As we move beyond lockdown, it’s no surprise that many employees are gearing up for a change. Recruitment agencies worth their salt will be aware of this upcoming market shift and start preparing accordingly.
Whether employees are just going stir-crazy, or want to move on and up in their career, the verified feedback we are receiving from candidates is that many employees have been biding their time.
Employees have been faced with unprecedented uncertainty, which has encouraged would-be candidates to “wait out the storm”, even if their current job isn’t ideal.
But as the COVID19 crisis gradually moves on, the job market will be ready for movement again, and employees will take more risks, look for new positions, career changes, and progression. Are you ready for The Great Resignation?
Where is the Great Resignation Happening?
We first saw the Great Resignation roll across America, who are a couple months ahead of Australia in terms of the progression of the pandemic and government responses.
In many parts of the US, it’s business as usual again, which has freed up many industries to start hiring and filling job roles. This galvanised employees to start thinking about their careers and mass quit, which created an unprecedented supply-demand imbalance in the job market.
According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021. Since then, resignation levels have stayed abnormally high, perhaps in response to the record-breaking 10.9 million jobs that opened at the end of July.
Now that we are making our own way back to normal, forecasters are expecting a similar situation to occur right here in Australia.
“I can imagine that when we hit March of 2022, we will see the Great Resignation in Australia. It will be a movement of talent that I think we are unprepared for,” behavioural scientist Aaron McEwan, from global research and advisory firm Gartner, told ABC RN’s This Working Life.
Who Will Drive the Candidate Market?
Judging by reports, as well as our own first-hand experience, the candidate market is being driven by mid-level employees between the ages of 25 and 35, as well as a significant number of candidates in the 45+ age bracket.
From all accounts, it appears that mid-level employees are in great demand, especially from businesses working in mixed mode or 100% remotely. Mid-career employees require less training than those just starting out, so they are better prepared to handle onboarding when in-person training isn’t available. They settle into the role faster and more easily.
However, this also means that employers should act quickly to grab those mid-level candidates before they’re all gone.
How Should Businesses Respond
If you have mid-level employees, then you may lose staff in the first quarter of 2022, when employees become aware of the opportunities popping up all around them and confidence & stability in the job market is restored.
However, this shouldn’t be viewed as a bad thing. You’ll only lose the staff that have wanted to leave over the past 2 years but stayed for the stability.
Thankfully, if you’re quick to act then you’ll gain fresh talent who are genuinely motivated to fill their roles and add value to your business.
This is where the services offered by Woods & Co can help you manage the Great Resignation. Woods & Co can offer you a dedicated team with the energy and expertise you need to sift through potentially hundreds of applications and find the perfect candidate.
Keep the Good Aspects of Lockdown Going
There’s one final point that needs to be made for businesses. Lockdowns have been tough, but they’ve forced many industries to be more flexible. The basic format of the 9 to 5 working week has been the same for decades. New flexible working options and working from home have shaken that all up.
Businesses who plan to segue back into the office full-time may lose staff if they’re not willing to stay flexible. The two hour commute is over, along with coming into the office every single day if it’s not absolutely necessary.
On the upside, you can easily make your job position even more attractive by adding remote and flexible options.
If some aspects of lockdown have been working for you, then there’s no reason why they need to go. Many candidates will thank you for it.
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