For corporates, as Liz Edwards has highlighted in an earlier comment, the transfer of power or at least decision making to the individual has a multitude of implications. Firstly as we are seeing today, the nature of the competition for talent has changed already. It is not simply a corporate’s peers or that high profile startup which are in the war for the same talent – it’s all the other ways that talent might earn money. It is probably inevitable that the best talent has the widest opportunities in general terms.
·Secondly in identifying and attracting talent it could be as much about understanding the life cycles, and stages of life of the target audiences. Those who are poised to prize security of income above novelty or flexibility or who have a low risk appetite. This could, but probably isn’t true definitively, mean that young graduates or those starting out in the world of work are not the most obvious choice, at least for jobs that require some longevity. The whole concept of a career path may need to encompass spells, potentially long spells, outside the corporate world. And perhaps most interestingly, there may be a decline in the availability of experienced leaders and managers who, with a degree of financial security, look for other novel, and more flexible ways to work. Covid may have demonstrated the pluses and minuses of working from home, but there are other compelling possibilities to maintain it.
Thirdly, the offer corporates make will need to be relevant in the concept of the wider earnings portfolio not simply as measured against market norms for that job. What development is offered? How will it help build a network of valuable relationships? What business acumen will someone get? How flexibly can someone work – can they continue with different aspects of their portfolio whilst in full time work? These are not new issues, but they could become massively more complex.
In short, corporates are going to have to be able to see through the eyes of the talent they seek to attract – more so than ever, and what they see there may feel increasingly alien from their own world