THE GREAT ATTRITION
Redefining Talent Acquisition
for a New Era
The State of
the Market
As the fear of a recession looms, business decision-makers and professionals alike are wondering what this will mean for the job market. But despite rising interest rates and inflation hitting its highest level in 40 years, the demand for labor continues to shine bright.
Having experienced extreme volatility over the last few years, the job market has returned to its pre-pandemic state.
The State of the Market
As the fear of a recession looms, business decision-makers and professionals alike are wondering what this will mean for the job market. But despite rising interest rates and inflation hitting its highest level in 40 years, the demand for labor continues to shine bright.
Having experienced extreme volatility over the last few years, the job market has returned to its pre-pandemic state.
The State of
the Market
As the fear of a recession looms, business decision-makers and professionals alike are wondering what this will mean for the job market. But despite rising interest rates and inflation hitting its highest level in 40 years, the demand for labor continues to shine bright.
Having experienced extreme volatility over the last few years, the job market has returned to its pre-pandemic state.
And while companies offering remote work have expanded their talent pools to other geographies, the competition for talent remains fierce. Employers in this landscape are competing for talent with companies both in and outside of their industry—making the fight to fill gaps in the workforce even more challenging.
Quit rates are high
The U.S. quit rate remains
at a high of 2.8%
BLS
Opens in a new window.
Employees are leaving
40% of U.S. workers plan
to leave their jobs in
the next 6 months
McKinsey
Opens in a new window.
Competition is growing
65% of workers who left
their jobs in the last 2
years did not return
to the same industry
McKinsey
Opens in a new window.Quit rates are high
The U.S. quit rate remains
at a high of 2.8%
BLS
Opens in a new window.Employees are leaving
40% of U.S. workers plan to leave
their jobs in the next 6 months
McKinsey
Opens in a new window.Competition is growing
65% of workers who left their
jobs in the last 2 years did not
return to the same industry
McKinsey
Opens in a new window.Quit rates are high
The U.S. quit rate remains
at a high of 2.8%
BLS
Opens in a new window.Employees are leaving
40% of U.S. workers plan to leave
their jobs in the next 6 months
McKinsey
Opens in a new window.Competition is growing
65% of workers who left their
jobs in the last 2 years did not
return to the same industry
McKinsey
Opens in a new window.The Great
Attrition
Employers today are scrambling to hold on to the talent they have, while struggling to replace critical talent they lost. As teams shrink and skills gaps widen—we’re seeing what is known as ‘The Great Attrition.’
The Great
Attrition
Employers today are scrambling to hold on to the talent they have, while struggling to replace critical talent they lost. As teams shrink and skills gaps widen—we’re seeing what is known as ‘The Great Attrition.’
The Great Attrition
Employers today are scrambling to hold on to the talent they have, while struggling to replace critical talent they lost. As teams shrink and skills gaps widen—we’re seeing what is known as ‘The Great Attrition.’
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Employee Attrition:
Employee attrition occurs when the size of your workforce diminishes over time. While employees are leaving through several unavoidable means, hiring is also challenging, creating long-term shortages.
Dwindling teams are calling for a reshuffling of many workforces. The result? Decreased productivity, increased training costs, and the potential for employee burnout.
Hear From Our Market Expert:
The economic uncertainty has people looking for quality places to work. If an employee or contractor is not feeling mutual engagement from their employer, they’re open to looking for something better. Meanwhile, hiring for critical positions is continuing. Employers should not assume that a candidate will be on the market for long. If the person is a strong fit, make the offer.
Dave Muller, Executive Vice President, Tandym Tech
In this type of market uncertainty, utilizing contractors/consultants allows employers to have a “flexible bench” to respond to demand in work. If a company isn’t certain that the position will be needed permanently, contracting can cover the gap.
Dave Muller, Executive Vice President, Tandym Tech
The economic uncertainty has people looking for quality places to work. If an employee or contractor is not feeling mutual engagement from their employer, they’re open to looking for something better. Meanwhile, hiring for critical positions is continuing. Employers should not assume that a candidate will be on the market for long. If the person is a strong fit, make the offer.
Dave Muller, President, Tandym Group
In this type of market uncertainty, utilizing contractors/consultants allows employers to have a “flexible bench” to respond to demand in work. If a company isn’t certain that the position will be needed permanently, contracting can cover the gap.
Dave Muller, President, Tandym Group
Tackling Attrition
for Today
While there is no simple solution to attrition, there are things employers could be doing to better attract and retain talent. Beyond traditional demands—such as competitive compensation and advancement opportunities—employees today are enticed by benefits and perks that meet them at an individual level. To address attrition, you need to first take a close look at your hiring strategy and how you are meeting the needs of your current workforce.
Tackling Attrition
for Today
While there is no simple solution to attrition, there are things employers could be doing to better attract and retain talent. Beyond traditional demands—such as competitive compensation and advancement opportunities—employees today are enticed by benefits and perks that meet them at an individual level. To address attrition, you need to first take a close look at your hiring strategy and how you are meeting the needs of your current workforce.
Tackling Attrition for Today
While there is no simple solution to attrition, there are things employers could be doing to better attract and retain talent. Beyond traditional demands—such as competitive compensation and advancement opportunities—employees today are enticed by benefits and perks that meet them at an individual level. To address attrition, you need to first take a close look at your hiring strategy and how you are meeting the needs of your current workforce.
