Millions of young Americans are experiencing a “quarter-life crisis.” They understand that the economy and the nature of work have changed forever. Talent today want more bang for their buck. They want to leave a mark, make a contribution, have a purpose. In short, they’re seeking a calling more than a career. They crave meaning, autonomy, and exploration. Managing one’s vocation successfully is no different than managing a business. And that’s why the contingent workforce has the power to[...]
If we look back at the Bureau of Labor Statistics’ (BLS) jobs report for the summer, the figures tell a more nuanced tale than stasis or small improvements. The good news is that businesses hired 5.1 million professionals. The bad news is that all industries, in aggregate, witnessed labor turnover rates to the tune of 4.9 million workers. The 0.2 percent difference would indicate that just as many people left their positions as came aboard. Other sources, such as Compensation Force, depict employee attrition rates close to 17 percent, based on a survey of 28,000 companies. That’s the highest level of churn since 2008, the dawn of the recession. What happens when turnover spikes? Organizations scramble to backfill positions, oftentimes creating opportunities for contingent staffing providers. However, backfilling is usually a short-term fix for what can be a longer-term issue. Instead of backfilling, let’s see how progressive filling can innovate a fresh approach to a stale situation.