Creating a Resilient Talent Ecosystem in the Reskilling Era

Discover how to build a robust talent ecosystem and stay competitive in today’s rapidly evolving job market.

Ashley Kontos, principal consultant at EPAM Systems Inc., writes that although the Great Resignation is slowing down, voluntary job exits remain high, echoing pre-pandemic levels at around 3.5 million. This signals a change in turnover patterns since December 2000. With the Great Resignation tapering off, the era of the Great Reskilling emerges.

The Great Resignation dominated headlines in 2021 and 2022, but the number of employees voluntarily quitting their jobs is still high relative to the past two decades. In fact, resignations at the end of 2023 were similar to those before the pandemic at around 3.5 million. These numbers represent a concerning and unique trend since the Bureau of Labor Statistics began tracking turnover or “quits” in December 2000. Although the Great Resignation is, according to some, winding down, in its place emerges a new era of employee expectations that businesses must address accordingly: The Great Reskilling.

What is the Great Reskilling?

In its 2024 Trends Report, The American Psychological Association articulates the new outlooks and attitudes that characterize today’s employees, including feelings of unease and instability toward their work brought on by the pandemic, the rise of artificial intelligence (AI), and other factors. Whether auto workers, engineers, or Hollywood actors, workers desire job stability.

So, what is stability and instability to the modern employee? The report suggests that feelings of instability go beyond the fear of getting laid off. Researchers outline instability as the state in which someone has anxiety over the disparity between their abilities and the demands of their job. In other words, people are concerned that their skills do not align with role responsibilities.

Read the full article here.

Learn how EPAM helps businesses adapt and transform by developing employee knowledge, skills and new ways of working here.