Reaching Broader Talent Pools
Shallow talent pools are hurting many employers who continuously struggle to meet their hiring needs. Businesses today require diverse backgrounds, skillsets, and roles to sustain their agile nature. To attract the employees you need for success, consider ways you can tap a broader pool of talent. Start here:
Offer Non-Traditional Benefits
The job attributes that motivate professionals to either leave or stay with a company are different than they were just a few years ago. Aside from the usual drivers, such as compensation, employees want more from those they choose to work for.
Top 5 reasons employees quit their jobs between April '21 and April '22
- Lack of career development + advancement
- Inadequate compensation
- Uncaring leaders
- Lack of meaningful work
- Unsustainable work expectations
To entice professionals who hold different types of values, consider how you can foster the following:
- Workplace flexibility
- Meaningful work
- Support for their well-being
- Career development
Offer Remote Work Opportunities
With remote work opportunities becoming the standard of today, location should not be a limiting factor. Not only can you retain talent by offering remote work opportunities, but you can also attract skillsets you don’t have access to in your region—allowing your organization to be more diverse in nature and ultimately more successful.
of professionals want to see more flexibility permanently implemented by their employer
Tandym Group's 2022 Hiring OutlookWith remote work opportunities becoming the standard of today, location should not be a limiting factor. Not only can you retain talent by offering remote work opportunities, but you can also attract skillsets you don’t have access to in your region—allowing your organization to be more diverse in nature and ultimately more successful.
of professionals want to see more flexibility permanently implemented by their employer
Tandym Group's 2022 Hiring OutlookWith remote work opportunities becoming the standard of today, location should not be a limiting factor. Not only can you retain talent by offering remote work opportunities, but you can also attract skillsets you don’t have access to in your region—allowing your organization to be more diverse in nature and ultimately more successful.
of professionals want to see more flexibility permanently implemented by their employer
Tandym Group's 2022 Hiring Outlook
With remote work opportunities becoming the standard of today, location should not be a limiting factor. Not only can you retain talent by offering remote work opportunities, but you can also attract skillsets you don’t have access to in your region—allowing your organization to be more diverse in nature and ultimately more successful.
of professionals want to see more flexibility permanently implemented by their employer
Tandym Group's 2022 Hiring OutlookOpens in a new window.
Consider Connecting with Former Employees
Former employees can bring a lot to the table. Not only are they simpler to onboard, but they have also broadened their experience outside your organization and can offer a unique perspective. Depending on why an employee departed, it may be beneficial to keep them top of mind when recruiting. If you have more to offer, and the employee was in good standing, consider reengaging them for a role.
Former employees can bring a lot to the table. Not only are they simpler to onboard, but they have also broadened their experience outside your organization and can offer a unique perspective. Depending on why an employee departed, it may be beneficial to keep them top of mind when recruiting. If you have more to offer, and the employee was in good standing, consider reengaging them for a role.
Former employees can bring a lot to the table. Not only are they simpler to onboard, but they have also broadened their experience outside your organization and can offer a unique perspective. Depending on why an employee departed, it may be beneficial to keep them top of mind when recruiting. If you have more to offer, and the employee was in good standing, consider reengaging them for a role.
Hire Contract Staff
Professionals who work on a contract or consulting basis can help businesses scale and be more nimble during times of change or uncertainty. When workloads ebb and flow, contract employees can allow you to easily adapt, without committing to a more permanent solution. Temporary staff can also be quicker to obtain than full-time hires, and can ultimately end up being the right long-term fit.
45%
of employers plan to increase their use of contract workers over the next 18-24 months
Deloitte
Opens in a new window.Professionals who work on a contract or consulting basis can help businesses scale and be more nimble during times of change or uncertainty. When workloads ebb and flow, contract employees can allow you to easily adapt, without committing to a more permanent solution. Temporary staff can also be quicker to obtain than full-time hires, and can ultimately end up being the right long-term fit.
45%
of employers plan to increase their use of contract workers over the next 18-24 months
Deloitte
Opens in a new window.Forming a 'Stickier' Place to Work
Rethinking Your Workforce Ecosystem
Believe it or not, your workforce consists of more than your people. In order to attract and retain talented professionals, it requires reevaluating your whole ecosystem. When you view your work environment holistically, you can spot inefficiencies and make adjustments that improve the workplace for everyone—using existing skills and resources. To start, evaluate:
- Your technology stack and systems in place
- Management structure and practices
- Processes for contract/consultant staff
- External vendor support and practices
Focusing on Skills-Based Development
Skills-based development is a strategy that allows businesses to develop employees’ skills in response to growth, evolving industry trends, new challenges, and other opportunities. This is a departure from traditional talent management, where jobs and skills are siloed. A skills-based approach to development is much more hands-on—dynamically matching skills to the work. Employees feel guided and supported in their career journey, which can help you retain top talent.
76%
of employees are more likely to stay with a company that offers continuous training
Forbes
Opens in a new window.
Addressing Burnout and Mental Health
As reports of burnout reach new heights, employers are struggling to respond—and employees have started quitting their jobs in droves due to extreme stress and fatigue. Most companies now recognize the need to invest more in mental health and wellbeing. But are you doing enough? While you may offer wellness benefits like well-being days, mental health app subscriptions, and company retreats, these initiatives do not address the root causes of burnout. Professionals are no longer willing to sacrifice their health and personal lives for their jobs, so it is time to take a systematic approach to combatting burnout. This includes:
Increasing hiring to improve individual burden
Promoting flexible scheduling, including hybrid and remote work
Encouraging work-life balance