It’s no secret that COVID-19 has changed the landscape for many organizations over the past year. Throughout the last 18+ months, employers transitioned to a remote workforce, laid off or furloughed staff, and some even were forced to close their doors for good. Now that many areas are beginning to reopen, the job market is hot, people are hiring, and candidates are starting to make career changes.
People are quitting their jobs at record rates
According to JOLTS Report, 4 million quit their jobs in April with a renewed confidence in their career prospects. As the labor market continues to strengthen become competitive again, employed job seekers feel good about pursuing other opportunities. The industries where workers are quitting their jobs at record rates are retail trade; professional and business services; and transportation, warehousing, and utilities.”
Employers are struggling to retain their staff
April showed a record 9.3 million job openings – which means employers will need to work harder to retain their current employees. Employees are beginning to see that they have the upper hand; they continue to have negotiating power while they’re in the process of getting a new job. Also, the best candidates on the market are seeing an increase in counteroffers and retaining bonuses.
Not only are candidates quitting their jobs to go to other companies, but many people have had to become creative to generate income. Side hustles have been on the rise over the last couple of years, with more than 2 million people entering the freelance game in 2020.
What can your team do to attract candidates?
My clients have recently had to become creative in how they attract and retain talent. Retention bonuses, especially within mortgage positions, have increased significantly. Companies are also starting to offer sign-on bonuses to attract new talent.
If you’re having trouble attracting or retaining talent in today’s job market, reach out to me. I’ve helped several of my clients come up with solutions to fill positions and retain their best workers. We talk to candidates all day, every day, asking them the questions of what it would take for them to consider a career change. Partner with us, and let’s work together to create a plan that will help you attract and retain candidates, even in today’s chaotic market.