Workforce Logiq (WFQ) conducted a study on the volatility of the labor market and showed that the current labor shortage, known as the “Great Resignation,” continues to this day.
WFQ used its own Employee Predictive Volatility Benchmark Flash Report for the second quarter of 2021 to arrive at the findings of this report, which showed that overall employee volatility benchmarks have increased by 70% – a plethora of factors that make employees more likely to quit their jobs and find something better.
The report states that career opportunities, a positive environment, resilience of the company, entrepreneurial stability and strong leadership were the most attractive job characteristics for new employees.
Public safety experienced a 300% increase in volatility between the first and second quarters of 2021, with WFQ saying much of that is fueled by protests and efforts to reform the police.
Software engineering, on the other hand, is the most volatile sector. 31% of developers quit because they do not get challenging work, are poorly paid or work on badly managed teams.
IT experts are also resigning at a high level, with the report stating that IT teams have become used to remote working and workers will quit if employers do not allow them to do so.
According to WFQ, there are four factors that increase the attractiveness of the workplace: Company environment, organizational stability, leadership and growth opportunities. “Companies should encourage a culture that values and operationalizes flexibility to attract and retain top talent, as well as appealing to workers’ sense of purpose and investing in continuous development so that employees stay adequately challenged,” the report states.
In addition, WFQ recommends that companies use data-driven recruitment strategies to recruit talent most likely to accept and where they can find the best talent. Companies must also rely on forward-looking analytics to increase compensation and take into account potential market growth and other factors that could affect salaries in the future.
The WFQ also said its data showed an increase in the number of workers responding to unsolicited recruitment messages recently, meaning companies should expect a larger, more interesting talent pool in the next 60-90 days.