Blog

In our last conversation session, I had a chance to speak with Darren Findley, president of recruitment solutions, to discuss the latest updates of the labor market. During the session, we discovered what recruiters are seeing in candidates’ expectations and how employers can improve the hiring process.  

An unfortunate consequence of today’s social media-influenced, click-driven news environment is that facts often take a back seat to the truth. A recent survey of 25,000 journalists at Northwestern University’s Medill School of Journalism revealed that 94.3% of respondents blamed social media for spreading inaccurate news.

There is an unprecedented convergence of labor dynamics that are driving our hiring and recruiting challenges. Strong economic growth is driving labor demand in all sectors of the economy. Labor participation rates are the lowest since 1976 and have not improved over the past 12 months. And we are at 4.8% unemployment for September.

We have all heard about, experienced, or participated in "The Great Resignation of 2021." The numbers are staggering. According to the recent Microsoft Work Trend Index 2021, 41% of the workforce is considering moving employers. In our recent Job Seekers Mindset report, 58% of survey respondents say they are highly likely or likely to work for a new employer within the next 6 months.

Turnover itself is not a new topic of discussion. For years, organizations have considered its impact. And, for some, they accept it as a reality of their business and only look to manage it. Others have instigated it with a forced reduction in the workforce (pre-covid) to control costs. Leading companies have developed and executed initiatives around recruiting, training, managerial development, employee surveys and recognition & engagement to reduce turnover. All organizations must embrace a new strategic direction as the impacted costs will be severe, especially since this is now employee driven.