The current labor market is challenging for employers, with 83 unemployed workers for every 100 job openings and millions of Americans quitting their jobs each month. Here's what employers are seeing and how they hope to attract and retain talent in these unprecedented times. Although 26% of employers dismiss the Great Resignation as hype, the remaining 74% say it is a real and present issue for most employers. Many employers are concerned about the impact of the Great Resignation on their industries. Nearly all employers believe the Great Resignation is being driven by changing attitudes toward work, and for most, this goes back to the far-reaching impact of COVID-19. Workers' top five priorities are higher pay, schedule flexibility, better work-life balance, remote work options, and the ability to focus on personal and family responsibilities.
Employers are taking action to keep employees from leaving, including offering full- or part-time remote options, flexible schedules, and bonuses. Tech companies are more likely to provide flexible or remote work options than other perks, while hospitality and tourism employers are more likely to offer raises and bonuses. Employers are offering flexible schedules, hiring bonuses, and increased bonuses for employee referrals to attract new talent. The pandemic has upended many facets of life, including the job market. While employers are surprised by the tight labor market and corresponding advantages for job seekers, the majority agree that employers should be more concerned about resignations now than in the past. Employers are feeling the crunch with both hiring and retaining workers and can take steps to remain competitive by providing enhanced safety and promoting these measures internally and to prospective candidates. When it comes to replacing employees, employers may consider using hiring incentives.