The Great Resignation is still alive and well in the U.S. At the end of July, there were 11.2 million open jobs — up from 10.4 million at the same point in 2021. Though people might be leaving their jobs for different reasons than they were last year or the year before, 40% of employees still plan to leave their current employer soon.
Employers continue to struggle to identify the best methods to hire top candidates and retain their existing talent. In fact, more than 75% of CFOs are experiencing difficulties in hiring new talent. Some financial institutions are increasing pay, including Bank of America, which plans to raise its minimum hourly wage to $25 by 2025, but not everyone is satisfied. Every employee in the financial sector has a different set of needs, and simply raising pay may not address all the larger issues at hand.
