5 Types of Talent You’ll Meet in Today’s Workforce

Last year right in the middle of the pandemic, Rita Chan left her job at a well-known Asian bank to work in a fintech start-up. After a few months, her new employer did not end up faring well for her despite a good job title, decent perks and mid-range pay.

With a disappointing switch, she changed her LinkedIn status to “open to work”. By June, she was recruited to work with a bank due to adequate total compensation, career development and advancement.

She said she came across the company’s growth and for her particular job, the chart did not look impressive and some of the work at the fintech start-up did not fill her with purpose and meaning.

Chan is what McKinsey would call a traditionalist, one of the five types of talent that has spurred a wave of resignations. In a new study recently released by McKinsey, the research firm analysed data and surveyed more than 13,000 workers worldwide to determine what motivated people in different industries to quit over the past two years that will make them want to stay.

There’s one key thing that has resulted in workers staying put and that is optimism. Almost three-quarters of respondents felt optimistic about their job choices and thought that it would be difficult to secure a better job than their current role.

The report states “some workers are leaving their jobs and the workforce, ready for a break and confident in their ability to find another job when they want to.”

Globally, employees are considering options

While there is ample evidence that employees are considering options and even reaching out to recruiters to find the best job. In India, more than 60% of respondents expressed a desire to leave their current posts, well above their counterparts in Australia, Canada, the United Kingdom, and the United States.

Workers in Singapore showed the second-highest level of job discontent, at 49%.

The 5 personas of the talent in today’s workforce

As many employers and recruiters figure out who is open to jobs and what kind of talent there is out there in the market. Here are the five personas of talent as identified in McKinsey’s report:

1. Traditionalists — Traditionalists are career-oriented people who care about work-life balance but are willing to make trade-offs for the sake of their jobs. Like Rita Chan, they are motivated to work full-time for large companies in return for a competitive compensation package and perks, a good job title, status at the company, and career advancement. Employers and recruiters prefer traditionalists because they are easier to match, and what these workers want aligns with what companies have historically offered to hire and retain people.

2. Do-it-yourselfers — They emerged as the largest cohort in the study, a group that tends to value flexibility, meaningful work and compensation. This group wants flexibility above all else. During the pandemic, workload-related stress, toxic managers, a desire for autonomy, and a feeling of not being appreciated led many people to look for something different. Typically 25 to 45, they can be self-employed or doing gig work or part-time jobs.

3. The caregivers and others — These are people who have decided to sit it out at home, with some actively looking for work and others who are passive job seekers hoping to find an opportunity that would justify reentering the paid labour force. Typically, 18 to 44, with more women than men, they are ready to lend their time and talents to companies that are willing to work with their schedules.

4. The idealists — Typically a younger cohort of students and younger part-timers, 18 to 24, this persona wants flexibility, strong organisational culture and clear career advancement trajectories. They ranked belonging to an inclusive and welcoming community more highly than the other personas.

5. The relaxers — These are a mix of retirees, those not looking for work and others who might return to traditional work if the job is right. They want meaningful work and balance. Many retired workers are increasingly returning to work following a surge in retirement during the onset of the pandemic.

To focus on the right talent pool

The only way to appeal to these talent pools is to double down on a hybrid approach – both traditional, which includes pay, title, benefits and career paths and non-traditional such as flexibility, company culture and personalization.

Companies don’t need to reinvent their employee value proposition to meet this moment. In fact, all they need to is focus on ensuring their core representation of culture, purpose, and values are solid and their job roles are flexible enough to welcome candidates who are a mix of traditionalists and non-traditionalists, especially since some non-traditionalists are not actively looking but would come back for the right offer.

If you’re company looking to hire the right people, but not sure how to navigate the current market? Get in touch with our team of specialised recruiters to have a chat.