Everyone knows that hiring has become increasingly challenging over the last few months. However, as more information becomes available, we get a clearer picture of the causes behind this phenomenon.
The Great Resignation
As you probably know already, experts use the term “the Great Resignation” to refer to the high number of people quitting their jobs during the pandemic.
For example, according to the U.S. Bureau of Labor Statistics, more than 4.5 million people quit their jobs in November 2021, the highest level on record since December 2000, when this information began being produced.
Predictably, the Great Resignation has marked a turning point in the hiring landscape across all industries.
The war for talent is fiercer than ever, forcing companies to rethink everything from their hiring practices to the benefits they offer.
The Great Retirement
In this challenging climate, the Great Resignation has grabbed the headlines — as well as the attention of commentators and business owners.
But as additional information comes in, a more nuanced picture of the current situation begins to appear.
Besides the Great Resignation, other factors that play a role in the current hiring shortage include a supply chain crisis and what some are calling the Great Retirement.
Statistics compiled by the Pew Research Center show that the number of retired Baby Boomers (those born between 1946 and 1964) increased more in 2020 (+3.2%) than in prior years.
As of now, we don’t have statistics that look into the causes of this trend. Some believe (the Washington Post among them) that in addition to health concerns related to the COVID-19 pandemic, senior citizens are also moved by a desire to create a more rewarding work-life balance.
As we wait for more information about the Great Retirement, something is for sure: employers now have a new trend to keep in mind.
How Driven Talent Can Help
From the Great Resignation to the Great Retirement, at Driven Talent we are aware of the hurdles you face as an employer.
The unique combination of technology, information, and eminently human touch puts us in a unique position to help your organization rise to the challenges of the current hiring landscape.