“The new year is typically a time of hope, and heading into 2022, many are looking forward to a year of respite and recovery. With Canada still in the grip of the pandemic, it remains to be seen whether that respite will fully come to fruition, but there are some green shoots of recovery – especially within corporate legal departments,” according to DiliTrust Canada. The 17th Floor invites you to read an extract of their white paper about What Canadian Corporate Legal Departments Can Expect in 2022.
Talent Acquisition & Employee Retention
2021 was a busy year for in-house counsel with high demand and increased spending. Analysts from BTI predict that the upward trend will continue in 2022 with a 5% increase in legal department's total expenditure.
Some of those funds will be used to take on more employees to handle the increased workload from more M&A and deal activity. Still, with employee turnover set to increase, companies will have to focus more heavily on targeted acquisition and retention of talent.
Hiring Talent
Talent and experience aren’t the only things employers look for in a resume. In recent years, one of the biggest hiring trends has been the shift towards diversity and inclusivity across all Canadian industries. According to a recent survey, 72% of Canadian employees believe it is essential for employers to make Diversity, Equity & Inclusion (DEI) goals a top priority. According to the Corporate Legal Operations Consortium, diversity and inclusion were the top priorities for counsel in 2021.
Embedding DEI within your HR processes can help close the hiring gap by broadening the talent pool and removing barriers to entry for minorities. As the focus deepens on workplace equity and the benefits of a diverse team are highlighted, we expect the pressure to ramp up in 2022 to implement more unbiased hiring practices.
Retaining Talent
The balance of power in the workplace shifted significantly during the pandemic, giving employees more sway over what they’re prepared to accept when it comes to working hours, compensation, benefits, and responsibilities. Legal departments are particularly vulnerable to staff burnout, with the long hours and intense pressure taking its toll and prompting many to take early retirement, resign, or negotiate new duties.
Employee retention is rarely just a matter of financial perks. In a rush to meet the demands of 2022’s challenges and opportunities, legal departments should not forget to get their own house in order.
Read the complete white paper published by DiliTrust Canada.
Do you see these talent acquisition and employee retention problems reflected in other fields as well? Tell us what you think in the comments below.
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2 Comments
Any new shift in thinking/operational relating to talent acquisition and employee retention also reflects in other business functions such as Human Capital Management, Information Technology and Finance.
The core structure of organization behavior key component, organization culture, also will come under close scrutiny in support of retention of expert knowledge base while transitioning a new way of operating businesses. The lessons coming out of a pandemic pushes the focus from static to dynamic existence.
While technology is used to fill a gap, employees are the key driver in how each business function responds and move forward.
3 years agoI have seen talent acquisition and employee retention problems in several industries and specific positions. There is a talent shortage, making it a very competitive market for companies to attract and retain talent. Speaking with job seekers since COVID, they have different priorities and deal breakers in their search for new roles.
3 years ago