A record-high 11 million jobs are waiting to be filled across the U.S. This boom in available openings? You can thank the Baby Boomers.

According to Pew Research Center, the rate of retirement in Baby Boomers has accelerated since the start of COVID-19 with almost 29 million boomers retiring in 2020 – An increase of more than 3 million from 2019.

With 75 million Baby Boomers retiring by 2030, The Great Retirement is looking to supersede The Great Resignation as the biggest hiring trend for 2022. Here’s what you need to know:

How will Baby Boomers retiring affect the workforce?

One in four workers in the U.S. is a Baby Boomer, amounting to 41 million total employees. This trend of mass retirement will lead to an even wider workforce gap as companies race to fill positions left by retirees. As these workers also normally hold higher-level management positions due to their extensive working experience, the competition to find replacements will be tough with many businesses turning to recruiters to look for top talent.   

Why are Baby Boomers retiring now?

While Baby Boomers fall in the generation most at-risk for COVID-19, the main driving factor for retirement isn’t health-related. They’re looking for a better quality of life.

Famous for their strong work ethic and dedication (40% have stayed with their employer for more than 20 years), Baby Boomers commit to their jobs more than any other generation. After 40+ years in the workforce and a global pandemic, they’re re-evaluating their work-life balance. With quarantine rules keeping them at home but isolated, many are choosing to trade in their 9-to-5 for more time with friends, family, and to travel.

Those most likely to retire early? Women over the age of 65 are the group with the most retirees while the Hispanic Boomer population saw the biggest increase in retirement rates. Boomers residing in the Northeastern U.S. also saw a large increase in those retiring.

What can be done to prevent a workforce gap?

While Boomers may want to spend their golden years away from the office there is a silver lining to The Great Retirement: There’s a whole new generation (and two others) ready to work. Investing in these workers and supporting their development will be crucial to closing your workforce gap. Here’s how to attract and retain young employees:

1. Offer flexibility in the workplace

Gen X workers and Millennials are often working parents or caregivers to their parents or grandparents. With quarantine rules and distance learning changing often and suddenly, you’ll need to be supportive of employees who are pulling double duty working and taking care of their family during the day. Offering more flexibility to parents by letting them work from home and by measuring their performance on results (not hours worked) will help retain valuable employees who won’t have to choose between family and their job.

2. Close skills gaps with reskilling and upskilling

Younger workers, especially Gen Z, won’t have the decades of experience that retiring Baby Boomers have. Instead of brushing-off young talent for a lack of skills, take the time to train them on the skills they need. If your company doesn’t have a formal training program ask them to enroll in online courses like our Aspire Academy. There are dozens of training courses available at no cost.

3. Mentor, don’t manage

For many young people, a position in your company may be their first professional job out of college. They don’t just need a salary but need guidance on how to progress in their careers. In a recent survey, younger workers reported wanting feedback from their managers more frequently than their older colleagues signifying they need more support to know they are doing their jobs correctly. They also rank mentorship among the three most important aspects of choosing where to work. Setting up a mentorship program will not only attract top young talent but keep them engaged and loyal to your company.

Is your company feeling the effects of The Great Retirement? At Adecco, we pride ourselves on finding and connecting top talent with the right opportunities. Learn more about our staffing solutions and keep reading our blog to discover the other top hiring trends for 2022.

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Minimum wages are set to increase in a record number of US states and municipalities in 2022. In several states, the increases are part of scheduled raises on the road to $15 per hour. Learn more about what to expect for the upcoming year and how it might impact our country’s current hiring shortage.

When exactly do the new minimum wage rises take effect?

The first minimum wage increase went live in New York state on December 31, but most took effect on the first of the new year. Be prepared for changes throughout 2022 though: Hourly minimum pay for all federal contract workers – including disabled workers – will hit $15 on January 30, thanks to an executive order from President Biden last April. Then starting in July, minimum wage raises will take effect in Connecticut (up $1 to $14) and Nevada and Oregon (up 75 cents to $9.50 and $13.50, respectively). And Floridian workers will see a $1 increase to $11 on September 30.

Where are the most significant raises?

Virginia saw the largest 2022 increase, with minimum wages up $1.50 to $11 per hour. California, a leader on workers’ rights, also tops the wages table, with a state-wide minimum of $15 per hour. (For employers with 25 employees or fewer, it’s $14 per hour.) Parts of New York state, including NYC, also implemented a $15 minimum wage (the state-wide minimum is $13.20; fast-food workers made at least $15 per hour since July last year, state-wide).

For the record, several cities have gone past the $15 mark already. Seattle has the highest city minimum wage ($17.27) for most employers ($17.53 in SeaTac, home to Seattle-Tacoma International Airport). It’s $15.87 in Denver, $15.55 in Flagstaff, Arizona, and $16.40 in Apple’s hometown of Cupertino, California. Washington DC’s minimum hourly rates will hit $16.10 this July.

What about tipped workers and other exemptions?

Exceptions to the federal minimum wage apply for workers with disabilities, workers under age 20, tipped workers, and student-learners. However, several states and municipalities are upping minimum wages for groups covered by federal exemptions.

