All you need to know about what you need to know!
February 24, 2023
1. Money Can’t Buy You Love. Over half of 2022 “Great Resignation” job hoppers gained pay increases greater than the rate of inflation. Yet, 80% of those who quit their jobs during the Great Resignation now regret that decision. Read more here.
2. The Real Cost of Losing. A resignation, on average, costs companies $11,000 in replacement and lost productivity, which means the “Great Resignation” of the past few years has been very expensive. Data shows that over the past 6 months, 1 in 5 workers, on average, have quit their jobs. For a company of 500 employees, that’s a $1.1 million impact to the bottom line. Read more here.
3. Tug-of-War. 85% of workers want remote work, and some of them are willing to accept a 16% pay cut on average. On contract, employers want to end remote work. Who will win this tug-of-war? Read more here.
4. Small is the New Big. Now that small businesses are finally able to compete for talent, 80% of small businesses expect revenue to grow or hold steady into Q2. Read more here.
5. RedBalloon’s CEO offers analysis of this week’s trends in the labor market.
6. Catchy Quotes:
“There’s a real cost to having workplaces where employees feel little-to-no attachment. Company culture is real, and creating exciting, innovative, and growth-oriented workplaces is a huge boost to employee retention. And, it can be a significant boost to the bottom line.” -- Andrew Crapuchettes, CEO of RedBalloon
“This is yet more proof that workplace contentment eludes many companies, and more money isn’t the answer,” -- Andrew Crapuchettes, CEO of RedBalloon
“At RedBalloon, our resume file has grown by 37% in just the last month, as job searchers continue to search for contentment in their careers. Most are telling us they’re escaping toxic workplaces where they’ve not felt valued for their accomplishments and merit.” -- Andrew Crapuchettes, CEO of RedBalloon
RedBalloon CEO Andrew Crapuchettes has founded several successful tech-focused companies and is widely considered a global pioneer in the development and use of labor market data analytics. He served as the founding CEO of Emsi (now Lightcast) - which brought market-changing innovations to how higher education, corporations, and governments approach the labor market. Crapuchettes is also a frequent presenter at technology and business conferences, and frequent guest on business and technology news and influencer podcasts. In 2021, Andrew founded RedBalloon, which has quickly become America’s largest job-board-connector of employers and job seekers who prioritize workplace culture.
Media Contact: Isaac Lopez
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