WEBVTT

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After the unprecedented events of the past year,

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many workers are not choosing to return

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to the workforce yet.

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And global labor participation has dropped from

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a historical rate of 62% down to 59%.

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Meanwhile, hiring demand has spiked,

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and companies are struggling to fill openings

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as the labor supply faces bottlenecks.

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Over 40% of employees saw decreases in their well-being

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during the pandemic, leading many to reconsider

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whether they want to stay in their current role-

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or would rather look for greater recognition and flexibility

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from their [employer] or other employers.

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Given the current labor market, companies need to refocus

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on re-recruiting their own talent and adding new talent

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by strengthening their employee value proposition.

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Increasing wages is the first and foremost lever.

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But companies must also create

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the right flexible working model

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while embracing digital tools as a way

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to enable continued workplace connections and upskilling.

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In the past year, seven in ten employees

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are also saying diversity, inclusion, and equity (DEI)

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has become increasingly important to their job search.

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So companies have an opportunity right now

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to reimagine DEI as a powerful investment

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to unlock the potential of all of their employees,

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and to approach DEI not as a stand-alone initiative,

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but something totally embedded

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in all aspects of reinventing work.