Steve Cadigan, a former LinkedIn talent executive, predicted on Tuesday that about 40% of the workforce will remain remote following the coronavirus pandemic, compared to a 2 to 5% remote workforce before the onset of the pandemic.
Cadigan pointed to LinkedIn data for his assessment. According to LinkedIn's economic graph team, from May 20 of this year the percentage of paid job postings on the site have skyrocketed 457% from the year before. The network platform noted that the analysis covers about two million job listings in the past year, ranging from children's book editors to anti-money laundering experts.
Cadigan, who was the first chief human resource officer at LinkedIn, told Varney Co. on Tuesday that the Pandemic had created a significant change in workplace dynamic and argued that a substantial increase in remote work is here to stay.
The shift comes after the pandemic forced millions of people to work from home and thousands of companies should rethink the future of their workforces and remote or hybrid-work options to keep employees satisfied.
Numerous remote employers have overtaken major U.S. cities, including San Francisco and New York City, as it pertains to high-paying job opportunities, new research shows.
Marc Cenedella, CEO of the job search company Ladders, which analyzes data from 50,000 North American employers weekly, said in a statement last month that data shows when it comes to six-figure jobs, your town is now a state of mind.
Cadigan, author of the book WorkQuake: Embracing the Aftershocks of COVID 19 to Create a Better Model of Working, also argued on Tuesday that the workforce is changing fast. He noted that the shift began even before the onset of COVID 19 pandemic, but that the pandemic has expedited the change.
Stuart Varney slowed considerably in the last 10 years, particularly people between 20 and 35 years old. Cadigan told host Cadigan. They're staying there on average in the United States 2.8 years.
In an uncertain world of work where things are changing faster than ever I think what employers need to realize is that job security by employees is shifting from staying in one place to moving and building new skills and building a bigger network, he added.
In June, Wall Street Journal reported that more U.S. workers are leaving their jobs in Europe than in any time in at least two decades, which adds to the struggle companies face trying to keep up with the economic recovery.
The Bureau of Labor Statistics in April reported that the share of U.S. workers leaving jobs was 2.8%, the highest rate in the history of BLS series, according to the Peterson Institute for International Economics, which also noted BLS was reporting a record 9.3 million job openings at the end of that month, resulting in a record-high job openings rate of 6%.
The institute said that some factors at play include people retiring early or rethinking their career trajectories.
In July, the Bureau of Labor Statistics reported that in May, the quits level and rate lowered to 3.6 million and 2.5%, respectively.