What’s the Impact of the Current Talent Shortage?
The current talent shortage has had a wide-reaching impact on the U.S. labor market, being acutely felt across many industries in virtually every part of the country.
The immediate impact of the current worker shortage is that many companies have struggled both to retain employees and to hire new ones. This, in turn, has increased WXUQRYHUGUDPDWLFDOO\GLVUXSWLQJZRUNȵRZVDQGUDLVLQJFRVWVDVQHZHPSOR\HHVPXVW be recruited, trained and retained in a short amount of time. Overall, this has put pressure on companies’ bottom lines and payrolls — something unlikely to change anytime soon. In addition to the impact on businesses, employee expectations have also shifted GXULQJWKLVSHULRG(PSRZHUHGE\UHPRWHZRUNDQGȵXVKZLWKMRERSWLRQVPDQ\ SURIHVVLRQDOVQRZSULRULWL]HEHWWHUZRUNOLIHEDODQFHȵH[LEOHVFKHGXOLQJDQGJUHDWHU pay — and they want employers to deliver. Although the long-term impact of the current talent shortage remains to be seen, there’s little doubt that the implications of it will be felt by both employers and professionals for years to come.
A Closer Look at the Data
Madgex took a deep dive into the data behind The Great Resignation with an extensive survey of more than 2,700 professionals to gauge their views on the economy, career development, decisions to stay or leave their current roles and much more.
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