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Understanding the Latest Jobs Numbers, and the Shift in Employee Thinking

Business Texting
3 min. read

New data just released from the US Bureau of Labor and Statistics shows a record number of people quit their jobs in 2021, but there is also a rise in open positions.

According to the report, 4.3 million Americans quit in December alone. This is down slightly from the record high just one month before.

This brings the total number of voluntary separations for 2021 to a record level of 47.4 million jobs. This is rough 70 percent of all job separations in the US.

There is some hope. Although a record number of people quit their jobs last year, the number of layoffs hit a record low in December. This means the latest COVID variant may not have as big of an impact as first thought.

Also, the US labor market recorded a net employment gain of 6.4 million.

That means employees were added to the workforce at a greater rate than the year before. This shows that the jobs lost during the Pandemic are starting to return.

However, finding candidates for jobs is becoming a lot harder thanks to a change in thinking.

The “Great Resignation,” as it’s called, is triggered by more than just money.

In a recent study from the University of Michigan, researchers found that during the pandemic, college-educated people with good jobs, tended to shift their focus from money to personal well-being.

Many people who quit did so to find another position that better fit their priorities, beyond salaries.

This means they were looking for a better working environment, more fulfilling jobs, or better co-workers.

This is a dramatic shift from even just a few decades ago, where the purpose of finding a job was to get better pay and move up the ranks, work hard towards retirement.

People are now looking for fulfillment in their current positions. To better their lives now.

So how do we attract employees?

Also, how do we make life easier for those employees we do have?

Make sure you are offering solutions and tools that will help employees work better not harder.

You want to be able to show anyone who may be interested in working for your business that you are implementing the latest technologies to help improve the working environment.

These don’t have to be big changes, but something as simple as changing communication tools, or offering employees a faster way to do things, can go a long way.

Don’t get too focused on the employees you have lost.

The process of re-hiring may take longer than it has in years past. This is due to the fact that the labor market is still shifting.

The “Great Resignation,” is still happening, even if it may be slowing down a bit. You should expect to see some pushback in the job market well into 2022.

Because of this, you want to stand out to potential employees. Offer something that is unique like a testing tool. We have seen customers move to systems like this for simplicity and convenience, and it will have a similar impact on your employees using it.

Remember: Incentives like money or benefits are good, but make sure you are adding things that will improve the working experience for your employees.

You want them to enjoy working there as much as you do, so give them the tools and the support they are looking for moving forward.

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