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Find Out the Top 7 Sectors Suffering Labor Shortage Due to ‘The Great Resignation’
Published: January 25, 2022
Businesses are now facing a new problem called “The Great Resignation” where large droves of employees are quitting, resulting in a talent shortage. The disruptions caused by the labor shortage are felt across sectors. However, some are facing more difficulties than others. Here are the top industries facing the brunt of the “Great Resignation” wave:
The healthcare sector is most affected by “The Great Resignation,” which experienced an extreme increase in demand because of COVID-19. Eighteen percent of healthcare workers resigned from their jobs during the pandemic, while 12% were laid off. Among the workers who stayed, 31% said they thought about leaving.
#2: Customer Support
During the pandemic, online shopping became necessary, leading to a greater demand for online customer support. However, 76% of customer service representatives said their company did not have enough staff to handle customer inquiries. The labor shortage amid “The Great Resignation” created an extra workload for existing CSRs, and 52% of them planned on leaving their jobs because of it.
#3: Data Science and Analytics
The labor shortage in data science is due to it being a highly specialized field. America lacks about 1.5 million qualified analysts who know how to utilize big data in making effective business decisions. Since few workers have the skills and knowledge to take on the job, those working in the field have been overwhelmed with work, driving “The Great Resignation” in this sector.
“The Great Resignation” has created a tight labor market, affecting the number of available recruiters to take on the daunting task of filling open job positions. To illustrate how in-demand recruitment professionals are at the moment, note that there are currently 364,970 “Recruiter” job postings on LinkedIn. For comparison, “Software Engineer” roles, often in high demand, only have 342,586 open postings on LinkedIn.
The tech industry is another sector affected by “The Great Resignation,” experiencing a 4.5% increase in resignations. Since tech is a highly specialized field, the demand for workers was more significant than the supply. Existing tech employees took on additional work to meet the rising client demands, and many ended up burnt out.
Before the COVID-19 pandemic, accounting firms were already a bit understaffed and overworked, but the “Great Resignation” wave made even more accountants reevaluate their chosen paths and seek other opportunities. The average age of Certified Public Accountants (CPA) in America is 55. As such, in a few years, many of these accounting professionals will retire, leaving a large void in the industry that firms may struggle to fill.
#7: Legal Sector
The demand for legal services has remained robust amid the pandemic, with some practice areas experiencing a rise in activity. However, like other industries affected by “The Great Resignation,” the legal sector struggles to find and retain top talent as workloads continue to increase. According to one survey, law firms experienced a nearly 50% decrease in Associate hiring during the pandemic.
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Coming from a media background, Anca leverages her knowledge of the intricacies of Philippine international relations and the cultural nuances of Filipino people to bring valuable insights into how these factors birthed the country’s successful BPO industry.