The latest data shows from the US Chamber is that we have 9.5 million job openings in the US, but only 6.5 million unemployed. If everyone unemployed person in the country became employed, we would still have some 3 million open jobs.
Additionally, in May 2022 the U.S. Chamber surveyed unemployed workers who lost their jobs during the pandemic to gain more insight on what is keeping them from returning to work. Here are a few of the key findings.
Given this new market condition, how can employers attract and retain top talent?
The Factors
Work/life balance. In the post-covid condition this equates to hybrid work schedules. We are seeing remote falling by the wayside as leaders want people back in the office. There are some that hold out for that 100% remote situation, but remember you are competing against the entire US market for those roles.
Clear path to growth. Professionals seek growth in their careers over time. Growth can be either vertical along the company’s organizational chart or intellectual, where the scope and challenge of the position is expanded. Lack of growth and/or a definite charted course is a top motivator for professionals to look elsewhere for career opportunities.
While annual performance reviews originally were intended to carve out a growth plan, too often they fall short. A suggestion is to follow through with a written growth plan, measuring initiatives and achievements over a reasonable timeline, and reviewing quarterly. It’s also strategic when dealing with a potential hire to devise a growth plan coupled with the company’s overall vision. Being part of a succession plan is very appealing to potential hires, and shows long-term corporate planning and commitment.
World-class culture. World-class companies have world-class work cultures. Great corporate leaders recognize that their companies exist to satisfy a social need above all else. Profits become a byproduct of meeting the needs of customers and employees. Businesses have a responsibility to give back to their communities, and employees have a need to make meaningful contributions to society through their work. A good corporate culture enables employees to combine their strengths to meet these mutual needs as part of a team.
Competitive compensation. When the labor market becomes increasingly competitive, a fair market compensation package is a must. Although compensation is a key factor during the process of any job search, it becomes an even greater focus for a professional who is overworked and under-compensated. The fact that most companies in the last three years have run “leaner” accounting departments makes many professionals more hesitant about changing jobs, especially if they could be facing a 50-plus hour average work week. Also, note that they will be looking for a minimum of a 10-percent salary increase to work an average 45- to 50-hour week. Furthermore, employees are weighing the entire benefits package, including healthcare costs, potential for additional vacation time, work schedule flexibility, as well as fair market compensation.
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