Everybody is talking about it, but what is it, why is it looming on the horizon, and what can companies do about it?
What is it: As the country opens, your talent is searching and leaving, possibly in droves. The exodus is becoming so real; a Texas A&M professor coined it as “The Great Resignation.” In fact, according to a Business Insider article, the month of June saw 942,000 people were unemployed because they voluntarily quit, a pandemic-era high. Typically, this would reflect a tight labor market, but on the contrary, 9.5 million are out of work. Furthermore, even though job openings are up 35%, applications are down 20%!
Why is it happening: Let’s go back to before the pandemic. Even then, there were a lot of people unhappy on the job. In fact, studies revealed that 65% of employees were disengaged with their work. But there were mortgages to pay, responsibilities to juggle, families to raise. So, it was easier for many people to keep on keeping on than to find the time even to consider looking for a new position, let alone invest in a career change.
Enter sheltering in place and the ‘new’ work-from-home –or even being unemployed. Despite the stress and isolation, people had more time for families and reflecting on their life, goals, work, etc. They discovered they not only liked the flexibility of remote work, but they were also more productive. They had time to think about what they do –and what they would rather be doing. Changing careers became a real possibility instead of a dream. A survey by LiveCareer, an online resumé and job search consulting service, indicated that nearly 30% of employees would rather quit than go back to the office. And so, you have it.
What can you do about it: It’s a two-prong solution—prevention and taking advantage of it.
Prevention: You have great talent, and you want them to stay. Create an environment that encourages retention. Pay attention to what your employees are seeking.
1. Recognize their value. Your employees are your companies most outstanding asset. Ensure that they know it.
Ask for feedback and listen–actively listen–to their input.
Acknowledge their contribution to company goals and express your appreciation.
2. Create a flexible workplace. If an employee’s responsibilities can be accomplished remotely, keep it as an option. If you need them on-site some of the time, consider a hybrid option. For positions that must always remain on-site, can hours be flexible? Would four 10-hour days be a better work week?
3. Evaluate your compensation packages. Are you paying market wages, plus a little? Are you offering the benefits that matter the most to your employees?
4. Career Growth. Encourage and support career growth and development. Talk to your employees. Offer to cross-train or help with reskilling and upskilling. Finding a “new career” within your company or an opportunity to move upward can give employees a compelling reason to stay.
5. Provide purpose. Today’s workforce is socially aware. They want to work for a company that cares, is involved, and makes a difference locally, nationally, and sometimes globally. They want to be a part of an organization whose values and community actions are aligned to theirs.
6. Promote diversity and inclusion. It’s not just about hiring numbers. It is the attitude in the workplace. Respect. Recognition. Acceptance. Believing in the value of diverse members uniting in a strong team.
Taking Advantage of the Great Resignation: The exodus is happening across the board. So, while that may mean you still lose talent even if you are doing all the above, it also means the talent leaving other companies is looking for a change. The key is engagement.
1. Define your talent need. You cannot look for talent unless you know what talent you are looking for. So first, determine your ideal candidate, and then write an engaging job description that will attract the ideal candidate.
2. Focus on the candidate experience. Clear, consistent communication is key. Be transparent. Never forget the human element.
3. Build a winning company culture. See above – all those steps toward preventing the exodus are about your company culture. If you don’t have a winning culture, you will struggle to engage winning talent.
4. Create an employee referral program. Happy, satisfied employees are your best ambassadors for engaging talent. We live in a social media world, and they have a network. Give them a reason to invite others on board.
5. Social recruiting. Speaking of an active network, go where the talent is by using the platforms for recruiting—message potential candidates on LinkedIn and tweet open positions. Ensure your mobile site is attractive and user-friendly. Involve your employees in the process.
6. Partner with a staffing agency. They have access to a powerhouse of available candidates –those who are actively seeking and passive. They specialize in finding and recruiting the best-matched talent for each open position.
Robbins Staffing Solutions understands the vision propelling your business goals. Since 2006, we have provided staffing and placement services, solved flexible and permanent staffing needs, and connected companies with top-notch talent. We specialize in sourcing and attracting talent, practice in-depth screening and testing, and create superior client-candidate matches. Contact us today and discover the difference.
