In recent times, we’ve heard a lot about the “Yolo economy” (You Only Live Once), a movement that highlights the lifestyle changes of young professionals whose goal is not to miss out on life and to be free. Many of them are reassessing their life objectives and daring to take risks to pursue their passions or find meaningful employment.
But what about the recruitment market in the face of this growing movement?
As recruitment experts, we share our perspective with you.
The pandemic was above all an accelerator of personal projects. We have the sense that French employees had already considered a change in their lives before 2020, but the situation allowed them to take the leap and dare to take risks. They simply seized the opportunity to change their professional or personal lives thanks to remote work in particular. Remote work showed them that it was possible to live elsewhere than Paris, for example, while combining work and quality of life. 54%* of Parisians declare they are ready to move to another region as soon as possible. Some of them even dared to change career paths, and the slowdown period brought about by Covid-19 allowed them to undertake training or study more deeply a project close to their hearts. All these changes are therefore extremely linked to the current work organization. Today, it’s easy to pursue a professional or personal project. Tomorrow, if employers decide to return to an on-site work organization, it may no longer be so easy.
It is also likely that in some time, when and if office activity resumes at 100%, people who changed their lives during this particular year may realize the opposite path. Returning to a more urban, more dynamic life. Because a change in life, whether professional or personal, even a thoughtful one, is radical. We can consider that for many French people, this is a testing period.
IMPACT ON THE LABOUR MARKET
Obviously, this trend toward risk-taking and change has an impact on the labour market. French employees now expect more from companies in terms of quality of work life in particular. Companies that want to retain their talent or recruit will need to adapt to be sufficiently attractive. Those that do not provide flexibility to their employees, that have not grasped the need for a certain agility, and that have not implemented organizational transformations will face recruitment difficulties. For companies that had bet everything on their offices and the atmosphere of on-site work, they will need to innovate to adapt and thus retain their talent and attract others. Well-planned organization will be necessary to maintain the desired work atmosphere while maintaining remote work, which will be a major asset in meeting employee expectations. Companies must engage their seduction strategy by adjusting their employer brand.
We are currently noticing higher turnover in companies. Many people want to start fresh. A desire for change is being expressed, and it is becoming difficult to retain and recruit good candidates. We also observe that it is difficult to complete recruitment processes, as candidates who are monitoring the market but still employed are overbooked: endless video calls. The reason is simple: employees need to see each other, and today one of the easiest ways to do that is through video conferencing. The problem is that video calls become almost essential for every decision that needs to be made (formal and informal). Employees spend the majority of their day in meetings behind their screens, camera on. Companies must pay greater attention to the working hours of their employees who are struggling to complete their tasks.
Conversely, the labour market will also have an impact on employees’ life decisions. Ultimately, work and employment will govern their choice of lifestyle. It all depends on the economy. If we are in an economic crisis, French people will need a job and companies will return to a position of strength. If, on the other hand, we are not in an economic crisis, as is the case today, French people will have the opportunity to easily choose their professional and personal life organization.
Another impact: certain metropolitan areas will expand due to the geographical movements of French employees. Medium-sized cities will now compete with Paris for their quality of life and employment potential. Many French people are seeking better work-life balance by leaving Paris. Executives (83%**) with some experience, where remote work is easily feasible, wish to leave Paris and settle in other regions. Families with children or with an imminent family project seeking additional quality of life. The generalization of remote work has shown that a new organization was possible.
We have noticed a resumption of activity since the beginning of 2021. As a recruitment expert, we observe that the current period allows candidates to ask themselves the right questions about their desire for change. And for companies to adapt to ensure they get the ideal candidate for their position.
The market is changing and will continue to change; everyone must be able to adapt to these new emerging trends that accelerate corporate transformations.
*Survey conducted by the platform Paris je te quitte
** Cadremploi study from August 2020