Layoffs are deceptive. Layoffs in the technology sector have received a lot of attention in the news; yet, spill over into other sectors has been limited. So what’s the real story? Consider that large tech firms added thousands of workers during the pandemic, and announced layoffs represent only a small portion of those additions. Moreover, tech workers are finding opportunities in other industries, and firms are snapping up talent quickly. In fact, most laid-off workers are not on the job market long – a survey conducted by ZipRecruiter indicated that 54% of laid-off workers found a new opportunity within a month, while 88% found an opportunity within three months. These layoff trends are comparable across Canada and EMEA countries as well.
Workers remain confident. The number of individuals who voluntarily left their jobs remained steady at the beginning of the year, indicating workers across industries remain confident in the economy. The demand for talent remains high, and workers who quit their jobs can find a new opportunity relatively fast.
Retention is key. With persistent labor shortages, retaining talent will be a top priority among organizations into the future. Attrition is costly, and firms must ensure they offer meaningful work and attractive benefits to retain their top performers. These benefits take many forms. Learning and development opportunities are critical to retention.
