The Great Resignation
Resignation rates are rising in almost every industry. According to the U.S. Bureau of Labor Statistics, there is a 3 million difference between the number of open jobs, 10.4 million as of August 2021, and 7.4 million unemployed workers. As a result, companies currently need experienced professionals more than people need companies, and many are calling this trend “The Great Resignation.” Employers have to adapt to these changing workforce trends to retain talented employees, and this is concerning for companies that are already struggling to keep up with aggressive hiring goals.
However, there are actions that companies can take to retain their employees. For example, in a recent Bizwomen article, our CEO and Founder Carolyn Betts refers to this new era as “The Great Rehiring.” She suggests listening to employees to increase flexibility and job satisfaction, which she has done successfully here at Betts. Below are five reasons why “The Great Resignation” is happening and actions you can take to retain talent.
5 Reasons Why the Great Resignation is Occurring
1. Burnout: Physical and Emotional Exhaustion
Many companies are understaffed due to people calling out sick or resigning to pursue other opportunities. This puts additional stress on employees who are still at the company. These changes to workload and demand have created physical and emotional strains that are increasing resignations.
2. Increase in Worker Leverage: Opportunities with Higher Pay and Better Benefits
People are looking for new roles with higher pay and better benefits, and there are more open positions than talent willing to work them. Thus, people who leave their jobs get faster pay increases than those who stay at their current jobs.
3. Desire For Remote or Hybrid Workplaces
After experiencing remote work, people are unwilling to settle for a traditional nine-to-five job with a commute and inflexible work schedule. As a result, employees are leaving for jobs that have committed to a remote or hybrid workplace.
4. Disengaged Workplaces
It’s more challenging for employees to identify and feel organizational commitment with decreases in workplace interactions. People who were already unhappy with their job had even more reason to resign with cascading effects on job dissatisfaction. Employees are no longer committed to their jobs and have an easier time leaving for better opportunities.
5. Change in Priorities: Finding a New Calling
The pandemic has disrupted our routines and motivated us to review the status quo, so many people are reevaluating what they find meaningful in life and changing careers.
What Can I Do To Retain My Employees?
1. Adjust Your Retention Methods
Retention methods that were created before the pandemic don’t take into account the effects the pandemic has exacted on everyone. Now is the time to invest in a range of evidence-based interventions to tackle increased burnout, stress management, communication skills, and self-care.
2. Create Opportunities for Virtual, Social Interactions
It’s crucial for people to feel engaged with their company and coworkers. While the ongoing pandemic has made it difficult for employees to meet face-to-face and nurture personal relationships, there is room for creative, virtual interactions and meetups to increase engagement.
3. Offer Remote or Hybrid Work Schedules
Remote or hybrid workplaces give employees a chance to be closer to their families and create a better work-life balance. These improvements yield higher productivity and collaboration.
4. Ensure Your Teams Receive the Best Pay and Benefits
People need to feel like they are being heard. By giving them raises and competitive salaries, it will help you retain the best employees.
5. Communicate Frequently and Be Transparent
Transparency is the key to creating trust in the workplace. Consequently, you should be transparent about organizational goals and how the company is performing to build trust between you and your team.
Final Thoughts: Put Employees First
Your employees should always be one of your top priorities, and they’re one of the best investments you can make in your company. By putting talent first, you can continue innovating and retaining the best teams.
If you have any questions about attracting top talent, contact us today to hire the best sales, marketing, and customer success professionals with Betts.