The Great Labor Market Reshuffle

Aug 24, 2023

In November 2022, nearly 4.2 million people voluntarily left their jobs, according to a CNBC report. That capped an 18-month string of a record-breaking 4 million or more quits in each month. In fact, 47 million US workers quit their jobs in 2022 – the largest exodus on record.

This year, expect another 61% of US workers to consider leaving their current jobs. So says a LinkedIn report that also reveals 72% of Gen Zers and 66% of millennials are contemplating career changes. The bleed doesn’t stop there: 55% of Gen Xers and 30% of Boomers are also looking to shake things up careerwise.

Why they’re quitting is no mystery. According to a McKinsey & Company report, lack of career advancement topped the reasons why workers were quitting, followed closely by inadequate compensation, uncaring and uninspiring leadership, a lack of meaningful work, and unsustainable work expectations.

In other words, workers are burned out. For some workers, their top list of must-haves include more money, greater job satisfaction, and much more flexibility in when and where they do their jobs. Some are seeking a better company culture and more opportunities for career growth.

Another survey found that 43% of workers were quitting for one very specific reason: their employers were not allowing remote work options.

With many industries struggling to fill open positions, attracting and retaining top talent has become a priority.  Fortunately, your organization can make simple shifts to your operations that can attract job seekers and keep valued employees on the job.

Invest in your company culture. Employees want to work for a company that actively engages employees in career advancement and improvement. They want to feel supported in their roles and have access to the tools required to be productive. Work toward creating an inclusive, trusting work environment that allows employees to shine. Amp up communication. Managers should be engaging with each employee daily.

Embrace remote and hybrid work. Employees’ lives, like your own, are busy and filled with plenty of work and personal stressors. Remove their commute for at least part of the workweek. Remote work can be just as productive and, if you’ve improved your internal communications, can actually surpass in-house productivity. According to a squaretalk survey, 27% of employers report increased company productivity when employees are allowed to work remotely.

Offer flexible schedules. Your employees may not be their best during traditional work hours. Lose the parameters, gain better results. An employee who works their best between 7 am and noon can deliver the same results as one that is required to work 9-to-5 shifts. WAHVE’s approach is to base performance on results, not attendance. If employees are meeting benchmarks and productivity goals, they may not need 8 full hours with which to do so.

Consider re-engaging retired professionals. For the insurance industry especially, the knowledge drain from so many Boomers retiring has made the current labor shortage that much more of a struggle. Yet not all retiring and retired industry veterans want to be idle. Some still want to contribute, albeit in a role that has less stress. Consider helping your retirement-age employees transition into a work-from-home role. Industry veterans can mentor, train, and even handle back-office tasks, freeing up your teams to concentrate on growing the business and serving clients.

Hire remotely. Imagine having a wide-open candidate pool from which to find your next employee. Remote hiring allows you to look beyond your borders and find that right-fit candidate. Without geographic limits, you can increase the choices and find someone with the best qualifications.

While the labor market is showing some signs of recovery, the insurance industry still has more openings than candidates to fill them. By listening to – and responding to – job seekers’ needs for their next employer, your organization can stand out in a sea of potential employers, and build a stronger, more satisfied workforce.

Wahve excels in assisting companies within the P&C insurance sector to discover top-tier candidates perfectly suited for vital job positions using our comprehensive contract staffing and direct hire solutions. Leveraging a blend of advanced technology-driven screening, interactive live interviews, and rigorous testing and validation procedures, Wahve effectively trims recruitment expenses, expedites the job fulfillment process, and minimizes turnover rates.

Give us a call today to see how WAHVE can help you augment your staff quickly and with excellent results.

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