How employers can compete in a radically different job market
As Grant Thornton Chief Economist Diane Swonk puts it, when it comes to employment, “The pandemic pushed us through a wormhole, and the old rules no longer apply.” But what are the new rules? And how can your company respond to and help write them?
In this first episode of our Economics of the Changing Workforce series, Diane talks with Tim Glowa, Grant Thornton’s head of Employee Listening and Human Capital Services practice, about what’s changed and how employers are changing in response.
“We’re still down 5 million jobs, job postings are at record highs and quit rates are soaring,” says Swonk. “The war for talent has intensified at all income strata.”
Flexibility is increasingly important to American workers. Glowa cites Grant Thornton’s recent Workforce in America study, which found that 79% of Americans want increased flexibility in where and how they work, and that 51% of Americans would give up 10-20% of a future salary increase to have that flexibility. Other research has indicated that employee productivity has increased when they work from home, yet some managers remain suspicious of remote and hybrid arrangements. Meanwhile, Grant Thornton’s Q3 2021 CFO Survey finds that 70% of CFOs are concerned that talent shortages imperil their strategies.
How are employers responding, and how should they respond, in this changed job market? Listen to learn more.