The Impending Talent Surge
When the pandemic finally lifts, it appears at least one thing will return to normal—a competitive labor market. Below are early warning signs of a building talent surge of voluntary turnover that will likely hit organizations later this year.
“Turnover tsunami” is how SHRM described this potential wave of post-pandemic job hopping.
- More than half of workers are expected to look for new jobs in 2021, according to one of the studies SHRM cited. And separate research found a quarter of employees plan to leave their job outright when the dust settles.
A confluence of factors are leading employees to consider jumping ship when the pandemic ends.
- Pent-up energy. COVID put a damper on turnover rates as income stability became a top concern. But analysts at the Workforce Institute expect the labor market in the latter half of 2021 to pick up right where it left off.
- Chronic burnout. The majority of respondents in one of the two surveys cited by SHRM reported burnout as a major factor in their plans to quit this year. Of all who were polled, 57% said they were burnout.
- Hybrid expectations. In a survey conducted by Envoy, 47% of respondents said they’ll likely leave their job if remote work isn’t an option. And 41% would be willing to take a slightly lower salary if offered a hybrid arrangement.
- Virtual mobility. As we’ve noted before, a geographic talent migration is underway. Workers are seizing the WFA opportunity to move out of the city and into communities with lower costs of living and higher quality of life.
- Economy positivity. Goldman Sachs is also bullish on a hiring boom—thanks to a predicted rebound in pandemic-stricken industries and a workforce that built a significant savings safety net while stuck at home.
Bottom line: It’s looking like the candidate-driven market of 2019 will be back with a vengeance. Employers that start preparing now will be ready for the talent surge. Those that don’t may find themselves upended.