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Economic Forecast in 2022

person working on computer on comfortable couch, turnover, job search

“Turnover Tsunami” and “The Great Resignation,” are just two of the phrases used to describe the workplace as we rang in the New Year. According to statista.com, the monthly job openings through Q3 and Q4 of 2020 hovered between 6.45 million and 6.75 million job openings, never dipping below that nor rising above. Since January 2021 the total monthly job openings in the United States has continuously grown from 6.75 million to a resounding 11.1 million job openings in July 2021- that is the highest number of job vacancies in the United Stated in nearly 20 years.

But, why?

Danny Nelms, President of The Work Institute is convinced “There is absolutely pent-up turnover demand in the U.S. workforce […] Just prior to the pandemic, you had about 3.5 million people leaving their jobs monthly, then that dropped to 1.9 million in April 2020. The projected number for December 2021 is 3.3 million, so we’re already seeing a substantial return of voluntary turnover. It’s only going to increase.”

Burnout

A main reason we see turnover, even pre-pandemic, is due to burnout and lack of a work-life balance. Many people are saying that traditional working hours simply aren’t working for them anymore. Whether they are managing a household, or just have re-evaluated their day-to-day priorities due to the pandemic, many people have realized that a Monday – Friday, 8 – 5 schedule no longer suits them. We are seeing many candidates looking for flexibility in their careers, both in location and hours.

Better Opportunity

Secondly, due to many companies facing staffing shortages in the workforce, many companies are increasing salaries and benefits packages unlike they ever have before. We are seeing many candidates considering multiple opportunities with higher salaries and greater benefits. As a hiring manager, this is important to keep in mind when you begin looking for a candidate, because you must go into the conversation knowing there is a good chance that candidate is in conversations with other employers.

Be flexible.

Can your employees work remotely? Can there be flexibility with the schedule? Know the answers to these questions before going into conversations with job seekers. Share your company’s flexibility in the early stages with the candidate, if possible.

Re-Evaluating Career Path

Lastly, we are seeing many people re-evaluating their career paths. Many people, since the pandemic began, have chosen to go back to school to earn a new degree. There seems to be a mentality among many that there is no time like the present to evaluate how days are spent and potentially changing it.

Do you need help locating and landing the right talent at the right time? We would love to speak with you. We are always ready to connect people and companies in such a way that jobs become purposeful, impactful and long-term careers.

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