Who is quitting and which industries are suffering most?

In an article published on GO Banking Rates earlier this year provides a fascinating and useful insight into which industries are hardest hit by the current hiring and promotion, recruitment and retention challenges (reporting from the USA).

Here’s some highlights:

  • We are simultaneously losing the wisdom and expertise of experienced seniors, as well as the new ideas, energy and relevance of youth: “The largest numbers of people leaving the workforce include millions of baby boomers who are taking early retirement and millions of Gen Zers (young people in their teens and early 20s).”
  • Hospitality is currently hiring for 9% of all positions: “LinkedIn data shows that retail sectors and hospitality sectors are some of the hardest hit.”
  • Those you might assume have the least financial flexibility, are the ones quitting in the highest numbers: “Industries especially hard-hit are the hospitality sector, including hotels and restaurants; retail establishments; and components of the supply chain like warehouses, fulfilment centers, truck drivers, call centers and delivery services.”
  • Wellbeing priorities are leading employees to self help by taking control of their careers, and their lifestyles: “Now that employees are well aware that there are employers out there who will provide them with flexibility, mental health support, and additional time off to combat burnout, it’s natural for someone to seek out change,”
  • Employees are calling the shots: “Great Resignation will continue in 2022 because candidates are becoming more aware that they’re in the driver’s seat.”
  • There’s plenty of innovation and creativity available to a business in this space: “Smart companies will start catering to their current employees to build the most flexible, attractive work environment and company culture that considers remote work, work-life balance, mental health and burnout, fulfilment and growth opportunities, benefits and incentives — as well as start paying attention to their employer brand,… not requiring 10 different interviews, shortening the hiring cycle, waiving pre-employment checks that aren’t necessary, etc.”

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