Workforce Disrupted: Seeking the Labor Market’s Next Equilibrium
COVID-19 sent shockwaves through the global economic system, disrupting financial markets, slowing productivity and exacerbating existing inequities. But its unprecedented impact on the labor market may serve as the pandemic’s most enduring economic effect. From quiet quitting to the “great resignation,” the past three years have seen a massive transformation in what workers expect from their jobs. The corporate demand for talent has evolved to reflect new markets and the need for different worker profiles, while employees across the globe have discovered the benefits of remote work – altering their views toward existing employers as well as their desires for future careers. These changes – combined with an overheated economy – have generated massive dislocation characterized by a severe labor shortage and skills mismatch. So, where does the world’s workforce go from here?