focus on immediate staffing needs due to turnover or company expansion. When an employee quits, a recruiter responds to this short-term need by finding a qualified candidate to fill the vacancy.
By comparison, talent acquisition focuses on creating a “talent pipeline.” Indeed defines this role as “an ongoing sourcing method to find, onboard and retain specialized employees who directly add value to your company.” For example, talent acquisition specialists might partner with universities to create tech talent pipelines or source a financial analyst who could advance to CFO when needed.
What Does the Great Resignation Mean for Recruitment and Talent Acquisition?
The Great Resignation still made headlines in 2022. According to Investopedia, 3% of the workforce quit their jobs in March 2022. This number does not include workers who retired. March 2022 also saw a record-breaking 11.55 million job openings.
Rather than seeing this as an unmanageable situation, recruitment and talent acquisition professionals can take advantage of the Great Resignation to attract top talent. This starts with asking, “What do employees expect?” The answer may be surprising.
According to the 2021 State of Remote Work, 81% of employees expect a remote or hybrid work arrangement, even post-pandemic. However, one in three are willing to quit if that is not an option, which may not come as a surprise. In fact, almost 50% are ready to take a pay cut in exchange for working remotely.
A LinkedIn report shows the following top employee priorities when considering jobs:
- Work-life balance
- Compensation and benefits
- Colleagues and culture
- Effective management
- Challenging work
- Flexible work arrangements
Employee surveys suggest companies are improving on flexible work arrangements. But employee opinions on work-life balance and compensation lag.
A modern approach to compensation and benefits is one way to gain a competitive edge in hiring. For example, paid time off (PTO) varies from company to company, with 10 days as typical. But how would candidates respond to being offered a position with unlimited vacation time?
This approach is gaining in popularity as a way to increase employee engagement. Of course, employees must still get their job done. Putting employees in charge of their time can enhance work-life balance, boost productivity and increase retention.
Today’s employee-driven market is creating career-changing opportunities for recruiters and talent acquisition specialists to take a fresh look at what it means to attract and retain talent. LinkedIn reports “skyrocketing” demand for recruitment roles. If you have communication, relationship-building and analytical skills, you may find the ideal career in recruitment and talent acquisition. HR roles typically require at least a bachelor’s degree, but employers may prefer candidates with an advanced degree in human resources management.
For example, William Paterson University’s online Master of Business Administration (MBA) with a concentration in Human Resource Management program emphasizes recruitment, employee engagement and compensation management. Students can complete this program in as few as 12 months, so you won’t have to wait long to begin your rewarding career in human resources.
Learn more about William Paterson University’s online MBA with a concentration in Human Resource Management program.
