The labor market has been a rollercoaster, and HR professionals will continue riding it this year. Along with frequent changes in the employment market, several buzzwords have been floating around workplaces. Keeping these terms straight can be challenging, so use this infographic as a quick reference to the latest employee attraction and retention trends and what they mean.
Attraction and Retention Trends and What They Mean – Infographic
During the past year, there were a record number of employee quits, an increase in talent shortages and workers having more workplace demands—and at times, the upper hand. As a result, these trends were evident in many of America’s workplaces.
“Quiet” Employee Trends
- Quiet Hiring – Employers upskill or move existing employees— temporarily or permanently—into new roles to fit business needs rather than hiring new employees.
- Quiet Quitting – Workers only do what their job description entails without going above and beyond.
- Quiet Firing – Employers or managers slowly pull back employee duties to push the employee out of the company instead of outright firing them.
- Quick Quitting – Workers quit their jobs before the one-year mark.
“The Greats” Employee Trends
According the U.S. Bureau of Labor Statistics, “The Greats” have evolved over the past year to reflect better what was happening in the labor market.
- The Great Resignation – Workers leave the workforce altogether. While workers quit their jobs at record-high rates in 2022, the majority quit one job rather than exit the workforce.
- The Great Reshuffle – Workers quit one job that they are unsatisfied with to take another. Employee quit rates are down but remain near all-time highs and much above historical benchmarks.
- The Great Reconsideration – Workers reconsider and change their work experiences to take advantage of a worker-friendly labor market.
- The Great Rebalance – Workers return to more typical career security and leverage levels, rebalancing the employer- employee relationship.
- The Great Disconnect – A gap is present between organizational and worker preferences (e.g., flexibility in
where and when work is done).
If the past year has taught anything, the labor market and workers’ desires and needs will continue to evolve. Contact TIG Advisors for more guidance on employee attraction and retention trends and other HR topics.
