Millions of workers worldwide plan to switch jobs, once the Pandemic is behind them.
According to Microsoft's Work Trend Index, more than 40 percent said they are considering leaving their employers this year. This global survey from Microsoft included over 30,000 people in 31 countries.
Major life events often cause us to rethink our career choices.
Why We Will See Post-COVID Career Shifts
What I am seeing in the labor market is both fascinating and thought-provoking. I have determined the five reasons why we will see unprecedented churning in the labor marketplace:
Changing values. After more than a year of introspection many people have changed their perspective; they now have a strong desire to make a meaningful difference in the lives of others. This shift will create an advantage for non-profits and the helping professions, including healthcare.
Availability of many other options. With 15 million jobs available in today's marketplace, employees will have more alternatives than ever before. From the employees' point of view, this is a perfect time to try something new.
Want to have more family time. Add this new-found urge to be with family to the previous item and there is no wonder that employers in the hospitality and healthcare fields will have a particular problem. Most of their jobs involve shift work which very often includes working weekends or evenings. With other job possibilities available to them, workers may not opt to go back to jobs in restaurants, hotels, and hospitals.
Desire to stay remote. Having had a taste of remote work which eliminated commuting and allowed workers to save the money they would have spent on lunches out, workers are simply demanding that employers let them stay home and continue to do their jobs. Because we are in a sellers' market for labor, even workers who are applying for new jobs are insistent that they want to work from home. For the most part, service industry jobs cannot be performed remotely.
In fact, according to the same Microsoft study referenced above, 46 percent of the workforce plans to move because they can now work remotely. And Airbnb conducted a study in early 2021 with even more starling results: 74 percent of their travelers have expressed a desire to live somewhere other than where their employer is based. Airbnb plans to facilitate that transition by conducting a contest of their travelers. They are giving away 12 one-year stays at Airbnb locations throughout the world.
Career advancement comes only with changing companies. Many employees have learned that if they want to advance in their careers (read "enjoy an increase in salary"), the only way is to change companies. For years, this issue has been a problem for employers. Some smart companies have found innovative ways around this problem by using perks like company cars, providing incentive trips, and additional time off.
Wise employers will get into action to meet this new challenge head-on. In Part 2, we will address what employers must do to successfully compete for talent.
Special thanks to Caroline Castrillon writing for FORBES.com. And visit Microsoft to read their latest Work Trend Index.
© Copyright 1998-2021 by The Herman Group of Companies, Inc., all rights reserved. From 'The Herman Trend Alert,' by Joyce Gioia, Strategic Business Futurist. (800) 227-3566 or www.hermangroup.com
The Herman Trend Alert is a trademark of The Herman Group of Companies, Inc. Reprinted with permission.