U.S. Workforce Volatility Stabilizes but Uncertainty Remains, According to Workforce Logiq’s Annual Labor Market Report
AI-powered talent intelligence shows the total number of employees categorized as most likely to switch jobs is down 30% from its peak during the initial COVID-19 outbreak
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services, today released its second annual Workforce Management Benchmark Report. The market analysis, which is based on proprietary and predictive insight from Workforce Logiq’s Total Talent Intelligence® platform, examines workforce volatility across states, metropolitan statistical areas (MSAs), job functions, and major industry sectors. The U.S. Talent Retention Risk (TRR) ScoreSM, a measure of workforce volatility, surged 14% to its 2020 peak in June, but improved significantly in Q4 to end the year in relatively stable territory despite the pandemic’s rollercoaster impact on the labor market, up only 3% overall since January 2020.
HR Technology News: Protiviti Named One Of The 2021 ‘Best Workplaces In The Bay Area’ By Fortune And Great…
“Our benchmarks indicate employment stability is improving, with retention risk slowly declining to historically lower levels. But employers will likely face new challenges in 2021”
“Our benchmarks indicate employment stability is improving, with retention risk slowly declining to historically lower levels. But employers will likely face new challenges in 2021,” said Jim Burke, Workforce Logiq’s CEO. “Workers will continue to migrate outside of cities in pursuit of better lifestyles. Remote work will create national, not local, competition for talent. And vaccination uncertainty and ongoing economic jolts could cause another uptick in volatility.”
Key findings from the annual report include:
– All 50 states showed decreasing workforce volatility in Q4. This overall 24% reduction is a big improvement from the second quarter, when all states spiked in volatility due to the onset of the pandemic. Washington, D.C., which improved 23% from Q3, had the highest volatility score exiting the year at 33% above the national average.
HR Technology News: How Office Gift-Giving Has Changed In A World Of Remote Work
– Orlando-Kissimmee-Sanford was one of the most improved MSAs, even with major hits to the tourism industry, with a TRR ScoreSM 25% below the national average in Q4 and an annual volatility increase of only 3%. While San Francisco-Oakland-Berkeley improved its volatility level by 22% during Q4, the area still holds its spot as the most volatile MSA, at 38% above the national average. The top 25 MSAs collectively improved 29% from their Q2 peak.
– More than 60% of major sector categories ended 2020 with above average workforce volatility. Mining, Quarrying, and Oil and Gas Extraction (64.6) had the highest volatility in Q4, up 8% over Q3. Arts, Entertainment, and Recreation (60.4) had the highest annual increase, up 14% over 2019. Accommodation and Food Services (53.5) came in fifth and was up 6% over last year. Healthcare and Social Assistance (40.2) had the lowest volatility score and ended 2020 relatively flat compared to 2019.
– Finance jobs were the most volatile employment category in Q4, 90% higher than the national average. HR, marketing, recruiting, and investment jobs rounded out the top five. Teachers (+175%), Doctors (+108%), Administrators (+61%), and Nurses (+27%) had the most significant year-over-year volatility jumps. Conversely, Military (-52%), Software Engineering (-48%), Public Safety (-48%), Film/TV (-26%), Dentistry (-25%) and Recruiting (-25%) improved the most compared to 2019.
HR Technology News: TecHRseries Interview with Doug Stephen, President, Learning Division at CGS
Write in to psen@itechseries.com to learn more about our exclusive editorial packages and programs.