The Great Remorse
It’s a confusing market for everyone.
The great resignation has been dominating the general landscape of the market but more specifically of the Tech industry. Many startups in investment rounds, and more and more platform and software companies made IT profiles the most demanded in the market. And this puts developers in a unique place.
However, many have been in for a big surprise: The most recent employees to join the Great Resignation are finding it more difficult than they anticipated to find new employment, which is causing the Great Remorse.
Over 2,000 North American job seekers were polled in a recent Harris Poll about their most recent experiences with the labor market, as first reported by Bloomberg. Most of them claimed that finding a good role has proven to be more difficult than anticipated.
Employees who plan to remain in their current position are doing it because they genuinely like what they are doing and have no desire to change. The pay and benefits are too good to pass up, even though they are not working their ideal job. Nevertheless a small percentage of workers stated that while they would prefer to change jobs, they do not want to risk their current financial security in light of the uncertain job market and impending recession.
They may have a point.
While businesses report robust hiring increases last month, unemployment is slowly creeping back up. Just look at the layoffs at companies like Meta and Twitter. These unstable conditions may come as a shock to millions of workers.
72% of job seekers think hiring managers are failing to do their jobs, frequently ignoring their application submissions or failing to set up interviews. As a result, about two-thirds of those job seekers regretted not starting their search sooner.
One example is that the journey has been long. More than 60% of job seekers claim that their search has taken longer than six months, and many of them claim to have applied to more than 50 positions.
51% of job seekers concur that they would accept any job offer that came their way given the circumstances due to the frustration and difficulties of the job search. That’s yet another indication that the Great Resignation may finally be winding down after almost two years.
For job seekers, however, nothing has improved in a while. According to a July Joblist report, 25% of workers who left their jobs during the pandemic now regret doing so.
All of these testimonies indicate that power has firmly returned to employers, and makes a fair balance between the parties vital to the overall benefit of the market.
Hopefully, so many changes and uncertainties will lead to the final structure of a market with opportunities for people from all over the world.