The Big Flip

The Employment Landscape Has Flipped… (Want to watch the video instead? The Big Flip video.)

For a long time, employers held all the power in the hiring process. They were the buyers looking to purchase labor from potential employees who were the sellers. Job seekers competed fiercely for open roles, selling themselves and their time to prospective employers.

But due to major events like the COVID-19 pandemic and the “Great Resignation,” the entire dynamic has flipped on its head. Now, counterintuitively, employers are the sellers trying to sell their open roles and company culture to prospective employees who are the buyers.

Employees are looking at their limited time as a precious commodity, evaluating where (and how) they want to “spend” that time working. Companies need to package and sell their (LEGITIMATE) opportunities in an attractive way to prospective talent.

The Buyer’s Threshold

Just like selling any product or service, there is now a buyer’s threshold that employers must meet to land top talent. This threshold has three key components:

  1. The Relationship – Potential employees must know, like, and trust the hiring manager, their prospective boss, and the company itself. This relational foundation is crucial.
  2. The Value – Far more than just compensation, employees assess whether the total value proposition is worth trading their invaluable time and energy. This includes factors like competitive pay, great benefits, a compelling mission, and opportunities for growth.
  3. The Experience – The entire recruiting process and projected work experience must be engaging, smooth, and exemplify the company’s core values. Work needs to be enjoyable day-to-day.

The Power is now in the Buyer’s Hands.

Employers must sell hard on all three – relationship, value, and experience – because anyone could be the deciding factor for different candidates. Maybe one person is relationship-driven, another wants an amazing culture/experience, while another prioritizes maximum value/compensation.

The takeaway? In today’s economy, potential employees are the new buyers. If you can’t meet their threshold by offering a great relationship, value, and experience…they’ll go elsewhere. It isn’t that “nobody wants to work.” If that’s your mantra, I would argue that “nobody wants to work for you.” It’s time to reevaluate your hiring processes, compensation, and overall employee value proposition. The power has shifted to employees – if you are not offering more, then you will continue to struggle with talent acquisition and retention.