Resignation departures are on the rise. Microsoft’s 2021 Work Trend Index, a survey of more than 30,000 workers, found 41 percent are considering quitting their jobs; the number jumps to 54 percent when Generation Z is considered alone. Gallup reports 48 percent of employees are actively searching for new opportunities. Persio reports that 38 percent of job seekers planned to make that change between now and early 2022. PricewaterhouseCoopers’ August 2021 survey found 88 percent of executives said their company is experiencing higher turnover than normal. While the power sits clearly with employees, employers can also see the “great” in this resignation trend.

Who is Impacted the Most By the Great Resignation?

Looking at the Economics

Fortune Magazine published a Deloitte study in October 2021 and found that among Fortune 1000 companies, 73 percent of CEOs anticipate the work shortage will disrupt their businesses over the next 12 months, 57 percent believe attracting talent is among their company’s biggest challenges and 35 percent have already expanded benefits to bolster employee retention. Derek Thompson, a staff writer with The Atlantic, commented “Supply chains are breaking down because of a hydra of bottlenecks. Running a company requires people and parts.” Turnover is expensive and the above data isn’t encouraging which means that employers need to address the challenges sooner rather than later.

Winning Workers Back

As employees question their jobs, employers and company mission, employers need to seriously rethink not only the basic terms of employment and benefits but also overhaul how they treat employees. Laszlo Bock, a former Google human resources executive and co-founder of his own HR consulting firm, stated it best: “Make humans actually feel like human beings.” This could include customized considerations for each worker.

A July 2021 Fast Company article stated that the former “wacky office perks” are dead and are “no substitute for leaders who truly care about them (employees) and who work to make their lives better. Workers want transparency. They want to be trusted.”

Employers who create environments where employees feel valued have a better chance of preventing a mass exodus. Talk to employees regularly, honestly communicate with them, and listen for their input and feedback.

Reconfiguring the New World of Work

Anthony Klotz, a Texas A&M University organizational psychologist and recognized for crafting the phrase “Great Resignation,” told NPR’s Jonaki Mehta “burnout is a predictor of turnover” and there is a widespread feeling from people who are “being pushed to the edge.”

Bock explained that “providing an environment that is meaningful and empowering, where people feel trusted and included…doesn’t just lead to happier employees, it makes business sense too.”

We Can Help

How employers respond may make all the difference not only in more contemporary recruiting and retention practices, but also business growth. The Great Resignation isn’t just great for employees. While employers may have felt blindsided by this movement of talent, they can see the “great” in the Great Resignation and neutralize the power shift by showing how much they care.

All hope is not lost. Reach out to our team at Cornerstone Staffing Solutions. We’ve helped other companies with recruiting and retention program ideas and look forward to assisting you.

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