At the same time, the federal government is eliminating the sub-minimum wage for tipped employees of federal contractors by 2024. In addition, as of January 30, the federal government is extending the $15 minimum wage to federal contract workers with disabilities. (Tens of thousands of disabled workers in the US earn below the minimum wage, with some paid as little as $3.34 per hour.)

Employers will have to navigate complexity to stay compliant with different hourly minimums for different workers, employer types, and locations.

We stay ahead.

Over a million workers in America still earn the federal minimum wage or less, yet inflation is at its highest level in nearly 40 years. And although many employers hiked pay to combat labor shortages (Target and Amazon have a $15-per-hour minimum rate; Walmart has $12), inflation-adjusted average hourly earnings still fell by 1.9% in November 2021.

In today’s market, it’s more important than ever to be smart about offering competitive wages. In our work with employers across the country, we consistently find that those with the most success in attracting and retaining talent are those who own the market in wage rates. Working with Adecco means working with experts experienced in navigating local markets. You also get access to invaluable resources like our cost of turnover calculator and optimized pay rate calculator.

Learn how Adecco helped a leading fashion brand optimize pay for 100% fill rates, a 44% rise in applications, and a 52% boost in the interview-to-hire ratio. And find out how we can help you improve retention, reduce absenteeism, enhance productivity, and boost workers’ health, morale, and effort.

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The Great Resignation. COVID-19. A work-from-home revolution. The hiring process has undergone serious changes over the past year. And these changes are going to carry over into the new year.

With a record number of job openings, you’ll need to be on top of this year’s talent acquisition trends to attract (and keep) the best workers. Here’s what to look out for in 2022:

Job hunts are starting…right now

New year, new job? Expect an influx of applications at the start of the year. According to a Harris Poll study, 59% of employed Americans who plan on quitting their job will be looking for work between now and February. And with the “Great Resignation” reporting record quit rates for Americans in 2021, get ready for a record number of candidates as well. It’s expected that there will be 7 million more employed Americans in 2022 than in 2021. 

With the total number of potential applicants growing, so is the number of diverse candidates. Take this opportunity to improve inclusion at your company. Candidates from different backgrounds, such as those who are neurodiverse and veterans entering the workforce, possess different skillsets than traditional job seekers and can give your company a competitive advantage.

The Great Resignation will continue

One of the biggest hiring trends from 2021, the “Big Quit” as some experts call it will continue into 2022. In fact, it’s only picking up speed. A record 34.5 million Americans quit their jobs in 2021, with most resignations happening at the end of the year. It’s more important to invest in recruitment now more than ever: experts predict that almost a quarter of the American workforce plans to resign in the next 12 months.

Younger employees are twice as likely to resign from their jobs in 2022. From creating developmental plans to supporting mental health, learn how you can support younger workers during the pandemic to keep your team intact.

COVID-19 is sticking around

With new variants springing up every year, the pandemic is shaping many current hiring trends. Make employee safety your top priority and check out our webinar on how to navigate vaccine mandates while we wait for the final say from the government on how businesses need to proceed. 

While COVID is disrupting the workplace, keep in mind that it’s also impacting schooling. With more school districts shutting down over staff shortages and increasing infections, offer your workers more flexibility. Learning how to retain parents can help you keep your best employees as two out of every five parents have changed jobs due to the pandemic.

Be ready to hire

With tight competition for the best talent, you want to be ahead of the hiring trends for 2022, not behind. That means you’ll need to be ready to act when you find the best talent. Proactive recruiting is one of the biggest recruitment trends, meaning you’ll have to rely on social platforms, events, and hiring a recruiter to find the most qualified candidates.  

While finding applicants is important, getting them interested in your open positions is crucial. Since the start of the pandemic, workers are prioritizing flexibility more and more. Our research shows that 41% of workers are currently moving, or are considering moving, to a job with more flexible working options like working remotely, choosing their own hours, and forgoing the typical 40-hour workweek. Make sure to highlight the flexible options you provide (or start providing them) to not lose quality applicants.

What’s Adecco doing?

We’re here to help you stay ahead of the hiring trends for 2022. As the holidays are ending, we’re catching qualified workers as they leave their peak season job, expanding our talent database in time for you to fill your open positions. Whether you’re looking for temporary workers or direct hires we’ll help you find the right fit.

How? As the job market evolves, so do we. From grassroots blitzes to partnering with different job boards, we’re working to expand our reach bringing you the best candidates. By leveraging different technologies like our Pay on Demand service, we’re attracting more applicants who are ready to work for you.

It’s also our job to stay up to date on the latest market data and learn what workers are looking for in employment. Check out our monthly jobs report for a breakdown of the hiring practices for your industry/location and our pay rate calculator to make sure you’re offering a competitive salary to be ahead of other businesses.

Ready to be ahead of the current hiring trends? Contact us today to help you find the best talent and make 2022 your best year yet. 

Our services don’t end at finding the right people. At Adecco, we encourage the training of candidates after placement through our Aspire Academy to ensure a perfect fit and encourage employee retention. Check it out and head to our blog for more resources on how to support your workers in 2022 and beyond.

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