Talent 500’s mega post-pandemic study reveals why retaining talent is about to get harder

-Professionals from leading global companies, start ups were part of the survey
India
Bangalore based Talent500, an AI-based platform to help leading companies build and manage a global workforce, has revealed changing behaviour of job-seekers in a post-pandemic world as part of it’s latest ‘State of Talent’ survey with 5000+ respondents across the country.

In a market, where 74% of all businesses report a shortage of talent, the survey by Talent500 reveals some of the underlying reasons behind “The war for talent” impacting all businesses globally . The most startling fact is an overwhelming response amongst professionals to be open to, or actively seek out new opportunities this year. In a highly competitive market, this means a never-before-seen rush to retain talent and  intense competition for top performers across all companies.

Speaking of the inferences drawn from the survey, Vikram Ahuja, Co-Founder of Talent500, said, “The pandemic changed everything we know and understand about work. For professionals, the market has never been better to find career-changing opportunities and with remote work becoming mainstream, today professionals are choosing to prioritise their next job based on the flexibility it gives them to plan their lives. For businesses, we are waking up to a surge in demand and finding that we will need to rethink how we engage with professionals in a new world.”

Talent500’s survey, the largest of it’s kind amongst the job-seeker community post-pandemic, brought to light insights for employers to stay relevant in a highly competitive market.   In addition to the “Great reshuffle” and it’s impacts, another insight was the changing considerations of professionals while choosing their next gig. In addition to compensation and benefits, today, flexibility and culture are top of mind.As a result, hybrid and flexible work models will continue post-pandemic, with professionals displaying a strong preference for flexibility and choice.

Professionals also expressed a clear need for companies to re-evaluate their hiring processes in a highly-competitive market. Gone are the days of elaborate interview rounds and long, stretched hiring processes. Today, professionals holding multiple offers expect quick decisive interactions and are not shy of walking away from offers if they don’t find engagement during the process. The rise of the gig economy is another strong motivator for professionals to reconsider older, conventional employment models and put their independence, learning and flexibility into the spotlight.

Despite India being touted as the #1 talent market in the world, access to right talent remains the #1 challenge for most businesses today. Talent500’s “State of Talent” survey hopes to solve this problem by providing clear insights for businesses to act upon.