2022 opened the gates to many changes in the job market, following a turbulent and unpredictable two years across the world. We review the main topics of evolution and conversation in the job market.
1. The Great Resignation is predicted to continue.
People are leaving their jobs in record numbers in today's economy. Each month seems to see a record high in workers quitting, meaning employee retention is now a top priority for many companies. Business owners are exploring new ways to improve working environments and work-life balance. However, there is a misunderstanding of the Great Resignation. It is not as harmful as the title may initially seem. Experts have said that the reasoning behind the Great Resignation has multiple layers. For example, not all resignations are people not wanting to work, but are people taking up new jobs.
However, after the lockdowns during covid, many people are hesitant to return to work, not knowing what the future looks like in this unpredictable time.
2. Remote and Hybrid Working is an expectation
Remote and hybrid working was a huge part of how the UK adapted to a lockdown. To keep the economy afloat and businesses running, hybrid working was introduced to try and keep life as normal as possible. However, whilst this way of working was around before the lockdown, it only came into reality for most of the public until 2020 and finally became seen as a viable possibility.
Many people in multiple surveys have expressed a need to introduce flexible working arrangements or hybrid possibilities in their job, and many employers have responded in kind. It is hoped that this improved work-life balance arrangement helps mitigate the Great Resignation trend and help workers achieve a greater work-life balance.
3. Companies are more aware of employee wellbeing.
Thanks to several efforts over the years, employee wellbeing importance has never been higher. Companies are prioritising education and understanding to manage employee mental health better, even more so now after the pandemic resulted in the mass burnout of millions of people. In addition, companies have introduced more benefits, which is an example of a good employer that goes above and beyond the legal requirements for their employees. Perhaps this is to help increase employee retention from the Great Resignation.
With the increased emphasis on retaining employees, companies have started listing more and more benefits to their application listings, such as hybrid working, mental health training and seminars, voucher rewards and more.
4. Struggles to fill jobs due to skills shortages
As the world has changed very quickly in the past 2-5 years, the world's needs have changed too, and workforces are struggling to keep up with the required skills of developing industries. As a result, companies have been reporting skills shortages. In addition, companies are struggling to fill vacancies with external candidates, so they are looking to upskill internal and existing employees. As a result, by 2024, 40% of workforces will need to retrain to remain skilled for their job.
Companies did not consider employee training a necessary task to stay competitive in the past. However, as people are moving and industries are developing, that thought process is quickly proven wrong, with a big hand from digitalisation and automation.
Leaders are now recognising the need to upskill employees internally. Developing them for their career can help close skills gaps in organisations and make employees more capable of filling internal roles without outsourcing. Upskilling has made way for a new way of teaching that focuses on the individual's skillsets, learning styles and needs, rather than traditional job grading.
5. Increased Diversity, Equity, and Inclusion (DEI) Efforts
Diversity has never been so prevalent as it is today. From invisible illness to mobility disabilities, people are considering the needs of others as a formality rather than an afterthought. In addition, the pandemic has allowed for many dreams to become normality, allowing better working environments and balance across the board.
Every year brings a new natural form of trends in the workplace and where businesses will focus their efforts for the year to come. These trends are usually affected dramatically by the government's actions and how that affects trades and imports. As a recruiter, we work with good quality businesses that value their employees have good employee retention. By paying close attention to how the changing trends will affect our job seekers, we can help fill job gaps amidst the skills shortages. If you are interested in getting a job with us, get in touch, or review our job listings. Or, if you are an employer seeking a workforce, feel free to contact us.