New Study Indicates Employers Will Need to Get Defensive to Hang Onto their Employees
A new PricewaterhouseCoopers (PwC) study shows that 31% of millennials and 35% of Gen Z workers intend to switch jobs in the coming year. That’s over one-third of the prime working age population.
This likely comes as a shock to those market analysts saying the Great Resignation is slowing down.
The PwC global workforce survey shows that, across all ages, an average of 26% of all workers are planning to switch jobs in the next year, which is an uptick from 19% of respondents last year.
This matches data from Gallup’s 2023 State of the Workforce Report, which showed that only one-third of employees in the US are fully engaged with their work.
“The competition for talent is going to become more brutal, and employers that don’t create an enjoyable, productive workplace culture are going to lose their people,” said Brian Marr, Director of Research at RedBalloon.work. “And, employers looking to hire should make sure their employment brand is strong and create a plan for retaining their current employees.”
The Great Migration
The rise of remote work during the pandemic paved the way for the Great Migration.
The New York Times just released an investigative report revealing that pandemic-era remote work was the catalyst for a massive migration of workers from crime-and-tax-heavy blue states to pro-freedom, safe neighborhood red states.
Not surprisingly, the areas with the greatest losses were solidly blue, including Los Angeles, Washington, DC, and New York.
To put this in perspective, in the two years before the pandemic, remote work accounted for 40,000 departures from the New York metro area, but during the first two years of the pandemic, 200,000 remote workers left the state—a 500% increase!
And it’s not over yet. A Sienna College Poll shows that 27% of the residents of the state of New York plan to leave in the next five years.
Think about it: one in four residents of New York state wants to leave soon. The economic implications are staggering.
If you’re an employer in a pro-freedom state, and you’re not offering generous relocation packages, then you’re missing out on good workers who want to leave oppressive states.
Worker Productivity Down
While job growth is up, the number of hours worked is down.
According to data from the Bureau of Labor Statistics (BLS), the average number of hours worked per week by private-sector employees declined to 34.3 in May.
Again, this coincides with Gallup’s 2023 State of the Workforce Report, which showed that only one-third of employees in the US are fully engaged with their work.
Employers everywhere are struggling with lesser-engaged, less reliable employees. That’s why RedBalloon has grown so fast as America’s #1 non-woke job board. We’re connecting responsible, mission-aligned employees with good companies. And, RedBalloon’s resumes come, in large part, from employees leaving woke companies and looking for careers where they are valued for their work, not for their gender or ethnicity DEI score.
Employers who are tired of struggling to find qualified, reliable talent are saving time and money at RedBalloon.work, where we start with candidates who have a strong work ethic and are values-aligned. We don’t flood businesses with hundreds of resumes that cost them time and money, often without results. As one RedBalloon customer recently remarked, “The hardest part of using RedBalloon was that I received seventeen resumes and only needed to hire one person. Every single one of the seventeen was highly qualified.”
Visit RedBalloon.work today and see how we can save you time and money by finding the right talent for your open positions.