With new data coming in almost every day, it can be hard to keep up with all the information you need to know as an employer or hiring manager. With that in mind, we have created this list to help you make sense of the current job landscape.
The Great Resignation
According to the U.S. Bureau of Labor Statistics, 4.5 million people quit their jobs in November 2021, the highest level ever recorded since December 2000.
Experts are calling this phenomenon the Great Resignation. Many factors contribute to it, including health concerns related to the pandemic and what looks like a general recalibration of expectations among workers.
What to do. Some of the things you can do to limit the effects of the Great Resignation include increasing wages, offering flexible work options, and creating an organizational culture that emphasizes growth and development.
The Great Retirement
This is another trend draining the pool of potential candidates in many industries.
According to the Pew Research Center, the pace of Baby Boomers (those born between 1946 and 1964) retiring increased in 2020 more than in prior years.
The Great Retirement creates a new set of problems for employers, some of whom are finding it increasingly difficult to fill positions.
What to do. The good news is that, in addition to the Baby Boomers, there are other three generations of workers: Generation X, Millennials, and Generation Z. Create a culture that welcomes these candidates and addresses their needs (especially in the case of younger workers).
The Great Resignation and the Great Retirement, combined with other elements, like the supply chain crisis, mean one thing: companies need to hire. And they need to hire fast.
So it comes as no surprise that speed hiring (also known as rapid hiring) is becoming a trend among companies of all sizes. While there’s no handbook for implementing speed hiring, in most cases means cutting red tape, streamlining the hiring process, and (among larger companies) using technology such as Artificial Intelligence to reduce hiring time.
What to do. If you need to hire fast, make sure to maintain the standards of quality your company aims for. Working with a reliable background screening company can help you make hiring decisions quickly but also smartly.
As the Great Resignation and the Great Retirement prove, the pandemic has changed workers’ work-life balance expectations.
Nowhere is this new attitude more evident than in the growing demand for flexible work conditions. Remote work is here to stay and people looking for a job place great importance on the flexibility that technology can afford. For example, according to a 2021 global study, about 40% of workers are considering moving to jobs with more flexible options.
What to do. Whenever possible, take advantage of technology to build flexibility into your procedures and roles. This will help you retain your current employees and attract new talent for your organization.
Plexus Global: Background Screening Services in California
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