The labor market is changing. Here’s what you need to know.
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5 REASONS EMPLOYEES ARE IN THE DRIVER'S SEAT
1
more jobs than job seekers
The U.S. Bureau of Labor Statistics tells us that at the end of February there were 9.9 million job openings in the U.S.,¹ compared to 5.8 million people who are currently unemployed.² There's no denying it's hard to stay competitive in the current job market.
2
Limited number of skilled workers
According to a recent Forbes article, only 54% of adults age 25-64 have college degrees, certificates or industry-recognized certifications,³ putting those people in high demand for jobs. This is why prioritizing reskilling and upskilling your current employees is critical to organizational success.
3
Generational shifts
Baby boomers are retiring, and Gen Z is flooding the workforce. Younger generations have significantly different working priorities and preferences from those that are nearing retirement. Companies must learn to adapt to this changing workforce and equip themselves with the tools necessary to effectively manage and engage rising generations.
4
employee rights activism/awareness
Employees are putting themselves first, and because of this, the Great Resignation is far from over. A recent joblist.com survey states that 78% of job seekers believe they can make more money by switching jobs rather than staying put, and 67% of employed job seekers are planning to quit their jobs in 2023.⁴ The most common reason for quitting? A toxic work environment.⁵
5
Increased transparency
According to Bloomberg, half of all U.S. job postings now include salary information.⁶ SHRM research tells us that 70% of organizations that list salary ranges in job postings have seen an increase in applications. Plus, 66% of organizations posting pay ranges have seen a significant increase in the quality of applicants, and 65% say it makes them more competitive in the job market.⁷
Just like any good passenger on a road trip, employers are there to navigate and support employees in their journeys.
Join peers contending with these same issues this June 11-14 at the SHRM Annual Conference & Expo 2023 (SHRM23), and attend virtual sessions to absorb all the knowledge you need to feel confident in this new supporting role.
Mary Frame, the CHRO of Greater Hope Foundation for Children, Inc., explains why attending the SHRM Annual Conference & Expo can fill in gaps in your HR training. Hear what others are saying about the world's largest HR conference!
NOT A SHRM MEMBER?
Save an additional $200 and get a one-yearSHRM membership included when you register for SHRM23 at the Join Now rate. It's like getting a SHRM membership for free!
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