There is a lot of buzz around The Great Resignation and what employers should expect. The pandemic certainly had an impact on the job market and some employees and candidates expect a few changes. But the future may not be as onerous as some of the headlines might lead you to believe. While the impact of The Great Resignation may still be up for debate, the overall climate of the job market creates a unique environment for candidates, employees, and employers to start having conversations about what the future will look like.
So far in 2021 there has been a spike in entry to mid-level employee resignations. According to The Institute for Corporate Productivity, it is because of burnout, lack of advancement opportunities, compensation, and lack of creativity around flexible/hybrid work. The pandemic has given employees the time and space to reflect on what is most important to them; reshaping their expectations of their employers as well as their major job functions. While not all companies struggle with these issues, it is certainly on many employee’s minds.
Whether this post-pandemic market is here to stay -or not, it is important for employers to know what candidates and current employees are looking for and how to make their company stand out. Bloomberg recently surveyed 1000 U.S. adults and found that around 40% of them want to have some sort of flexible/hybrid work. This doesn’t mean no one wants to return to the office (hello extroverts!) but it does mean creative thinking around work-life balance might help employers retain their top talent.
Moreover, competitive benefits have always been under consideration for employers. In addition to flex work, many employees and candidates are focused on health care, looking to ensure the stability of their family’s health in any situation.
Opportunities for Employers
If the Great Resignation has the impact some predict, this doesn’t mean the future is bleak. In fact, for many employers this is a great opportunity to find new talent as there could be many job seekers flooding the market.
This is a great time to reflect on your company’s current culture and morale and speak to employees to identify anything you might be missing. Whether that be flex work, healthcare, or more vacation days, there is no better time than now to connect with your workforce.
How to Capitalize on this Environment
If you’re a manager and want to retain your top talent, start conversations now regarding how people are feeling about their job and company. Use this opportunity to assess the engagement and psychological capital on your team. Every individual is different so collect their ideas and work with management and HR to craft ways to continue building engagement for your teams. Be creative – maybe your company can’t do a full-time remote schedule, but could provide unlimited vacation, or go to a four-day work week. If COVID has taught us anything, it is never too late to start bringing new innovation to how work is being done. At the end of the day, it’s important you listen to your people and give them a chance to talk about how the last year has impacted them.
If you ask your employees for their opinion, be prepared to take action so they know they were heard. You don’t have to make drastic concessions, simply listening to your employees about what they need to feel secure in their work/life balance and making a few accommodations will go a long way.
- What’s In It For Me? – Korn Ferry
- These industries are being impacted most by the Great Resignation – Fast Company
- As The Pandemic Recedes, Millions Of Workers Are Saying ‘I Quit’ – NPR
- The Great Resignation: Microsoft Predicts 41% Attrition – Forbes