Employee Quits Vastly Outnumber Average Layoffs

While some headlines from the tech sector give the impression of vast layoffs, the truth is that voluntary quits still greatly outnumber average layoffs. Factors that contribute to an ongoing talent shortage include the following:

Declining fertility rates.
The fertility rate has fallen below the level needed to replace the workforce in 90 percent of the top 10 global economies.
Decreasing labor force participation rate.
Many eligible workers are opting out across the globe.
Baby Boomers are retiring.
The percentage of people over 65 years of age is increasing globally.

With the competition for skilled employees growing more intense every day, it’s essential for employers to adopt proactive recruiting and retention strategies to attract new hires and keep their existing employees engaged and motivated.

According to data gathered on surveys conducted by ClearlyRated , employers can appeal to today’s workforce with the following strategies:

Offer Strong DEI Initiatives

79 percent of candidates want to work for an employer with a clear emphasis on diversity, equity, and inclusion. By implementing DEI initiatives, companies can create a more welcoming and inclusive work environment where all employees feel valued and respected. Prioritizing DEI can lead to a more diverse and dynamic workforce, resulting in greater creativity and innovation.

Prioritize Mental Health

In recent years, there has been a growing awareness of the importance of mental health in the workplace. In fact, the number two reason Gen Z and Millennial employees leave a job is to help their mental health. Companies can show employees that their well-being is valued by providing mental health resources, such as counseling or therapy services, as well as promoting work-life balance and stress-reduction practices. Employees who feel that their company supports their mental health needs are more likely to be productive and engaged—and less likely to experience burnout and leave the company.

Provide Recognition

Recognition and appreciation are important drivers of employee engagement and satisfaction. By recognizing and rewarding employees for their hard work and achievements, companies can create a positive and supportive work culture. Offering bonuses, promotions, or other incentives for exceptional performance, as well as regular feedback and praise for a job well done can make employees feel appreciated. Employees who feel valued are more likely to be motivated and committed to their work—and less likely to seek opportunities elsewhere.

Looking for great employees?

PrideStaff helps employers of all sizes achieve their strategic hiring goals by connecting them with workers who need and value what they have to offer. Put PrideStaff to the test and let us show you the value an expert staffing and recruiting partner can have for your business. Contact your local PrideStaff office today!

Bye, Bye Boomer. How to Replace the Mass Exodus of Early Retirees