Companies around the world are struggling to fill open positions, while over 16.5 million people look for work, are BLS U6 underutilized, or want work but are not part of the “labor force”.
Of non-institutional civilians over 16 years of age, only 49.35% are working full time today. The labor force participation rate has currently dropped to 61.7%, as 4.2 million people have left the labor force during the pandemic. An additional 3.6 million people have retired during the pandemic, 2 million more than expected.
Businesses are also facing an accelerating quit rate as 3.8 million Americans resigned in June alone.
Gallup analysis finds that 74% of workers are actively disengaged and 48% are actively job searching. Potentially questioning how/why they work, who they do it with, where they do it from?
70% of workers feel that COVID-related restrictions led to the most stressful period in their career. This is not business as usual. It’s time to ask the hard questions about your work from home policies, child care, training, DEI, ageism, organizational health, pay, benefits and if it’s worth considering a four day work week.