We are in the midst of what has been coined the "Great Resignation", a trend where workers are quitting at historic rates. At the same time, employers are struggling to replace those workers as many have changed careers, revised life priorities, relocated, or have simply left the workforce. According to Statistics Canada, job vacancies across all sectors reached an all-time high in the third quarter of 2021, up over 62% from a year earlier.
Triggered by the pandemic, factors such as, poor work-life balance, lack of flexibility at work, unstable childcare, and an unpredictable virus are making people rethink where—and how—they want to work. The ultimate result is a global war for talent that has empowered workers and given job seekers tremendous opportunities. Now, attracting and retaining talent requires employers to find ways to do things differently or risk losing workers and the ability to attract new ones.
The changes businesses are making to attract and retain their workforce are innovative and exciting. However, they also come with major organizational risks including, cyber and corporate security, reputational and brand impacts, and demands on corporate governance. Now is the time for business leaders to re-assess their risk profile and invest in internal frameworks to identify, measure, and respond to the risks.
Below we outline some of the areas that pose the greatest risks to your business stemming from labour shortages and our new way of working.