The Great Reset: Survival Tips for HR Professionals
Johnny C. Taylor JR, President and CEO of the Society of Human Resource Management (SHRM), discussed how we can all reinvent, reinvigorate, reimagine, and reset our organizations and the people we lead.
How the world of work changed
Taylor JR began by talking about March 13, 2020 — the date when everything changed for most workers around the world. Governments across the globe sent people home with the understanding it would be a short-term process.
“I began to chronicle; I thought I was going to write this book called ‘The Great Pause,’” Taylor JR explained. This “Great Pause” instead became a “Great Reset” and Taylor JR had to rethink what he was going to write about.
“Because everything that we knew before Friday, March 13, 2020, changed,” Taylor JR exclaimed.
The war for talent is real … and worsening.
“The number one thing CEOs point out to me that keeps them up at night is the war on talent,” Taylor JR announced.
The SHRM President went on to explain how we are currently in a hyper-competitive talent environment where the employees have the leverage.
CEOs are telling Talor JR that they can’t access the right talent with the right skills, with the right attitude to align with their organizations.
“We don’t have a cash crisis or a financial capital crisis — we have a human capital crisis,” Taylor JR added. This is something that every company is going to have to deal with for the foreseeable future.
Wage inflation has arrived.
On top of the war for talent, another threat has arrived in the form of wage inflation.
“Wage inflation is probably the most important business issue facing the industry right now,” Taylor JR stated.
There is a conflict between employees wanting more money and consumers spending less money. SHRM’s research found that college graduates expect $104K while companies are offering $55K.
Taylor JR went on to explain this is why “quiet quitting” has become a hot topic, due to the differences in wage expectations.
How do HR professionals reset and rethink how we define talent?
Using human history as an example, Taylor JR highlighted how HR professionals can redefine talent.
For example, how talent needs have evolved from hunters and gatherers needing to be fast and strong to the recent information era needs of acquired knowledge and skill via education.
Taylor JR explained how HR needs to keep up with the talent expectations of this new augmented era which focuses on creativity, agility, and adaptability.
“The only way we are going to expand the talent pool is to get rid of the things that exclude people and find ways to bring people in,” Taylor JR said.
To solve this war for talent, HR professionals need to think differently about how they define talent.
Embrace change.
Taylor JR believes that HR professionals are resistant to change and this needs to … change.
He unveiled this stunning statistic: Americans over the age of 55 will take roughly half of all new jobs created in the next decade. — U.S. Department of Labor, October 2022
“We have to rethink everything; we need to bring people back into the workforce. Our talent acquisition strategies were never designed for this model of workforce,” Taylor JR explained.
Taylor JR wants everyone to understand that talent acquisition is the most important thing that the HR profession does for companies today.
“You’ve got to embrace technology and a new approach which is a part of the ‘Great Reset,’” Taylor JR concluded.
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