A Recovering Labor Market Faces Challenges of Burnout, Salary Woes, and Increased Turnover

We made it to Friday everyone! Before we jump in with this week’s news, I’m hoping you had this moment this week:

No? Well that’s my homework for you – do something this next week to elevate your meetings! Life is short, meetings can be too. 🙂

Onward…

Almost half of U.S. workers feel underpaid. A recent survey shows that 49% of workers in the U.S. feel shortchanged with their pay rate. While the pandemic may have stalled increases, workers (31%) are now saying they may find another job if their financial situation doesn’t change by the end of the year. To attract and retain new hires, 48% of employers are offering signing bonuses.

Even though progress has slowed, the U.S. labor market continues to recover with 568,000 nonfarm, private-sector jobs added in September.  Strong job gains and a decrease in hiring bottlenecks are expected as health conditions due to the COVID-19 variant improve.

A whopping 89% of professionals feel they’re suffering from burnout – 38% stated they are ‘burned out to a great extent’, per a recent survey. An overwhelming majority (81%) say they are more burned out now than they were before the pandemic. Lack of resources (64%) and continual change (20%) are some of the top reasons for burnout.

Only 11% of professionals feel ‘content or energized’ when it comes to their current work. Conversely, 70% feel anxious or stressed – that’s up from 27% pre-pandemic.

Before the pandemic, healthcare workers were in short supply. Now, major shortages are being felt so much so that by 2026 it’s predicted that every state will be faced with a dearth in healthcare workers.

Similar to the survey results provided above, one of the reasons for the shortage is a higher rate of burnout happening faster than expected. A percentage of physicians are planning to retire, (21% of family medicine, pediatric and OB/GYN and other primary care physicians will move into retirement age over the next five years)  increasing the demand.

Turnover in the next few months is a top concern affecting 91% of HR leaders. Half of employees that accepted new jobs in the past year have received two additional job offers.

More than half (53%) of employers are considering freelancers as part of their workforce than ever before.  The move to remote work due to the pandemic has spurred on this change. The largest increase in demand was in software development as well as we and mobile development – 80% of hiring managers have increased usage of freelancers.

Until next week,

Erin and Team BountyJobs