![]() To better understand what continues to spur voluntary attrition and other shifts in the labor market, we surveyed 13,382 employees in Australia (n = 593), Canada (n = 1,935), India (n = 766), Singapore (n = 652), the United Kingdom (n = 3,142), and the United States (n = 6,294). To close the gap, employers should try to win back nontraditional workers. ![]() Even when employers successfully woo these workers from rivals, they are just reshuffling talent and contributing to wage escalation while failing to solve the underlying structural imbalance. Those factors are important, particularly for a large reservoir of workers we call “traditionalists.” However, the COVID-19 pandemic has led more and more people to reevaluate what they want from a job-and from life-which is creating a large pool of active and potential workers who are shunning the traditionalist path.Īs a result, there is now a structural gap in the labor supply because there simply aren’t enough traditional employees to fill all the openings. Employers continue to rely on traditional levers to attract and retain people, including compensation, titles, and advancement opportunities. What we are seeing is a fundamental mismatch between companies’ demand for talent and the number of workers willing to supply it. At the current and projected pace of hiring, quitting, and job creation, openings likely won’t return to normal levels for some time. 2 US Bureau of Labor Statistics quits levels and rates data, December 2019 through May 2022. Even as employers scramble to fill these positions, the voluntary quit rate is 25 percent higher than prepandemic levels. ![]() Job openings, hires, and total separations by industry, seasonally adjusted,” Job Openings and Labor Turnover Survey, US Bureau of Labor Statistics, July 6, 2022. In the United States alone, there were 11.3 million open jobs at the end of May-up substantially from 9.3 million open jobs in April 2021. For certain categories of workers, the barriers to switching employers have dropped dramatically. The Great Attrition has become the Great Renegotiation.Ĭompetition for talent remains fierce. They are taking a time-out to tend to their personal lives or embarking on sabbaticals. People are switching jobs and industries, moving from traditional to nontraditional roles, retiring early, or starting their own businesses. ![]() It’s the quitting trend that just won’t quit. ![]()
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |