The COVID-driven recession and its aftermath have had far more lingering effects on the labor market and employment practices than initially predicted. Despite a historically short and quick recovery, the labor market and employment practices have yet to return to pre-recession levels. 

Due to a convergence of economic and societal trends that were already ongoing, many experts believe the economy, the labor market, and employment practices will not return to the world we knew before the pandemic. Rather, the workforce has begun to reevaluate their priorities and is now motivated by different factors. 

Entering a new era

Following the pandemic, employees are no longer striving for a work/life balance but a life/work balance that accounts for their own individualized list of priorities. According to a recent LIMRA study that asked employees the top factors they would look for when choosing an employer, salary or income potential (as expected) was the number one choice. However, 63% of employees chose something other than salary as a top consideration. In fact, according to a recent LIMRA Consumer Sentiment study, regardless of employer size, more than half of today's workforce believes that better work/life balance and career advancement opportunities are just as important as wages/salary, employee benefits, and retirement plans. Other LIMRA research reveals that employees who agree they have good opportunities for career advancement, or their companies provide the training and tools needed to do their jobs well, are each about twice as likely as those who disagree to want to stay in their current positions.