08/03 – LeSS Talks: COVID-related Opportunities & Risks: Hiring. Comp. Candidate’s Quality.

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Attention:

This session (synopsis below) was a collaborative discussion that was based on system modelling/causal loop diagram (CLD).  Additional system variable where identified in the session and are listed below:

  • External expectations: Government mandates (and telegraphed expectations of WFH length), peer timelines publicly communicated.
  • Candidate’s cost of living is also a constraint on Worker’s inevitability to agree to lower pay and increase the risk of low loyalty
  • Working with the assumption of a segment of the offer market being able to wait it out and only accept an offer if this one is either very much needed on the short term, or very attractive on the long term
  • Urgency
  • Cash Sustainability aka ability to wait it out
  • Security concerns often regulatory….
  • Desire to rather invest time in other areas of their lives like education of side business or rethinking their offer (exp: testing it on the market)
  • Long-term attractiveness of the job offer to them which would push them to take it
  • Daily rate reduction

Synopsis:

During these tough times, with so much uncertainty and things in flux, JOB SECURITY is on minds of many people. We have to face that:

  • The economy is not in its best shape and we are not sure when it will bounce back
  • Going back to the office may not be feasible any time soon
  • Many companies froze hiring. Some, had to let go of many consultants (and employees)
  • The job market is saturated and there is more supply (of talent), than demand
  • “Distance/Commute time to work” is no longer a factor for employees
  • Quality of screening by staffing firms at its lowest (with rare exceptions)
  • Compensation range is no longer impacted by cost of living (of employees, consultants)
  • For companies, there is no need to be limited by local markets, while looking for best talent (since everyone works virtually)
  • Interviewing is 100% virtual, both for F/T and consulting roles. 100% virtual interviewing (yes/no decisions) is not the same as in-person/close human interaction interviewing (only then followed by remote work)
    ———————-
    Are work seekers being urged to accept sub-optimal offers?
  • Are work seekers being presented with a completely new spectrum of great working opportunities?
  • Are companies running the risk of getting a “great deal”, while hiring at lower rate, to only later realize that they have miscalculated long-term?
  • Do companies need to rethink organizational and team design, communication/reporting strategies, to adjust to current realities. Should it impact their current/future hiring strategies? How should people (job seekers adjust)?

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