Perch Perspectives recently published a new market analysis report on Recruiter.com Group, Inc. (Nasdaq:RCRT).
Increased rates of labor turnover and shorter durations of employment for workers are increasingly redefining the U.S labor market.
Even before the COVID-19 pandemic, employers were struggling to find workers to fill critical positions, while workers were struggling to find employers that satisfied their demands.
The pandemic accelerated these trends, creating a significant need in the marketplace for solutions that help workers and employers find each other more efficiently.
Recruiter.com is uniquely positioned to take advantage of these structural opportunities.
The Great Resignation Continues to Sweep Through the U.S.
Recruiter.com’s October Market Trends and Analysis report by Perch Perspectives revealed that the Great Resignation is truly in full swing. Companies are struggling to find employees to fill their open roles, whether they be new or backfill, in addition to having a hard time maintaining employees.
The national quit rate has doubled over the last twelve years. The most recent Bureau of Labor’s Job Openings and Labor Turnover report found the highest quit rate yet, at 2.9 percent (4.3 million people).
Factors that are contributing to the Great Resignation include:
Decline of fertility rates
Advances in technology, making certain workers skills obsolete
Desire for work/life balance and new experiences
Rise of the job hopper generation
The Great Resignation Leads to Great Opportunity
As dissatisfaction grows between employers and employees, the amount of open positions continues to increase as well. According to a recent Linkedin survey, 74 percent of respondents are actively rethinking their current work situation.
This mass exodus will force companies to invest in new recruiting strategies to keep their business staffed. Online recruiting platforms offer a productive way to connect you with talent faster, but they often perform at a lower rate than traditional recruiting tactics.
For instance, Recruiter.com has added a career community for recruiters to the company's marketplace, which helps connect recruiters with opportunities.
Global War for Talent
U.S. companies are now competing with the rest of the world when it comes to recruiting, which can only increase the global shortage of workers. Our report notes that the management consultancy, Korn Ferry, states that the U.S. will be 6 million workers short by 2030.
As job openings and employee turnover continue to rise, and the war for talent continues with “hire from anywhere,” companies will have to invest in ways to recruit new workers and keep up with the current churn.
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