The economic fallout of COVID-19 is undeniable. According to Pew Research Center, 25% of adults in the U.S. say someone in their household was laid off or lost their job because of the coronavirus outbreak; 15% state that this happened to them personally. On the other side of that coin, employees are also quitting their jobs at record rates.
Highly-Skilled Workers Are Preparing to Move
CNBC suggests that 26% of workers are planning to look for opportunities with a new employer once they feel that the threat of the pandemic has subsided. Of these workers, 80% are doing so because they’re concerned about their career advancement, while 72% say the pandemic caused them to rethink their skillsets. More than half of these potential job-hoppers have sought out new trainings and skills, likely in preparation to change jobs within the next few months.
As more companies transition to part-time or full-time work-from-home setups, it’s no surprise that workers are prioritizing flexibility when considering other employment. According to CNBC, half of the people who are currently working remotely say that if their current company does not offer long-term, remote-work options, they will search for a company that does.
This emphasis on flexibility further highlights the need to anticipate all questions from a potential new employee when preparing to make an offer. Salary and vacation time are simply the foundation of every offer; new workers also want to know about their full benefits package, opportunities for advancement, their goals as a member of your team, and potential obstacles. Hiring managers should be prepared to deliver the offer and answer these questions in a face-to-face setting.
Make Your Strongest Offer to the Strongest Candidate
The strongest candidates will always have multiple opportunities. If you put in the time to find the person you want, it doesn’t pay to make a weak offer or present an offer without preparing for those additional questions. If you are not willing to pay a significant amount more than what they are currently earning, it’s an indication that you are not truly confident in the value they can add to your organization.
With so many people looking for new opportunities and a plethora of companies searching for top-tier candidates, the race for talent is on. “A-player” talent is double the value of a “B-player”—keep this in mind as you vet potential employees and prepare your offers. Once you’re ready to make an offer, always be prepared for a counteroffer—know what your max is, and how much you are willing to negotiate to acquire the best talent for your team.