Written by Jessica Pierce
The number of workers who are unhappy with their jobs is at a staggering all-time high, according to Gallup, with 61% of American employees wanting to leave their current jobs in 2023. The top reasons Americans are unsatisfied with their jobs is low income and not having meaningful work. During the “Great Resignation” in 2021, 47.8 million workers in the U.S. quit their jobs, with a record 50.5 million people leaving their positions in 2022. And although the resignations are slowing in 2023, they aren’t stopping.
Workforce Trends for 2023
Smart employers are instituting an excellent hiring experience to better attract, develop and retain valuable employees. By streamlining the hiring process and communicating regularly, as well as investing in the kinds of supportive training and development that encourage employees to apply for jobs and then remain a loyal employee once hired, leaders at companies are learning that they need to offer more than just simple employment. Job seekers in 2023 are interested in working for organizations that have a robust company culture, generous benefits, and those that embrace diversity, equity, and inclusion (DEI) initiatives. 86% of employees care about a company’s DEI strategy, especially Gen Xers and Millennials.
The Candidate Experience
Unfortunately for many of the unemployed and underemployed, the candidate experience involves being disenchanted; not hearing back from hiring managers (even after going through 3-5 interviews!) and left to wonder what happened to their resume or job application. This leads to a loss of integrity with the company and fewer quality applicants for open positions. Transparency and communication are vital – especially in today’s marketplace.
Learning and Development
Companies that invest in their workers implement learning and development opportunities to encourage growth – both for the company and their employees. They build pipelines, offer training, and encourage people to step up.
When leaders at healthy companies review their processes and procedures and identify gaps, they develop programs to bridge those gaps by offering benefits, including certification programs and technology courses. By reskilling or upskilling their current employees, it helps develop the kinds of employees who are more likely to stay with the organization.
When companies make a tech investment like updating software, it makes it easier for workers to do their jobs. Employing Artificial Intelligence (AI) facilitates faster decisions, improves operational efficiency, reduces costs, and also helps to make current jobs easier for workers. Automating repetitive and mundane tasks allows employees to attend to tasks that require critical thinking and subjective interpretation, which can easily lead to feeling more fulfilled and having a higher job satisfaction. On average, satisfied and happy employees are 13% more productive and companies save billions when they don’t have to constantly hire and train new employees.
The work environment of the not-too-distant past has changed considerably amidst the recent professional global landscape. Positions where workers are able to work remotely are in high demand, with 40% of workers searching for hybrid or remote positions over in-office jobs. These kinds of jobs also often mean more flexible hours, which leads to a healthier life/work balance. This better affords individuals the chance to focus on mental health issues like depression, anxiety, and stress. When employees struggle with their health, they might only be working at about 25% capacity. It’s also imperative that employers keep open communication and inform their employees about all the wellness programs their company offers.
Almost 60% of U.S. workers suffer from moderate to high burnout, so removing the social stigma and stressing the importance of mental health benefits will go a long way towards keeping workers happy and healthy. Unhappy employees actually cost the U.S. at least $550 billion annually. For the average company, this equates to 18% lower productivity and 15% lower profitability.
How Does Your Company Measure Up?
Ensuring your organization’s core values and company culture align with your principles will lead to a higher quality talent pool that will be attracted enough to your company to apply for your open positions. It is proven that retaining your workforce is a more successful and profitable strategy than replacing it. So establishing your business as one that cares more about its workers than the bottom line will likely lead to greater successes at all levels.
At Career Connectors, our vision is all about building a better community – one organization, one career at a time. And our mission is to elevate communities by empowering job seekers, employers, and service providers. Won’t you join us at our in-person and virtual events?