Passive Talent Index
Highlighting what is happening, where and why, in the world of talent, the Passive Talent Index tracks and reports the appetite among workers for new opportunities.
What is Passive Talent?
PTI % represents percentage of passive candidates in market ready to respond.
Unlike your average job seeker, passive talent refers to the people currently in a role that they may or may not be happy in, they are not actively seeking a change.
Accessing and engaging this talent can be the difference between finding a good candidate and the perfect candidate.
The higher the PTI number is, the more passive the talent is, meaning companies will have to work harder to attract them.
Last Quarter PTI
38
Current PTI This Month
87
Q1 2023 Talent Report
According to a recent report from McKinsey, Shorter for longer: Navigating the taut talent tightrope amid economic uncertainty, we’re in the midst of a situation “nobody has dealt with before” from a talent perspective.
Indications suggest workers are more open to exploring new opportunities in Q1 2023, despite the prevailing winds bringing significant layoffs (to tech shores especially), while there remains relatively calm – or in some cases, aggressive needs – within other industries such as life sciences and sectors of financial services.
Employers are wrestling with the following:
- Candidates are willing to leave their jobs despite the economic uncertainty
- Candidates are comfortable changing industries
- Candidates are leaving the workforce entirely
Over the past three years:
- Professional job openings are 3.3 million higher
- There are 4.3 million more unfilled jobs than unemployed workers
- Quitting rates have returned to pre-pandemic levels.
Less candidates out there could be a reason for low responses, supporting the growing passive talent index trend.
“This is a historic combination of economic uncertainty with confusing, mixed signals and a tight labour market,” McKinsey report. “Historically, these conditions lean clearly in one direction or the other—not at the same time. No one has dealt with this exact situation before.”
In other words, we’re in the midst of a perfect storm.
Until the storm fully hits, the only certainty is uncertainty, with the US Bureau of Labor Statistics reporting mixed results on employment rates through February 2023, when:
- 9 US states reported lower unemployment
- 3 US states reported higher unemployment
- 38 US states remained the same
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The Passive Talent Index tracks changes and trends among talent, enabling companies to plan ahead and manage their business better and create a better talent world for tomorrow.
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