“The Great Resignation” continues to make headlines as workers in a wide variety of industries – including creative, marketing and tech – continue to leave their jobs in significant numbers.
In fact, a record-shattering 47.4 million workers voluntarily left their jobs in 2021 – and the departures have only increased. The U.S. Bureau of Labor Statistics recently reported that the all-time monthly record for quits was broken in March 2022. With the unemployment rate hovering close to 50-year lows, we know people are still working, but where?
Are we truly managing and hiring in a “Great Resignation”? We believe the dynamic may be more of a “Great Reshuffling,” as workers seek employers offering greater flexibility and, of course, higher compensation.
In 24 Seven’s recent Job Market Compensation and Benefits Report Webinar we explore the nuances of a candidate-driven employment market. Panelists Celeste Gudas, 24 Seven Founder and Chairwoman, and Lisa Marie Ringus, Executive Vice President of Global Client Strategy, take a deep dive into what employers can do now to both retain top talent and recruit new employees in this highly competitive market.
Insights were informed by findings from our newly released 2022 Compensation and Benefits report. We surveyed more than 1,400 professionals working in Marketing, Creative and Technology roles across an array of industries in January 2022. And if there is a main message we want you to take away from our findings, it’s that talent is absolutely still in the driver’s seat in today’s job market. Skilled professionals in creative, marketing and tech have no shortage of options and they can afford to be very picky.
So, what does this mean for you as an employer or hiring manager?
Compensation is King
It should come as no surprise that compensation continues to dominate the narrative surrounding what matters most to both current and future employees.
Nearly one-third of survey respondents report being dissatisfied with their pay. And of those unhappy with compensation, nearly 80% said they plan to look for a new job.
And based on what we’re seeing in the market, they’ll have plenty of options.
More and more companies are boosting salaries and finding other ways to sweeten the pot to remain competitive. So, don’t put compensation conversations on the backburner. Once your employee finds something better it’s unlikely a counteroffer will convince them to stay.
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Benefits are a Big Draw
Benefits continue to be crucial in both retaining and recruiting top talent.
While many of those surveyed reported being satisfied with their current benefits, that satisfaction was lukewarm. And so, what happens when an employer offering a more robust benefits package comes knocking?
The benefits another company offers are huge drivers in this Great Reshuffling. Significantly, 76% of the people we surveyed said benefits and perks another company offered influenced their decision to pursue a job there.
Perhaps one of the biggest insights gained through the pandemic was how much work employees could successfully achieve remotely. This lesson proves to be a silver lining in an otherwise tumultuous two years if employers can keep an open mind about the competitive advantages of offering greater workplace flexibility.
Of those surveyed, a majority reported their employers having some sort of remote or hybrid work option. In fact, only 6% reported being back to the office full-time.
Do you want to be the 6% in a job market where employees are in control and clearly seeking better work-life balance?
For the first time, we surveyed the market to better understand how talent is approaching the side hustle. We found that 32% of full-time employees had taken on freelance projects within the last year. We believe this is going to be a continuous theme as workers are taking more control of their own career path and trajectory.
There wasn’t just one reason talent took to freelancing; and surprisingly it wasn’t just to compensate for what they weren’t making at their full-time jobs. More than half of those who had taken on freelance work told us they believed their current compensation was adequate but took on projects as an additional income stream. Others said they took on freelance projects as a passion-driven pursuit and as a way to develop new skills. And for some, it’s a way to test the waters in anticipation of making a move to full-time freelancing.
Re-recruit Your Talent
Are you a hiring manager at any level? How can you make sure you’re both holding on to valuable team members and attracting top talent?
In the recruiting process you must treat candidates as customers. Look at your application and interview process. Is it user-friendly, welcoming and digital? Respond promptly to job seekers, overcommunicate and make decisions swiftly. Make sure you leverage your employer brand and fully explain why your company is a place they’d want to work.
When it comes to retention, re-recruit your talent. Your employees want to be valued and developed; they want their input to matter. Personalize your approach to each employee as they have different goals and ambitions. Many are looking for flexibility and want to know their work/life balance matters to you. They’re looking for people-first leadership. Employees often leave jobs because of unsupportive managers or lack of upward mobility, so how can you do better? And perhaps most importantly, be proactive. Communicate early and often; don’t wait until there is a problem.
Some Closing Thoughts on the Great Reshuffle
The employers most poised for success in today’s environment are taking the whole picture into consideration. They understand job seekers have ample options, and they’re willing to invest time, effort and energy into retaining and winning over top talent. That means they’re compensating employees fairly, they’re highly flexible about remote work, they’re boosting benefits and perks, and they understand the need to continuously re-recruit their team members.
For salary insights and more information about today’s hiring environment, download our latest Job Market Report now!