During the height of the pandemic, businesses across the US and Canada had to deal with a significant workforce shortage as record numbers of people left the work market in what was termed by many as the “Great Resignation”.
As we have moved out of the midst of the pandemic and restrictions have been lifted, workers are still leaving their jobs, but they aren’t leaving the job market. Instead, large numbers of workers are looking to new industries, roles and careers.
The talent market has shifted, and what was dubbed the Great Resignation has now become the Great Reshuffle.
For example, in the US in February 2022 4.4 million Americans quit their jobs, but more than half of the workers who quit are switching their occupation or field of work, rather than leaving the labor force altogether.
What is the Great Reshuffle and how is it affecting the jobs market?
Rather than resigning from the jobs market altogether, many workers are now leaving their careers in search of something more fulfilling and better suited to their values and lifestyle.
Microsoft’s research study, the 2022 Microsoft Work Trend Index, which examined why front-line workers are leaving their jobs in record numbers, found that what people want from work and what they’re willing to give in return has fundamentally changed.
This study shows that 47 percent of respondents say they are more likely to put family and personal life over work than they were before the pandemic. In addition, 53 percent - particularly parents (55 percent) and women (56 percent) - say they’re more likely to prioritize their health and wellbeing over work than before the pandemic.
Some are looking for higher pay, some want more flexible employment (either working remotely or taking on contingent work), while others are looking for a change of career and a completely new refresh.
“People are finding jobs that give them the right pay, benefits and work arrangements in the longer term,” Anthony Klotz, an associate professor of management at Texas A&M University, US, and the person who coined the term “Great Resignation”, told the BBC. “There’s now a greater ability for people to fit work into their lives, instead of having lives that squeeze into their work.”
3 ways businesses can win during the great reshuffle
#1 - Build a robust contingent workforce program
Through the implementation of a highly-strategic contingent workforce program that uses a vendor management system to centralize all data, organizations can effectively engage staffing agencies to fulfill their workforce requirements.
By sourcing contingent workers, businesses are able to fill gaps in their workforce both cost-effectively and quickly. This access to talent can help companies to improve how competitive they are in the jobs market and better find the talent they need for business success.
#2 - Improve retention of existing employees with increased flexibility
The Great Resignation and the Great Reshuffle has been fuelled by one major factor - a desire to find a better lifestyle. With that in mind, the most successful businesses in the jobs market today are building a company culture that puts employee flexibility as a top priority.
LinkedIn found that 87 percent of people would prefer to stay remote at least half of the time, and 81 percent of executives are planning to update their workplace policies to offer greater flexibility. Offering greater flexibility to employees can help your business both improve retention rates of existing employees, and be more competitive in the jobs market.
#3 - Use training to your advantage
With the Great Reshuffle still in full swing, the jobs market is more competitive than ever before. As a result, it can be incredibly difficult for organizations to fill roles with the skilled workers that they need. If you’re unable to fill positions with the contingent workforce and other recruitment means, training your existing employees might be a solution.
Reskilling and upskilling your existing workforce, in tandem with an effective contingent workforce program, can help your business fill skilled positions without having to look outside of your organization.
Are you interested in learning more about how your business can be competitive in the jobs market during the Great Reshuffle? Get a demo of the Conexis VMS platform today, and find out how we can significantly enhance your contingent workforce program.