The Great Resignation has rocked the job market for both companies and talent. The job market has made a gradual switch from being in the hands of the clients to now being in the hands of the candidates. For the first time in a while, candidates have the ability to choose a position that is the most beneficial for them and not the other way around.
Before the pandemic, companies took control of the market. They would pick the most talented candidate at the lowest possible price, and the professional would be obliged to accept the offer. Now that there are more open roles than available talent, candidates are getting to decide between multiple job offers.
Candidates on the market are negotiating for better benefits and salaries, and if the companies are not compliant, they will accept an offer from a company that will. Companies are struggling to conform to the wants and needs of the available talent, leading them to struggle to find employees to fill their open roles.
Unfortunately for these companies, the wave of the Great Resignation is not going anywhere, and it is here to stay. Recorded in October, 4.2 million professionals were quitting their jobs for new opportunities, which nearly broke the record of 4.4 million in September.
The number of available jobs for October was also close to breaking the record at 11 million, which was slightly less than the number of open positions in July. Agencies must move with the flow of the Great Resignation to secure talent.
Not only is it necessary for companies to change their hiring strategy, but they need to increase salaries with the rise of inflation. From October 2021-October 2020, inflation has risen 6.2%. If you are looking to hire new talent or retain current employees, you should increase their salaries to what is in line with inflation.
We understand the struggle of finding talent in this current market; it’s what we do for a living. If you are struggling to find talent, or if you need assistance finding the perfect position, we’ve got you covered. Visit our website to get in touch with our recruiters today!