With a tight labor market and persisting inflation, more job seekers are prioritizing pay and personal development goals, and more employers are investing in new approaches to attract and retain employees, according to Daniel Grigg, Cone Health’s People & Culture Workforce Planning Manager.
Wages are a priority for employees faced with higher cost-of-living concerns: Grigg points to Action Greensboro’s 2024 Guilford County Talent & Workplace Survey, which finds that low pay, along with increasing retirements and family issues, have contributed to a 17% turnover rate locally. Also, for the first time, the survey noted a generational shift from older to younger workers, which is changing the dynamics of the county’s workforce.
With younger American workers particularly hard hit by inflation, they are job and industry hopping to get salary increases, according to Gallup and other research.
“Once staunch healthcare workers are now finding themselves changing fields post-pandemic, a trend becoming more and more common due to incentives not traditionally offered by sectors, such as the retail and service industries,” shares Grigg. “With wages, professional advancement and growth opportunities the priorities, today’s employers need to understand that they are competing for employees across all industries, not just their own.”
Employees are rethinking how they approach work: In the post-pandemic work world, Grigg says each generation is evolving its thinking about employment expectations.
Boomers, who are the most experienced, management-capable employees, are semi-retiring to less stressful, part-time work, like coffee shops or hardware retailers. Along with Boomers, Gen X employees are seeking entrepreneurial opportunities outside of traditional work that offer autonomy and flexibility. Further Millennials and Gen Z workers, who quit in droves during the Great Resignation, are focused on finding purposeful work with ethically aligned employers and work/life balance that prioritizes their well-being.
Retaining and attracting employees requires rethinking benefits: Grigg notes a big shift away from fun perks, like game rooms. Instead, with money tight, he says employees are seeking loyal employers that offer innovative financial benefits, like financial payouts for unused time off, school loan repayment programs and tuition assistance programs that offer direct payments to educational institutions. Importantly, employees want built-in growth opportunities and flexible work arrangements that allow for professional development and advancement.
With 7 out of 10 employers surveyed by Action Greensboro prioritizing training and development, Grigg believes this is a win-win for employees and employers alike.
“Employees are seeking companies that are willing to invest in them for the long haul through degree programs, on-the-job training, and skills and trade program support,” concludes Grigg. “At the same time, cultivating a talent pipeline is paramount for employers across industries because they benefit from increased skills and a stable workforce.”
