(When More Than Half of U.S. Employees Are Seeking New Jobs)
Did you know that sixty three percent of full time US employees are looking for a new job? This was the findings from a new report produced by iCIMS titled, ‘Competition for Talent in the U.S.’.
According to the report, employees spanning all generations are now looking at new opportunities in industries outside of the current one they are working within. The top industries candidates are considering migrating to include technology & software, communications, banking & finance, entertainment, and consulting. The report explains that 71 percent of Millennials, 66 percent of Gen Xers and 44 percent of baby boomers are now actively looking to move to a new employer.
Why Employees Are Leaving
Ninety-two percent of full time employees responding to the survey agreed that companies offering non-traditional benefits are more likely to recruit top-tier talent. Another sixty-nine percent of full time employees are not completely satisfied with the benefits they are currently offered. Some non-traditional employee benefits that employees find attractive include student loan reimbursement, pet insurance, a paid sabbatical, child adoption benefits, and on-site massages. Forty-two percent of full time employees feel they have limited opportunities for growth with their company.
Not surprisingly, employees are looking to join the gig economy for more flexible hours, to make more money, and to be their own boss. The gig economy in the US has grown rapidly in recent years, creating more independent contractor opportunities for workers. However, according to a recent survey by career network Beyond, 68 percent of respondents indicated that they would not work for an on-demand company.
“Our survey supports the need for employers to use more aggressive approaches to stay afloat in this competitive job market,” said Susan Vitale, chief marketing officer at iCIMS. “Job seekers have become more resourceful and they’re aware of unique perks and benefits that some employers are offering to make their company an attractive place to work. According to our survey, not only are employees willing to leave a company, but 77 percent are willing to switch industries and a shocking 56 percent would give up their full-time job to join the gig economy. Being aware of the underlying factors for these changes is essential, as recruiters and HR professionals try to navigate the new landscape of workers.”
Based on the data collected, here are iCIMS’s recommendations on how employers should use this knowledge to change their recruitment strategies.
Listen to Your Employees– Conduct an anonymous survey of your employees to learn what they are happy with and disappointed about in their current job. Use the results to look for areas of strength and weakness in your organization and identify where you can improve.
Revamp Your “Selling” Tactics– Don’t sell a position on compensation alone; while salary is most important to all job seekers regardless of generation you also need to appeal to their other highly ranked motives such as strong benefits and opportunities for advancement. For example, the ability to have a flexible work schedule and more vacation time are attractive for Millennials and Gen Xers while boomers care more about retirement plans and health insurance benefits.
Advertise Your Employment Brand– A well-articulated employment brand helps job seekers understand if they’re a good fit for the company. In order to influence people on why your company is a great place to work you need to communicate how you stand out from the competition. Include pictures and videos on your career site so applicants get a glimpse into what it’s like to work for your company.
Use Talent Pools to Warm and Attract Passive Candidates– With so many full time employees looking for their next big career move, employers need to develop proactive recruitment tactics. Build talent pipelines and keep passive candidates interested in working for your company. By using a recruitment marketing tool, you can send candidates company updates, job postings, and views into what it’s like to work for your company.
“Employers can leverage our data as a retention tool and enhance their recruiting strategies to ensure they’re meeting their employees’ needs and attracting best-fit candidates,” said Ms. Vitale. “Be sure that your recruiters are mentioning your organization’s strong benefits and opportunities for advancement during the hiring process to position your company in the best light for today’s workforce. Showcasing your employment brand via recruitment marketing techniques could save you time and money in the talent hunt.”
The iCIMS report is not the only report that reflects that employees have their eyes set on new positions. A study produced by Penna found that twenty-one percent of workers plan to look for new jobs this year. The research found that employees aged 18 to 24 were the most likely to be planning a move this year, while 25 percent of those aged 25 to 34 are considering leaving their posts.
While job seekers have stepped up their efforts to find new employment, it comes at a time when many companies also happen to be looking for new talent.
According to the latest Manpower ‘Employment Outlook Survey,’ released by Manpower Group, 23 percent of respondents plan to increase staff levels. “Although employers have been increasingly cautious for the last three quarters, the US hiring outlook is among the strongest globally, and we expect to see modest improvements in the labor market throughout most of the country,” said Kip Wright, senior vice president of Manpower in North America. “This is good news for job seekers and organizations.”
Recruiting services company LaSalle Network published a survey that found eighty-four percent of HR leaders reporting that they are hiring for full-time positions. The survey also found that 70 percent of respondents feel optimistic about the economy for the remainder of 2016. Leaders within the healthcare, technology, and education industries were more optimistic about their hiring plans.
CareerBuilder’s mid-2016 job forecast shows that fifty-percent of employers plan to hire full time, permanent workers, on par with 49 percent last year. The forecast shows another 29 percent of employers plan to hire part-time employees, on par with 28 percent last year; and 32 percent of employers plan to hire temporary or contract workers, down slightly from 34 percent last year.
CareerBuilder’s study also found that information technology (68 percent), healthcare (65 percent), financial services (56 percent) and manufacturing (51 percent) are among industries expected to outperform the national average for full-time, permanent hiring in the back half of 2016.
These upbeat forecasts follow the most recent labor report, which saw employers add a healthy 255,000 jobs last month as the U.S. unemployment rate remained unchanged at 4.9 percent.
“The US isn’t the only country feeling this level of demand for talent,” stated Carlos Acosta, senior managing partner at The QualiFind Group. “While we haven’t the time to conduct a survey, we are seeing unprecedented demand for talent in the industrial, agribusiness and food processing industries in Mexico. We are finding candidates that are very much aware that the market is changing in favor of those who are most competitive and in mission critical roles. The level of foreign investment in Mexico is creating demand for talent that will also drive the need for talent in the US as well.”
Sources: Hunt Scanlon Media, CareerBuilder, iCIMS, Penna, The QualiFind Group and Manpower Group
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Millennials, together with generation X, are quickly becoming the largest working demographic globally, nearly on par with baby boomers, and in many parts of the world, already outnumbering them. Gaps in communication and suboptimal working relationships can be avoided by bridging the generations proactively.
Mr Prashant Tandon is the founder and CEO of 1mg, India's largest digital health platform. As a visionary healthcare entrepreneur, Tandon has been listed as one of India's top 40 most influential people under 40 years of age (Economic Times: 40 under 40).