As the dust settles on the pandemic-induced shakeup of the labour market, a quieter, more calculated shift is taking place.
Nearly half of all workers—48%, to be exact—are considering a job change in the next 12 months (Bankrate ‘24).
This poses both a challenge and an opportunity for growth-focused companies: how do you retain your top performers whilst attracting top talent?
The answer is twofold: renewed retention strategies and an aggressive approach to headhunting. Many employees are staying put right now, not out of loyalty, but caution.
The cooling job market has tempered the rapid job-hopping of the last few years. Yet beneath this apparent stability, there’s a growing pool of passive talent—workers not actively looking but “open” to the right opportunity.
Employers who ignore this quiet movement do so at their peril because if you’re not engaging with your passive talent, someone else will.
The Golden Plains of a Passive Talent Pool
This rising tide of passive candidates is changing the game for talent acquisition.
These aren’t people browsing job boards—they’re high performers, content but not complacent. Their motivation isn’t dissatisfaction but curiosity: the lure of a better role, stronger leadership, or a more aligned mission.
LinkedIn data reveals that engaging passive talent is now seen as the single most important recruitment skill for the next five years. Job posting (to the ‘Active’ candidate market) has been an awful experience this year. Thousands of ill-suited candidates make it hard to connect with the (tiny percentage of) great candidates who should have 2-3 other offers in their hand by the time you’re interested.
Leaders must shift gears—headhunting is no longer optional; it’s essential.
Retention is your Best Defence and Best Offense
While headhunting grabs the headlines, retention is the quieter, equally important battle. Just because your team isn’t handing in their resignations doesn’t mean they’re not open to outside offers. The temptation of progression, better pay, or increased flexibility is real, and your competitors know it.
Retention starts with understanding your employees.
Are they growing in their roles? Do they feel valued? Is their compensation competitive? When your employees are happy, they’re more performant. And when candidates meet your happy team during the interview process, they’re attracted.
Why Headhunting matters more than ever
For many businesses, the top 20% of talent drives the lion’s share of results. The 80/20 rule (try it out).
These individuals (often in leadership, sales or technical roles) remain highly sought after, even as the broader job market cools. But they won’t come to you. They don’t need to. You need to find them, build relationships and offer something irresistible.
And here’s the truth: top candidates don’t just want more money.
They want clarity on how they’ll grow, flexibility that respects their life outside work, to work with like-minded, exceptional colleagues and the chance to make a real impact.
If growth is your priority, now is the time to act.
Retain your people by addressing their needs with care and foresight.
Headhunt aggressively, targeting the best talent your industry has to offer.
And remember, the next big move isn’t just happening out there in the market—it might already be brewing within your own team.
