Where, when, and how we work has shifted. The Great Resignation is here. Employees who hung onto jobs during the pandemic now have their feelers out. The job market is active and candidates have shifted their priorities when it comes to what matters most to them in their careers. For many, a search for meaning has a stronger pull. Work-life balance is no longer a sought-after ideal, it’s an expectation.
In our latest LinkedIn poll findings, we explore the topic of talent mobility as the world slowly emerges from the worst of the pandemic. The results of our surveys address the job search, compensation priorities, retention values, and recruiting.
Pandemic paranoia improved retention
Over half of our respondents said they stayed in their current job purely for job security during the COVID crisis, even if it meant that they were dissatisfied with their jobs. As vaccination rates increased, people began exploring their options. Employees who had postponed career transitions were no longer passive job seekers. The hiring tide had turned in their favor.
The Great Resignation is upon us
Two-thirds of respondents either already switched jobs (17 percent) or said they were extremely likely to (47 percent) in the next six months. The Great Resignation that kicked off in summer 2021 and will continue into 2022 is underway. As recruiters, we have seen clients post more jobs and have experienced more receptive and engaged candidates. Now is the time for employers to take stock of their employee benefits and perks — the ultimate tools to attract and retain top talent.
Compensation is a likely trigger
Just 20 percent of employees reported a pay increase in the last year. Over half of respondents said their compensation didn’t change either way. It’s no secret that changing jobs often leads to a bump in pay — one that offers more money than any annual raise or bonus might. So if an annual raise didn’t happen and the one expected is not enticing enough, higher compensation is the easiest incentive to move talent.
Recruiting heats up
Sixty percent of respondents said that they’ve been approached more frequently about new career opportunities recently. This finding gave us all the feels and the validation that the job market is more active than ever. Candidates are engaged. Companies are hiring. We’re here for that.