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Today I’m going to talk about a workforce trend that will have a big impact on companies across the country!
Raise your hand if you know someone who shifted jobs, or went remote during the pandemic.
I know there’s a lot of you out there!
Did you know that 2020 saw an 11.8% increase in resignations by people in management positions? That’s a lot of turnover!
How do we know this? We partnered with Visier of course!
Visier has a unique database of internal workforce data.
When combined, Emsi and Visier data make an insanely powerful and unified view of the internal and external workforce.
With some pretty sweet data at our fingertips, we took a closer look at how the increased demand for talent and the shift to remote work has impacted resignation rates across the country.
Visier data shows there was an increase in manager level resignations, in the last year!
Especially amongst mid-career professionals (people 25-45 years old).
In fact, the 40-45 year age group experienced a 27.9% increase in resignations from August 2019 to 2020.
We also found that resignations spike in the summertime.
So you might want to buckle up for a whole lot of movement this summer because well… shift happens.
So why are we seeing such a shift in jobs this year? The answer, my friends, is in the job postings…
You and I both know that the world is becoming more remote-friendly.
But I bet you didn’t expect wages to be increasing during a pandemic! Well, you’d be wrong.
In fact, the advertised salary for remote workers has skyrocketed 84.4%!!!
This increase in wages is likely because of the high demand for workers.
Employers are fighting over the same talent, forcing one another into a bit of a bidding war – hence the rising wages.
Sort of like what’s going on with the real estate market.
On top of that, COMPETITION FOR TALENT IS NO LONGER BOUND BY PROXIMITY.
Which means, most employers, for the first time, can hire where the talent is and not where they need them to be.
The battle for talent is literally EVERYWHERE.
The “big dogs” (think Amazon, Apple, Google, etc.), are advertising to and swooping up talent from smaller markets, like never before.
This means an employer like Amazon could come in and take all your local software engineers tomorrow by offering higher wages than you if they wanted! Yikes.
People now have opportunities available to them that they didn’t before, increasing the odds of them leaving.
This is why having data about your people and on the labor market is so incredibly important.
The more information you have, the better you can stay on top of what’s happening in a crazy and unexpected labor market, like the one we’re experiencing right now.
We’re super excited about all the things our partnership with Visier is cooking up and we’re just getting started.