Data & Research November 10, 2021

Demand for Talent Outstrips Labor Supply

Among 160 human resources leaders polled by Willis Towers Watson, only 2% indicate they are having no problems with employee attraction and retention.

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A new survey published by Willis Towers Watson (WTW) shows over three-quarters of employers (77%) in the U.S. report having problems finding and keeping employees. It is just the latest piece of research to indicate the labor market is going to be tight in 2022, with a third of U.S. workers considering a job change or retirement.

The WTW survey finds only 2% of employers say they are having no problems with talent attraction and retention, while 19% say that they are not struggling now but may do so in future. The poll was conducted in October and surveyed 160 human resources leaders.

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All over the world, people are reevaluating what they want from their working lives in the context of the COVID-19 pandemic. Meanwhile, demand for talent is outstripping supply in some countries and regions, with sectors like hospitality, manufacturing and transportation hit particularly hard.

Hospitality labor shortages could get even worse, as one-third of current hospitality workers report being dissatisfied or very dissatisfied with their jobs, and 58% saying they are planning to quit before the end of 2021, according to a survey by job search site Joblist. The job search site recently released its third quarter report on the U.S. labor market, questioning more than 26,000 job seekers about their outlook on the job market and future expectations.

In that survey, 22% of all job seekers report have quit their previous job. On the other hand, 73% of job seekers who remain employed say they are actively thinking about quitting their current role. Though not a universal experience, many workers say they are unhappy with their jobs and how employers are treating them during the pandemic.

Nineteen percent of workers cite unhappiness as the primary reason for quitting, 17% say low pay or lack of benefits, and 13% say the lack of work-life balance drove them to quit. On the positive side, 20% of workers report quitting in order to pursue a new career path, according to Joblist, reflecting how the pandemic created an opportunity for some to switch fields or level up to more appealing roles.

The WTW survey suggests people are leaving their jobs because they can find better pay elsewhere, with 76% of employers saying this is impacting peoples’ decision to leave. They are also moving because of a perceived lack of career opportunities in their current organizations, say 64% of employers.

Companies must create visible career opportunities to attract talented people, say 63% of the HR leaders who responded to the WTW poll. Candidates want to have a clear idea of how they will progress once they join an organization.

Increasing flexibility and hybrid working (58%) was another top attraction tool identified by WTW. The pandemic has rewritten the traditional workplace contract, with employers and employees alike coming to terms with what the future of work will look like. Increasing pay and benefits (52%) is a third key lever for employers, the survey shows.

Data & Research November 10, 2021

Survey Finds a Clear Lack of Health-Focused Savings

More than one in five older women report zero savings for medical bills.

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American women face significant challenges when paying for healthcare in their golden years compared with men, and older women are twice as likely to lack savings for medical bills.

According to the MedicareGuide Annual Health Finance Survey, released Monday, 21% of older women report zero savings for medical bills, compared to just 11% of older men. The survey was conducted among 1,176 adults aged 65 and older in September.

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Older women are also more likely to feel troubled about their ability to pay for medical care, with 61% saying they are very or somewhat concerned about their ability to pay for healthcare costs, compared to 52% of men. Men were more likely to have more than $6,000 saved for medical bills (41%), compared to 28% of women.

Women worry more about what could happen if they were to experience a medical emergency. Fifty-one percent of women are very or somewhat concerned a major health situation could lead to bankruptcy or debt, compared to 40% of men. When facing healthcare bills, 30% of women surveyed have trouble paying compared to 24% of men.

There is a gender divide when it comes to the different healthcare expenses women and men face. While both men and women rank long-term care as their number one expense, with 24% of respondents for each gender, there is a clear divide with other costs.

Health insurance is the second most expensive healthcare expense for men (14%), compared to 24% of women how said it was theirs, tying with long-term care. Further down, 22% of older women rank dentist bills as their largest healthcare expense compared to 14% of men. Ten percent of women rank doctor bills their highest medical cost compared to 5% of men, while on the other hand, they are more likely to cite inpatient hospital bills as their top expense (13% compared to 10% of women).

Women are more likely to skip expenses and other purchases in order to afford healthcare. Thirty-two percent of women said they had forgone paying for expenses and purchases to afford medical costs, comparted to 23% of men. Among the items older women are most likely to skip than men are food, big-ticket purchases and home repairs.

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