The Now Normal of the pandemic continues to drive employment volatility.  While we had been encouraged by reopening news across the country and internationally, we appear to be returning to a state of hyper-uncertainty.  As reported in the New York Times, 22 states are pausing or reversing their decisions, including Florida and Texas. (See map below.)  In fact, Florida continues to report record-breaking cases and deaths, with areas actively considering a second phase of shelter-in-place recommendations.  Companies are also reversing course, with Walmart and Starbucks, as an example, both now requiring masks in their stores across the country.  Apple has also closed stores (temporarily) in COVID-19 hotspots, like Charleston, South Carolina.

However, there is some hopeful news on the vaccine front: Moderna was the first American company to put a vaccine into human trials.  The vaccine uses messenger RNA (mRNA for short) to produce viral proteins. Moderna published promising Phase I results on July 14. Phase III trials are set to begin July 27, and the company hopes to have vaccine doses ready by early 2021.

Ongoing uncertainty, however, continues to be reflected in worker sentiment.  Workforce Logiq’s national proprietary Talent Retention Risk (TRR) ScoreSM indicates our elevated level of workforce volatility will remain at current levels into Q4, at a minimum.  That insight is driven by the score’s second peak, which occurred on June 15.

The TRRSM Score is a predictive benchmark for employment volatility that uses multiple AI techniques to calculate the risk of losing key talent in the next 90 days. TRR Scores help organizations anticipate and plan for future skill supply and demand gaps.

While the national TRR score has begun to show some improvement, it remains at an elevated level with much higher than average volatility.  And, as noted, the model could start picking up new news on COVID expansion and negative economic impacts – potentially driving a third peak, with impact to workforce recovery.  Click here to visit our interactive TRRSM infographic.

We continue to take a cautious approach to coming back to the office.  Our global cross-functional COVID-19 Re-Entry Task Force, chaired by COO, Mark Brady has finished their work with ERM, a leading global provider of environmental, health, safety, risk, social consulting services, and sustainability related services.  At the beginning of July, we reopened our office in India for those team members who voluntarily decided to return to the office environment.  We have strict, third-party approved regulations, and are severely limiting the number of employees who can be in the office at any one time.  Our other office openings in the U.S. and Sweden, for example, are not anticipated before the end of the year.  As always, our back-to-the-office plan has as its core the priority to protect our team members worldwide.  We also continue to be in close dialogue with our clients to understand how their re-entry plans impact our on-site program teams and contingent resources.

We also continue to be focused on advising clients on how to get back to growth smartly – and cost effectively – especially as they begin to bring their displaced contingent resources back on board.  For example, we recently filed and announced 3 new patents – creating the industry’s first location optimization tool.  This allows us to leverage our AI expertise to advise clients on which roles are more likely to be remote-based (contingent and full-time), and then provide data-driven location recommendations based on geographic specific supply/demand, likelihood of prospects to be open to new roles, compensation savings – and more.  Click here to watch a quick video on our IQ Talent Location OptimizerSM and how it can help organizations get back to work smartly and cost effectively.

During this roller coaster of COVID impact, we know employers need context and benchmarks to make fast, accurate, cost-effective decisions.  Access to predictive data-science insights can be the edge they need to anticipate and plan for optimal workforce planning.

As part of our ongoing client support Workforce Logiq has also released its exclusive Workforce Management Benchmark Report.   It’s a quarterly snapshot of our Total Talent Intelligence® platform, including macro industry insights based on more than 40,000 sources, 1 billion+ monthly interactions, and analytics on over 100 million candidates and 8 million organizations in North America.

Organizations use this report to see inside their data to create more effective and cost-efficient recruiting and retention programs in today’s ever-increasing hyper-uncertainty due to the COVID pandemic.

Highlights from the Q2 2020 report include:

  • The pandemic continues to drive a nation-wide jolt in worker volatility; the total number of workers in the top volatility categories is now up +41% since the 2019 Annual Benchmark report.
  • The Engineer category jumped into the Top 5, up from #11, with a volatility growth rate nearly doubled from the Q1 report.  Many tech-related companies, both large and small, are scaling back development during the pandemic.
  • Doctor/Medicine category had a troubling increase over Q2, jumping +51% points, from -39% below the national average in Q1 to +12% above in Q2.
  • New York, at +28% above the national average, continues to have the highest workforce volatility ranking; however, its rate of increase has significantly slowed.
  • D.C. moved to the #2 position in state-specific volatility.
  • Accommodation and Food Services experienced one of the largest percentage improvements in Q2 (-8%), a +19% point swing from one of the highest benchmarks in Q1.

Click here to read the full report.  It’s one of the tools we use to advise clients on how to get back to growth smartly – and cost effectively – especially as they begin to bring their displaced resources back on board.

As always, we appreciate your continued partnership and stand ready to assist in any way we can to help manage through this difficult situation together. Please do not hesitate to contact your client services team if you have any questions regarding the steps we are taking – or if we can provide you with additional support.  You are an important partner and we greatly appreciate the trust you place in us.


Precautions & Preventative Measures for COVID-19

 

Click here to access Q&As outlining our COVID-19 business continuity plan.

CDC Resources:

There are several precautionary measures you can take to decrease the spread of the coronavirus. Below are links to helpful resources on the CDC website:

Keeping Workplaces, Homes, Schools, or Commercial Establishments Safe

Handwashing and Hand Sanitizer Fact Sheet

Coronavirus Information for Travel

Locations with Confirmed COVID-19 Cases

Workforce Logiq Goes Bollywood!

Check out the creativity of your team in India during the COVID-19 lock down.

 
 

INSIGHTS INTELLIGENCE AT WORK

Talent Retention Risk (TRR) ScoreSM: U.S. Worker Volatility

37.73
-0.25 vs. prior week
Andrea Sugden Chief Global Sales Officer

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