The industry is currently witnessing an 'experience exodus,' as seasoned professionals leave their roles. How can companies navigate these challenges and prepare for future success? When valuable experience walks out the door, it takes with it the knowledge gained from months of training, years of experience in company process/workflows, established connections, and a battle-proven work ethic.

However, the exodus isn't solely about retirees or those who have completed their careers. It also includes individuals who have been turned off by the industry's unpredictable nature.

 

 A friend of mine left the industry in 2020. She said, "The highs were great, but the downs were too far down, unpredictable, and affected my ability to support my family." She found a new career and is doing great.

This 'experience exodus' is a reality, and it poses a challenge for companies. While the industry may experience a lull now, it's only a matter of time before things pick up again. When your current staffing becomes insufficient, what is your next move? Can you defer hiring?

4 ways to navigate the experience exodus:

1.   Leverage industry-specific technology: Can you enhance and streamline your workflows through the adoption of advanced computer systems? By strategically implementing technology, you can defer the need for additional headcount while maintaining operational efficiency. 
2. Rethink target applicants: If your ideal candidates typically possess 3-5 years of experience, be prepared for a shrinking talent pool. Consider expanding your criteria to attract a wider range of applicants, including newcomers to the industry or individuals seeking part-time remote work.
3.  Accurate job descriptions: Ensure that your job descriptions accurately reflect the job duties and responsibilities. If you have intuitive systems and workflows in place, emphasize this aspect to attract candidates who are eager to work in an environment where technology supports their success.
4.  Revamp training processes: With the rise of remote work and digitization, traditional training methods such as 'sitting with' or 'shadowing' another employee have become more challenging. However, sophisticated software programs often provide self-learning tools and comprehensive onboarding training, allowing for accelerated training processes. In addition, analytics are helpful to map out and monitor key milestones of onboarding.

By strategically implementing advanced computer systems and embracing technology, companies can address the experience exodus and defer the need for immediate hiring. This approach not only streamlines workflows but also expands the potential applicant pool by making the job more accessible to a wider range of candidates.

In a rapidly changing landscape, companies must adapt their hiring practices to attract and retain top talent. The experience exodus presents an opportunity to rethink traditional approaches and leverage technology to build a resilient and successful workforce.

Denise Williams, Real Document Solutions

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