Advocacy News – December 15, 2021
Hundreds of business leaders gathered virtually yesterday at the Michigan Chamber’s and Michigan Bankers’ joint Economic & Workforce Summit to discuss the biggest trends influencing 2022, along with ideas and ways to adapt in transformational times.
Here are the top five takeaways from industry leaders across the state and nationally who spoke:
- The Great Resignation. Surveys show that 55% of the state’s workforce is looking to leave their jobs and find new opportunities, including more than half in totally different fields too. Workers are in deep contemplation and assessment of their career choices and how work fits into reprioritized needs and values. Employers can’t lose sight of that.
- Wages are Key, But Flexibility Reigns. Enhanced wages and benefits are now a norm to retaining and recruiting employees, but flexibility and convenience – in remote work or telecommuting, in scheduling, childcare and more – are consistently ranking as top factors now too. Employers who want to succeed and differentiate themselves will do as much of this as possible in their respective workplaces.
- Upscaling and Credentialing Keep Companies Competitive. Investing in your employees’ skills and talents – especially for the fast progressing digital economy – helps ensure you can meet the job demands for today and tomorrow while fostering company loyalty and affinity.
- Your Online Reputation Matters. Paying attention to your employee reviews on LinkedIn and Glassdoor is essential, as is making sure you have an intentional approach to addressing criticism. In this talent environment, you can’t afford to ignore your reputation.
- 2022 Outlook is Promising. By the end of the 3rd and 4th quarters of 2022, most economists generally predict a normalization, notable economic growth and reduced inflation pressures.
For more insights and to catch the full Summit, check out this on-demand video.
Special thanks to our moderator, Bridge Michigan Business Editor Paula Gardner, and to our expert panelists and keynote speaker from Huntington, Kelly, Davenport University, Talent 2025, and the U.S. Chamber of Commerce for sharing their time and knowhow, and to all our sponsors for helping make this event possible.