The Great Talent Reshuffle 2.0

Reshaping the UK Job Market in 2024

A year of mass employee exodus known as The Great Resignation in 2021 has developed into a more intricate phenomenon in the dynamic UK job market of 2024. The new trend, dubbed The Great Reshuffle 2.0, goes far beyond the trend of quitting bad jobs in pursuit of better ones. It’s a radical transformation in employee priorities and requirements that necessitates a data-driven strategy for businesses to navigate through these stressful times.

The Key Drivers of the Great Reshuffle 2.0

There are many forces and factors driving the UK job market towards the Great Reshuffle 2.0, with the major ones being the following.

The Rise of the Portfolio Career

Data from freelancing platforms such as Upwork and PeoplePerHour has shown a rise in UK workers constructing “portfolio careers." This is defined as managing various freelance gigs, side hustles, and even fully adapting the gig economy as a career path. A report from the Archimedia Accounts revealed that, in 2024, 8 million of UK professionals freelance in addition to their regular duties, indicating increased demand for adaptability and alternative revenue streams.

The Wellness Revolution & Work-life Balance

Employee burnout is at an all-time high in the UK. A 2024 report by CIPD revealed that 72% of UK employees are stressed. For instance, the UK is currently in a healthcare worker crisis. One of the issues propelling the current crisis is that nurses and other medical professionals are overworked, leading to burnout. This is evident as per a report by the NursingTimes, which established that 36% of UK nurses have considered leaving the profession, thus being a strong propellent for workforce reshuffle in the healthcare sector.

Purpose Over Paycheck

Millennials and Gen Z, who currently comprise a large share of the UK workforce, are focused on working with companies that have a strong social and environmental stance. According to another Forbes survey, 84% of UK young professionals would be more loyal to their companies if they have a strong social purpose.

Upskilling & Reskilling

Compulsory skills required for a successful job hunt continue to evolve thanks to the rapid increase in automation and technological innovations. According to a 2024 World Economic Forum report, about 85 million jobs in the UK could be transformed by automation in the next five years. These statistics and the current job market trends are evident of the negative impact the unavailability of upskilling and reskilling programmes can have on the employee retention rate of a company.

Risks and Challenges

The Great Talent Reshuffle 2.0 poses substantial threats to companies in different sectors. First and foremost, businesses are faced with the danger of losing institutional memory and experience as experienced employees exit the company. It may hurt ongoing projects, decrease output, and interfere with efforts to introduce new goods and services to the market. 

Moreover, under current conditions of fierce competition, it is much more difficult to recruit and retain talented workers, increasing the risk of a shortage of available talent and skill gaps, which is another serious impact on the company. The costs of labour turnover, such as recruitment, onboarding, and training, will also skyrocket. The loss of cannon people will endanger relationships with clients and reduce the inflow of cash, affecting the company’s reputation negatively.

Which Sectors Are at the Highest Risk?

Data from the Office for National Statistics (ONS) on resignation rates by industry in the UK can help identify sectors most vulnerable to the reshuffle. Here's a breakdown of the sectors facing the highest risk from the Great Reshuffle 2.0:

  • Tech

  • Healthcare

  • Education

  • Retail

  • Hospitality

According to ONS, the current resignation rate within these sectors is between 10.8% and 18.5%, making them the most affected sectors during the great reshuffle.

Proactive Strategies for Success During the Great Reshuffle 2.0

Companies should deploy the following proactive strategies in order to make it through the Great Reshuffle 2.0.

Empowering & Valuing Your Recruiting Team

Your recruiting team is the face of your company when it comes to talent acquisition, as they play the most significant role in identifying, attracting, and maintaining top talent. With another great reshuffle, their work becomes even more critical. Therefore, it’s the hour of need to support your recruitment team and provide them with tools, support, and recognition. 

Rethinking the Employee Value Proposition (EVP)

Given the competitive talent landscape at present, having a strong EVP is key to attracting and retaining the best available talent. It’s critical for organisations to re-imagine their EVP to suit the new-age workforce’s requirements and desires. This may involve offering flexible work arrangements, competitive compensation and benefits, and a significant emphasis on employee wellbeing and work-life balance.

Leveraging Data & Analytics

Data can be a source of actionable intelligence in the Great Reshuffle 2.0. Analysing employee sentiment, attrition patterns, and talent marketplace developments can help identify early warning signs and alerts. You can also use the data and information gleaned to make some adjustments to your acquisition and retention strategies.

Adapting to the Rise of the Gig Economy

The gig economy is rapidly expanding, giving practitioners more freedom and independence. Employers must recognise this rapidly growing trend as a potential competition in talent acquisition and start building strategies to challenge its growing popularity more aggressively. One strategy could be to offer similar benefits as the gig economy does, such as flexible hourly work, the ability to work whenever and from wherever, and allowing employees to choose tasks they themselves want to take on.

Subscribe to our newsletter