1 Big Thing: New Labor Power
Roberta Matuson
Strategic Advisor on Talent | Global Executive Coach | Public Speaker I Brand Ambassador | HBR Contributor I Helping organizations attract & retain the best people.
Employees continue to hold the power in 2023.?Signs continue to point to the labor market remaining tight this year.
Hiring climbed at the end of 2022, according to?new data from the Labor Department?and?separate data from LinkedIn.
The share of workers who voluntarily quit their jobs rose?at the end of last year, according to?a Labor Department survey. That’s another sign of labor market strength.
Tech companies are responsible for the greatest share of recent layoffs.?The tech companies that hired the most early in the pandemic — Meta and Amazon — are now responsible for the?largest chunk of cuts?over the past six months. A steady labor market means affected workers can find new jobs quickly.?
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Why it matters:?Labors new strength comes as a tight labor market empowers workers in ways we could never have imagined.
Talent plans written during the pandemic aren’t worth the paper they’re printed on.?Yet, organizations are sticking to their plans, even though they’re terribly ineffective.
Companies are taking way too long to fill positions.?The best and brightest aren’t waiting around. They’re taking jobs elsewhere.
Employees are telling employers what they need to do to hire them.?Employers aren’t listening.?The votes are in.?44%?of U.S. employees prefer a hybrid work model, compared to?51% of employers.?59%?of employees are likelier to choose an employer that offers remote work opportunities over one that doesn’t.
Between the lines:?Headlines are meant to attract eyeballs.?If you read between the lines, you’ll see there’s never been a better time to look for work. Employers will continue to be challenged by the strong labor market unless they start hunting for talent as diligently as they hunt for customers.
I’d like to hear from you. What one piece of advice would you offer those struggling to hire and retain talent?
Do you need help hiring the right people? Are you focusing on employee retention, knowing it will be challenging to back fill positions? Feel free to reach out to me.
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1 年Why do you think so many organizations aren’t open to a hybrid / flexible environment? (Especially once it’s been proven to work.) Thoughts?
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1 年Well said.
IT Director
1 年The one piece of advice I would offer to those struggling to hire and retain talent would be to listen to the talent! If they are unhappy with the situation, the numbers you're looking at don't matter if your talent is miserable. Be open to changing the way you do things, even if you think they are right! It isn't about YOU, it is about THEM! Make THEM bigger than you!
Accountant at Ignite Education
1 年I agree with