A labour market overview – The Great Resignation

At every level and by every metric, 2022 saw a strong start. A return to normality and the beginning of post-pandemic life seemed inevitable.

Undeterred by covid spikes at the turn of the year, confidence in the market continued to trend upwards throughout December. Rather than hearing rumours and speculation a month into the new year, we observed tangible evidence suggesting the return of a booming executive marketplace.

While this upward trend continued, the return of war to our continent has created uncertainty, within both the market and ourselves as individuals. In today's hyper-connected world, any major political or economic shift will send ripples around the globe. In this instance, the war in Ukraine has created hesitancy and ambiguity around the security of employment.

This uncertainty is most prevalent with customer-facing sales orientated roles, both at the executive and middle levels of the market. Furthermore, organisations that are less robust globally or financially may be feeling the impacts of our new economic reality.

At an individual level, people are returning to a more conservative position around the security of employment, and what we are finding is that the craving for talent has reappeared. The so-called Year of The Great Resignation has started. However, thanks to research studies and increased engagement across the board, organisations are extremely well prepared for it.

For example, by promoting salary transparency, making sure everybody gets a fair, open, honest, and structured deal. That includes the right kind of benefits, such as flexible benefits like the ability to work remotely, gym memberships, etc.

Most importantly, if available, promoting a hybrid working model that blends in with the cost of living. By making sure a company promotes these benefits, it will give employees a reason to stay working with them, thus combating The Great Resignation.

There are a lot of lessons that we should learn from when COVID-19 first struck. During the first few months, the market saw tremendous instability, which meant nobody was moving jobs. However, as time went by, movement in the market increased drastically.

We are starting to see that same situation now. The market is just as volatile whilst inflation climbs to a 40-year high, hitting 7.5% combined with the return to war in Europe. These factors make The Great Resignation inevitable and kick off in full swing.

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