article image 3-3-22.jpgHow Will the Labor Market Shift Post-Pandemic?

March 3, 2022

If you insure a variety of firms and staffing agencies, you may have run into frequent questions about what the future of the workforce post-COVID may look like. Although it may be difficult to predict exact post-pandemic labor trends, there are several key indicators that can help insurance agents understand the current shape of the market and formulate helpful advice for clients. Whether your staffing insurance clients are coming to you concerned about keeping up with the labor market or whether other clients are simply curious to know what they may want to prepare for, here are some basic indicators on how the overall workforce market may shift post-pandemic.

Knowledge Workers May Continue To See High Demand Across Sectors

One trend your clients may have already noticed is the so-called Great Resignation, wherein many workers have opted to ditch their current jobs and search for ones with better hours, benefits, or flexibility. Most workers who have participated in this trend have been knowledge workers. Your clients can realistically expect that many knowledge workers will continue to be in high demand and may be able to bargain for better benefits. These workers typically include:

  • Administrative assistants and other office workers
  • Accountants and finance specialists
  • Lawyers and legal staff
  • Engineers
  • Computer programmers and coders
  • Marketing and advertising professionals
  • Professors and other teaching staff

New Work Arrangements, From Hybrid to Remote Work, May Prove Durable

One pandemic trend that appears poised to continue in the upcoming labor market shift is the trend towards more flexible work arrangements. Many workers are opting to go to companies that offer a variety of convenient work options. Common work arrangements to expect in the future include:

  • A fully remote model
  • An office-first hybrid option
  • A remote-first hybrid option
  • A traditional, fully in-person model
  • Flexible work with work locations left up to individual employees

Companies May Need To Provide Additional Incentives To Retain Top Employees

Finally, your clients may want to start revising their benefits packages. More and more workers are seeking out employers who can provide incentives to stick with the company for the long haul. Some benefits that may become increasingly popular in the future include:

  • Expansive health insurance
  • Matched retirement accounts
  • Flexible spending accounts
  • Company stock options
  • Life insurance options
  • Paid time off and unlimited medical leave
  • Semi-annual paid company holidays

For many staffing insurance agents, providing advice to clients is a crucial job function. If your clients have been wondering what the post-pandemic labor market may look like, what they can realistically predict or expect, and what they need to start preparing for, these top pointers could help answer some of their questions. You may wish to advise clients to expect that knowledge workers will likely continue to be in high demand, hybrid and remote work arrangements may prove durable, and additional company benefits may be required to hold onto excellent workers. ◼