The Battle for Talent
In August, some 892,000 workers quit accommodation and food services jobs and 721,000 quit retail positions, according to BLS data.
Brian Kropp, Group Vice President and Chief of HR Research at Gartner took to LinkedIn this week to put the most recent quits report in perspective, saying, “2.9% of employees quit their job in the US in August. That translates to more than 1 in 3 employees quitting their job for a full year. Layer on top of that the belief that employers expect 6.8% of employees to quit if a vaccine mandate is put in place. Add those together and we are looking at the potential of 40% turnover across the next 12 months.”
A hard number to swallow.
From hiring bonuses and increased pay to onsite interviews and immediate job placement—mom and pop shops all the way up to big box stores are pulling out all the stops when it comes to hiring the help they so desperately need. But it’s still not enough. So how can businesses stay afloat when traditional options have been exhausted?
The gig economy isn’t just an option—it’s a life-preserver during these uncertain times. McKinsey & Company says nearly 70 percent of executives report they’ll turn to in the coming months. A strong signal that when it comes to gig—things are just warming up.
The Growing Gig Supply
Industries have either suffered, thrived, or barely survived the economic downturn. But the gig economy flourished. Over the last six years, the gig economy has doubled in size. A third of that growth happened in 2020 alone—spurring growth that was over eight times faster than the US economy as a whole. With the gig economy projected to hit 85.5 million people by 2027, gig workers will make up 50.9 percent of the total U.S. workforce.