Employers can gain insight on workforce trends and labor challenges in the recently issued Randstad 2022 Salary Guide. While the report offers data for 8 specific industries, observations about shifting forces in labor are relevant to the market at large.
Wages and salaries are on the upswing and employees are calling the shots – those facts are certainly not news to Human Resource professionals. In many industries, employers have been facing serious challenges in retaining and recruiting their employee workforce since the start of the pandemic.
A recent report takes a deeper look at some of these labor trends: The Randstad 2022 Salary Guide provides salary data across eight industries, as well as insights on American labor market trends. A recent press release offers an executive summary – Salaries Increase Across Industries as Workers Drive Change in Today’s Labor Market, New Randstad USA Report Finds — or you can download the full Randstad 2022 Salary Guide, which includes insights data, trends, and specific pay rates for a variety of job titles or positions within these industries:
- accounting and finance
- clinical and non-clinical healthcare
- human resources
- information technology
- life sciences
- manufacturing and logistics
- office and administration.
The report offers startling information about these sectors, such as that the healthcare industry has lost nearly a half million workers or 18% of the workforce since the start of the pandemic, that there has been an explosion in demand for certain IT jobs, and that salaries are soaring in some sectors such as the financial services industry, and for mid-level employees in manufacturing and logistics.
Regardless of industry sector, some of the trends in the report are relevant to the job market in virtually any sector. The executive summary notes that, “After working through the pandemic for almost two years, American workers have used this time to evaluate their priorities and are seeking personal and professional improvement at unprecedented levels. Workers are demanding better pay, more flexible work arrangements and safe workplaces.”
The Guide discusses four workplace trends that will shape the work world for the foreseeable future:
1. The great resignation is here to stay
“What makes this trend different and harder to predict is that it’s not tied directly to specific market conditions. It’s certainly influenced by them, but most of its staying power appears to come from a more intangible, widespread shift in employee attitudes and preferences. The pandemic disrupted the status quo in a major way, and workers in virtually all industries are using this transitory period to reassess how they view work itself and searching for roles that are more meaningful — and better paying.”
2. Workers want flexible work — but the c-suite doesn’t always agree
The report points to a wide disconnect between what executives end workers want for the future:
“Sixty-eight percent of workers prefer remote work over returning to onsite work, and 61 percent would be willing to take a pay cut to remain remote. Almost half (45%) said they would quit or immediately begin looking for a new job if they were forced to return full time.
… Despite this clear employee preference, executives overwhelmingly want their workers back full time.”
3. The evolution of tech tools in the workplace calls for continued skilling
“With continued advancements in tech and widespread digital transformation, employers need to invest in building their workforces’ skill sets for the jobs of today and the jobs of the future. Add to that the strain of hiring in today’s job market, and it’s more important than ever to reskill/upskill workers to keep them on board.”
“…But the business case for skilling couldn’t be more clear — and the timing couldn’t be more urgent. Companies that make skilling a priority in 2022 will be much more likely to keep and retain talent, while those that don’t will struggle with more than just human capital. They’ll also have a harder time innovating and adapting to our ever-changing business landscape.”
4. Employee well-being is still top of mind
The report notes that “The burnout and mental health challenges of living in a pandemic and fielding constant disruption aren’t going away. Employers need to make employee well-being a top priority — to support their current workers and attract top talent down the line.” But again, they point to a great disconnect between employers and employees. They cite a recent national employer survey by McKinsey in which 71% of employers reported that they support mental health for frontline workers well or very well, but only 27% of those employees agreed.
Download the full report for more – it’s worth a look. Also, see our prior post on The Great Resignation and what employers can do to recruit and retain good employees where we talked more about labor trends and summarized recommendations from various HR experts about what employers should do in response to these dynamic workforce changes.