After the unprecedented events of the past year,
many workers are not choosing to return
to the workforce yet.
And global labor participation has dropped from
a historical rate of 62% down to 59%.
Meanwhile, hiring demand has spiked,
and companies are struggling to fill openings
as the labor supply faces bottlenecks.
Over 40% of employees saw decreases in their well-being
during the pandemic, leading many to reconsider
whether they want to stay in their current role-
or would rather look for greater recognition and flexibility
from their [employer] or other employers.
Given the current labor market, companies need to refocus
on re-recruiting their own talent and adding new talent
by strengthening their employee value proposition.
Increasing wages is the first and foremost lever.
But companies must also create
the right flexible working model
while embracing digital tools as a way
to enable continued workplace connections and upskilling.
In the past year, seven in ten employees
are also saying diversity, inclusion, and equity (DEI)
has become increasingly important to their job search.
So companies have an opportunity right now
to reimagine DEI as a powerful investment
to unlock the potential of all of their employees,
and to approach DEI not as a stand-alone initiative,
but something totally embedded
in all aspects of reinventing work.