Don't Let the Great Resignation Steal Your Workforce

You don't need us to tell you about The Great Resignation: News of it is everywhere and it's likely that it has impacted your company. After all, in 2021, 48 million American workers quit their jobs and that number continues to grow in 2022, with 4 million plus resignations each month, according to the US Bureau of Labor. Many of the reasons for people's departures from the workforce were created or exacerbated by the Covid-19 pandemic. And while you may have already lost workers to The Great Resignation, it's possible to turn the tides on this trend with some simple shifts.

Why They Quit

First, let's take a moment to look at some of the known drivers behind the quitting of workers en masse. Knowing the "why" can help you address the "what."

1) Dissatisfaction with Development & Advancement

Of people planning to leave their employers, 80% are making the move due to a lack of career advancement options according to CNBC. A large percentage of those employees are Millennial and Gen Z workers, who are more likely to feel underappreciated and, particularly in Gen Z's case, underpaid. While younger and middle-aged workers are willing to put in the time, they want to know that there is a path forward to a better salary and title. and they want to be clear on what that path is. Too often employers are obtuse or, almost as bad, unclear themselves about what these pathways look like.

2) Lack of a Flexible Working Arrangement

It's no secret that people care about the ability to skip the commute and prioritize their personal lives during the day as needed. A recent FlexJobs survey reported that 58% of respondents agreed they would "absolutely" look for a new job if remote work in their current role was off the table, while only 11% reported that remote work was no big deal. As more and more job vacancies across the board are being advertised as fully remote, employees have more options. Like it or not, remote and flexible working arrangements are here to stay.

3) Benefits that Don't Work

Life has changed for everyone post-pandemic, and companies whose benefits haven't changed are being left behind. It's not enough to offer a solid retirement package anymore (although it certainly doesn't hurt!) Rather, people are looking for work-from-home support (for example, comfortable work-at-home equipment) and more 1:1 interactions with their managers, access to telemedicine, mental health and wellness incentives, and other creative options that impact the quality of their lives today.

4) A Toxic Culture

Toxic corporate culture is one of the main reasons that employees are leaving their jobs. Post-pandemic, they just don't have the time, energy, or desire to work in a place where they aren't treated well and where they don't feel passionate about the work and the organization. In fact, a toxic corporate culture is 10.4 times more powerful than compensation when predicting a company's attrition rate, according to an analysis by MIT Sloan.

What To Do About It

OK, so you don't want to lose any more of your workforce. The good news is that there are ways to keep people happy and employed - with YOUR organization, and some of them are simpler than you think.

1) Lean Into Development

It's incredibly important to be upfront with workers at all levels of your organization about what their career trajectories can look like, including prominently featuring the success stories of those who have risen through the ranks. In addition, even if the path to promotion may be slow right now, providing development opportunities along the way will ensure that your employees feel your investment in their growth. Development can be internal or external and is a fantastic addition to your company's benefits.

2) Broaden Your Benefits

And speaking of benefits - now is a good time to dust off your benefits package and look at what you're offering employees to improve their health and well-being at and outside of work. Sometimes a tiny tweak - the addition of some paid childcare hours, for example, or rolling telehealth into your mental health offerings, can go far to ensure employees feel seen as whole people.

3) Create a Different Culture

The quickest way to ensure that yours is not a culture of toxicity (or even just passivity) is to ask people how they feel at work. Provide authentic opportunities for employees to give input into what it's like to work at your company and listen to the responses. In addition, be transparent with your company's "why." Why have you set the goals you have for employees? Why do you have the remote work policies that you do? A huge piece of ensuring company culture is positive, and ensuring employees feel like they are making a positive impact, is to be upfront with them.

Don't Do It Alone

Agile Talent Consulting is here to meet The Great Resignation moment at your organization. Whether you're looking to change or expand your benefits, offer more development opportunities, or make your culture one employees want to stay in, we can help.