ORLANDO, Fla.--(BUSINESS WIRE)--Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, today released its Q1 2020 Workforce Management Benchmark Report. The analysis offers a predictive, quarterly snapshot of talent volatility across major industries, job functions, metropolitan statistical areas (MSAs), and states.
“Our proprietary benchmarks suggest we are likely to maintain the current macro level of employment volatility through the summer,” said Jim Burke, CEO of Workforce Logiq. “The decrease in new COVID-19 cases being reported and the economic stimulus programs targeting the most volatile industries have begun to stabilize employee sentiment.”
Findings from the first quarter report include:
- The job market will experience a second peak in volatility, impacting recovery timing. The national Talent Retention Risk (TRR) ScoreSM surpassed its first peak in January, and is now at its highest level since the start of the pandemic – although with slower growth in the most at-risk worker categories.
- The total percentage of workers most likely to change jobs is up 27% since the 2019 benchmark report. That means 11% of all professional employees and knowledge workers are now considered highly likely to be open to unsolicited recruitment messages, compared to 8% at the end of last year. The 3% point increase translates to four million additional workers at risk in these job categories.
- New York, at 27% above the national average, is now the state with the highest workforce volatility ranking – replacing District of Columbia. New York is also the epicenter of the U.S. COVID-19 pandemic with the highest number of cases per capita.
- Historically stable job categories are increasingly volatile, including critical roles. For example, job categories with the highest at-risk percent increase include Teachers (+91%), Skilled Trade, including mechanics, electricians, service technicians, etc. (+77%), and Healthcare workers (+55%) – including Nurses and Doctors (+35% and +30% respectively). Public Safety also saw a large uptick in at-risk workers, +33% in the first quarter.
- Baltimore-Columbia-Towson, MD and Orlando-Kissimmee-Sanford, FL had the largest percent increases in their most at-risk categories, +76% and +52% respectively. Both MSAs have been seriously hurt by the pandemic – especially Orlando’s theme park and tourist industries.
“While most employment news is focused on workforce reductions through layoffs and furloughs, organizations must continue to prioritize identifying and retaining key talent and skill sets,” said Dr. Christy Whitehead, Chief Data Scientist and Talent Economist at Workforce Logiq. “During hyper-uncertainty, organizations with access to predictive data science insights are positioned to anticipate and make fast, accurate, and cost-effective decisions to hedge their retention risk before it impacts their ability to navigate through the economic storm.”
Workforce Logiq uses patent-pending AI models to calculate industry, company, and candidate-specific Talent Retention Risk (TRR) Scores to predict the likelihood of professional employees and knowledge workers being receptive to unsolicited recruiting messages and job opportunities over the next 90 days. The company aggregates, analyzes, and tracks 40,000 sources of data on over 100 million professionals, six million companies, and over 2,000 events, triggers, and shocks daily, including macroeconomic trends, company-level social media and news sentiment, employee churn indicators, industry news and events, and more.
The Workforce Management Benchmark Report offers predictive insights to help organizations address talent recruitment and retention challenges. The 2019 annual report was released in February. Quarterly analyses will continue be made available to the public.
To learn more about U.S. workforce volatility and the state of the labor market, download the full report.
About Workforce Logiq
Workforce Logiq, a global provider of AI-powered workforce intelligence, technology, and services to large corporations, enables organizations to win and retain the talent they need to grow. With clients in 50+ countries, Workforce Logiq provides expert guidance, real-time and predictive analytics, and patented and award-winning technologies. Workforce Logiq’s universal sourcing solution addresses all elements of its clients’ acquisition and retention programs, including full-time (RPO), contingent (MSP), and freelance/“gig” (FMS) workers. Backed by global investment firm The Carlyle Group, the company helps clients attain greater management, performance, and financial control over their talent supply chains.