Use the following as context: The job market may be tighter than it used to be, but the war for talent isn’t over, and HR teams have a new challenge to deal with: other businesses aggressively courting their staffers. According to a recent survey by ZipRecruiter of over 1,500 employed adults in the U.S., a growing share of people who switched jobs in the last six months say they were actually recruited by another company, with around 46% of new hires reporting that they were recruited to their jobs instead of applying themselves, up from 34% who reported the same during the fourth quarter of 2023. In some cases, they were approached because they signaled on job platforms like LinkedIn that they were open to being contacted for a new job.
The survey further reveals that the financial services, advertising and marketing, real estate, insurance, and professional and business services industries are most likely to actively recruit talent, with at least 50% of new hires in each of these industries saying they were recruited. On the other hand, utilities, food services, retail, and manufacturing saw the lowest rates of active recruiting, with less than 5% of new hires in these sectors saying they were approached about their roles.
In addition, some companies are trying to entice workers to stay by offering them a larger salary. Around 24% of new hires polled by ZipRecruiter said they received a counter-offer from their previous employer when they said they were leaving for a new gig, up from 21% in the fourth quarter of last year. However, other firms are taking a more hardline approach, such as KPMG's policy of slashing partners' pay by 50% during their "garden leave," a period when an employee is in the process of leaving a company but no longer has to work.
To address these challenges, Garefis advises HR teams to prioritize building quality connections with employees and candidates. "In a world where candidates have hundreds of job postings at their fingertips in seconds, HR leaders have to adopt strategies and technologies to build a human connection with top talent quickly," she says. "Whether it's to stand out from other companies hiring for similar roles or to get a position filled quickly, a person-to-person connection at the start of what can be a daunting process for job seekers can make all the difference."
After decades of working, many individuals aspire to retire and relax at their beachside holiday home. However, a recent survey of over 6,300 UK adults found that 14% of baby boomers and late Gen Xers have "unretired" and returned to work, with an additional 4% considering it. This trend is not limited to the UK, as a similar quadrupling of Americans aged 65 and older working past retirement age has been observed.
Inflation is a key driver of this trend, as it adds around $1,250 to households' annual bills. As a result, many pensioners are seeking new ways to supplement their income, such as taking on additional work or delaying retirement plans. In fact, around 16% of women and 21% of men are planning to return to work after retirement.
It's crucial to start planning for retirement early, as the earlier you start, the better. As financial expert Suze Orman highlights, Gen Z and millennials could retire as millionaires if they make the most of compound growth. Depositing a monthly investment of $100 into an account with a 12% yield could net around $1.2 million in 40 years, but delaying investment can significantly reduce accumulated wealth.
In conclusion, while the idea of "unretiring" may seem appealing, it's essential to consider the financial implications and plan for the future to ensure a comfortable retirement.