News & Insights

TMA Chicago/Midwest Chapter hosted a webinar on recruiting and retention on April 20.

Harney’s Jim Keane moderated an esteemed panel that included Judge Janet S. Baer, U.S. Bankruptcy Court, Northern District of Illinois, Matt Beresh, Hayley Gladstone, Hannah Robb, Peter Siddiqui.

Some Key Takeaways:

• 2021 was characterized as the Great Resignation. Resignation trend started with lower wage workers, but then middle management saw the biggest squeeze; professionals aged 25 – 30 and 45+ comprised the most key resignations, and the technology and healthcare sectors were affected the most by high rates of resignation.
• Pre-pandemic, professional services firms had the 5^th worst retention rate at 63.5% — that number has increased.
• In a 2022 talent retention survey, 61% of employees ranked both Excellent Compensation/Benefits and Roles That Meaningfully Impact the Companies Success the highest of importance to them. Next highest value of importance was Open and Effective Management at 43%.
• Rising inflation + resignation = continued wage inflation but workers are not feeling the benefit of increased wages so employers must consider non-financial incentivization including lifestyle, remote work, and benefits.
• Hiring in 2022 – employers must increase budgets, use new tactics, and focus on retention.
• Best way to maintain is to retain—create and foster environment where employees want to stay; enhance culture of firm, benefits.
• Well-being in the workforce initiatives are more important than ever. Employers must make employees feel like they matter—and be empathetic to stress, burnout, physical and mental health.
• Remote participation will continue in Bankruptcy Court – holding court virtually. While there was pushback about virtual hearings at the beginning of the pandemic, now people realize how much more efficient it has become. Many status hearings will be remote or hybrid.  Evidentiary hearings and trials are still preferable in person.