“… I’m going off the rails on a crazy train…” Employers in the US and Europe are probably going off the rails right now, living and experiencing the famous lines by Ozzy Ozbourne. After all, the Great Resignation is making monumental strides as employees keep on leaving their jobs, and they don’t seem to stop. To put it simply, in the US alone, a record 4.3 million called it quits in August 2021. So, the Great Resignation is here to stay. And we don’t know for how long.
If you’re reading this, there’s a good chance that you have probably stumbled across other pieces on the same topic. Research organizations and news outlets are writing innumerable articles, trying to decode the ‘whys’ and ‘hows’ of the Great Resignation spectacle. But is it that simple to make sense of it? Is it a shift in power in the employer-employee relationship as experts are putting it? Who is benefitting, and who is losing out?
Too much to handle already? Don’t worry; we’ve got you covered.
The Numbers Don’t Lie!
According to the US Bureau of Labour Statistics (BLS), a whopping 4.3 million resigned from their jobs in August 2021. However, some experts are taking these statistics with a pinch of salt. When talking about the entire workforce, the share of people calling it off stands at 3%. These numbers do not translate as a huge deal for some, especially considering most of those have come from the food-service sector. A zone that is already prone to higher rates of resignation. However, the problem is not the numbers but who is constituting those numbers?
Unfortunately, there is a lack of transparency in identifying the age groups of the people leaving their jobs. And considering the Great Resignation experience isn’t hitting the brakes anytime soon, you need to buckle up quickly! Who knows, tomorrow one of your employees may hand over their resignation letter and bid adieu. Scary thought, isn’t it? After all, the cost of hiring a new employee is four times more than retaining one for the same role. So, with the pandemic giving way to greater job expectations, what can an employer do to survive the Great Resignation? Here is some food for thought- Re-imagining the Workplace.
Redesign, Rebuild, Reclaim and Re-Imagine!
Anthony Klutz, who coined the term Great Resignation says, “The Pandemic forced people to take stock of their lives and gave them the opportunity to re-imagine it.” People surviving a life-threatening global catastrophe are re-imagining their lives with better benefits and higher pay. And most of them are now going for it.
Although the unemployment rate is at an all-time high for the companies in the US, it is not the same as before. People are now willingly leaving for better jobs or taking time off to upgrade their skill-set. According to the Microsoft Global Trends report, 41% of the global workforce want to quit their jobs in 2021. Now, the reasons might be different for various nations. Some of these urges may be driven by circumstances such as poor working conditions or the risk posed by Covid infections. However, one cannot overlook the varying sectors of the working industry face a common dilemma, lack of labor force.
It is high time that places of work are re-imagined to suit the sign of the times. Tenets such as Employer Value Proposition (EVP) and Employer Branding have taken center stage in the decision-making process of employees looking for jobs. And employers need to take into consideration these metrics seriously. As Monster career expert Vicki Salemi says, “It is not just a trend or moment in time; it is a movement.” The ‘war for talent’ among employers is only beginning to take shape.
Re-Imagining: A Holistic Approach
Curbing the effects of the Great Resignation is more than just monetary perks. It is a holistic approach. Employee consistency is nurtured through appreciation and recognition. It is more than being a boss; it is about becoming a leader. As employees all around are taking a step back to upgrade themselves, employers also need to level up. Employers can’t fix what they don’t understand. Therefore, leaders need to re-evaluate themselves to re-imagine.
Storytelling Workshops are a great way to realize your potential and connect to each employee in your workplace. Appreciation and recognition, as we mentioned, give way to a sense of belonging, resulting in greater employee engagement. Engaged employees, in turn, become your brand advocates. So, don’t be startled by the Great Resignation. As a Mckinsey & Company article states, ‘Turn attrition into attraction.’
Uncertain times call for uncertain measures. The global pandemic dismantled the working industry in ways more than one. So now is the time more than ever for employers to lend an ear of empathy. As the Great Resignation continues to take strides, don’t just attract but also retain the best talent.