15% of Workers Looking to Quit by End of 2021

FedEx Planning Hiring Swell for Holidays

FedEx Corp. is looking to hire 90,000 roles for the holiday season in addition to 500 professionals for STEM roles. They join UPS (hiring 100,000 roles) in the staffing ramp-up. Amazon has reported that they have had 1 million people applying for their jobs during its career day – they are hiring for 125,000 roles.

U.S. to Add Close to 12 Million Jobs by 2030

Total U.S. employment is forecasted to increase to 165.4 million jobs within the timeframe between 2020-2030, an increase of 11.9 jobs.  The growth rate correlates to a lift of .7%, higher than recent projections.

15% of Workers Looking to Quit by End of 2021

50% of those planning to quit are looking for a higher-paying job and 43% want to get into entrepreneurship.  While 15% are planning to quite by the end of the year, another 22% aren’t sure. IT, Business, and Finance were the industries most likely to see people quit their jobs.

Job Satisfaction High in Skilled Trades

Over 80% of tradespeople have high satisfaction in their choice of work. The labor shortage is still negatively impacting though, as 77% in the skilled trades see it as a worsening problem year over year.

Small Businesses Hurting in Finding the Right Talent

The top challenge for 63.4% of small businesses is hiring the right talent. Around 61% also reported unfilled job openings. Some issues that are obstacles in hiring are:

• The need to raise wages (54.7%
• Inability to find qualified applicants 53%
• General lack of applicants 48.9%

Gen Z and Millennials Considering Their Options

Almost half (44%) of Gen Z are actively looking for new job opportunities while 35% of Millennials are doing the same. Gen X comes in at 27% and Baby Boomers at 11%.

When asked what they are looking for in order to remail loyal to their current companies, responses across generations were:

• Increase in pay, 61%
• A stay bonus, 39%
• More paid time off, 39%
• Flexible working hours 35%

Sam’s Club Joins In on Raising Starting Wage

As the holiday season looms, Sam’s Club announced it’s raising the starting wage to $15 an hour starting September 25. Currently minimum wage for some roles was $11 but increasing the wage is thought to help combat the fierce competition for labor.

Manufacturing Wages on the Rise

Over the next year, manufacturers plan on increasing wages and full-time employment by 3.5% and 3.8% respectively. When looking at quarterly surveys dating back to 1997, these increases are ones for the record books.

Train First, Hire Second

More than half (60%) of key decision makers say they are looking to reskill employees by the end of the year rather than hire externally. The thought is that leveraging current employees is a safer bet as they fit the culture, and it avoids the competitive hiring landscape.