16th September 2022

Great ‘resign-ers’ being driven back to work by the global cost of living crisis

Recruitment

Prospect of hunger forcing some back to work

The Great Resignation saw many people leave their jobs during and immediately after the peak of Covid and the winding down of lockdown measures.

Emotional anguish from fear of infection; falling sick or losing relatives to the disease; working from home and the stresses of home schooling; uncertainty about job security amidst furlough or other schemes funded by different governments around the world. All of these and more means it was a very stressful time for many, and it is perfectly understandable why those who were able to might want to take a break from work.

However, for many, there is now a renewed hunger. That is perhaps a literal proposition for some in the near future. As the depth and expected long duration of the cost of living crisis has become more apparent, there is now a need to start earning again.

As the situation progresses, employment market data may likely start to reflect this through reductions in the number of vacancies going unfilled as talent returns, narrowing the skills gap that many economies are experiencing.

Returning to narrow the skills gap

Besides those who resigned in the wake of Covid being driven back to work, there are a couple of other major factors in play that are shaping the job market:

Both the great unretirement and jumping for better pay are trends we are likely to see to a greater or lesser extent in the data from developed economies around the world, including Australia and New Zealand.

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Certainly, many returning workers are likely to be attracted by temporary or contract opportunities. Recruitment agencies minimise costs and streamline for efficiency when choosing ETZ as their RecTech partner. ETZ is the RecTech partner of choice, helping agencies to navigate the pitfalls and obtain excellent value from technology.

ETZ’s leading timesheet and invoicing solution, streamlines the back office processing of your recruitment agency. Our complementary solutions, ETZ Comply for onboarding and document management, and Caspian for business intelligence give agencies further capability to streamline and uncover opportunities. To find out more call us on 0800 311 2266 or book a demo.



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