Posted on June 18, 2021
Friends and Clients-
While there are still 7.9M more unemployed people today in the US than before the pandemic (Feb 2020), office-using employment accounts for only 974,000, or roughly 12% of this deficit. Most of the employment growth ahead will be from the hard-hit, but rapidly rebounding, service sectors. We are expecting robust expansion across the board and intensifying competition for skilled labor. One key metric that supports our theory is the employee quit rate. Against the backdrop of last year’s economic uncertainty, voluntary resignations fell to near-record lows as employed works largely “sheltered-in-place” and postponed career moves. However the latest data suggests that a surge in turnover has already begun to occur.
In the paper our company has published we explore why and how this trend is returning. Many pessimists may see this as yet another hurdle for businesses returning to pre-pandemic operations; I feel this is a great sign that our economy and workforce is returning to a sense of normalcy and regaining confidence in our future ahead- people are focused on work and careers once again.
As always, should you have any questions or needs, please don’t hesitate to reach out.