What it is and How to Survive
By now, you have heard the phrase “The Great Resignation” on the news, on the Internet, even around the water cooler. And you know that it was a mass worldwide voluntary labor exodus, although that is just the “what.”
As an employer, if you want to combat “The Great Resignation” – to find ways to thrive in it, even – you need to understand the “who,” and the “why.” And you need to recognize that it is not over.
The Who:
The most likely to quit during “The Great Resignation” have been younger workers, and the food service, retail and healthcare industries were hardest hit. But in 2021 alone over 47 million workers of all ages and from across all industries became dissatisfied with their jobs at businesses of all sizes, and went off to seek better opportunities.
The Why:
You might think it was entirely COVID-19 related, and the global pandemic was a spark. However, drilling down we learn there was a lot more discontent among workers, with as many as 40 percent of the world’s employees considering quitting their jobs in 2021. And many have speculated that it’s unfair to place the blame for “The Great Resignation” entirely upon COVID’s shoulders.
According to the Pew Research Center, the biggest reasons resigners cited for quitting included low pay, lack of opportunities for advancement, and feeling disrespected at work, in that order, followed by child-care issues and schedule flexibility.
So, it is not a bit surprising to learn that most workers who quit their jobs for these reasons have gone on to find jobs elsewhere, which better fulfill their needs and expectations than the jobs they left.
How to Survive “The Great Resignation”
Now that we know the motivation behind workers’ discontent, we can talk about ways to keep current employees happy and, well, here. And while we are at it lets talk about ideas on how to snap up the highly qualified, currently unsatisfied unemployed labor force.
In the simplest of terms, they have told us what they do not want, so let’s offer them what they do want.
-
- Better pay
The U.S. economy has experienced unprecedented inflation recently, which makes wages a bigger concern as workers attempt to navigate an even more expensive world.
Minimum wage hasn’t seen an increase since 2009, and when their pay is adjusted for inflation, minimum-wage workers are actually earning 21 percent less than they did in 2009.
Look at what your workers earn. Are their salaries competitive? Have wages increased in line with inflation? Are their earnings appropriate, given the employees’ years of service and level of dedication? If not, reevaluate quickly or those workers are likely to look elsewhere.
-
- Growth opportunities
People want to know there will be opportunities for advancement – and subsequently raises – in their futures, plain and simple. Employees do not want to be overlooked for promotions they deserve or see outside hires take managerial roles when there are qualified workers in-house. Take the time to talk to your employees about their career development plans and review them regularly.
-
- Respect
This one does not cost a thing, and it will go a long way toward making employees feel valued and content in their current jobs.
You can start by listening to your employees. Give them safe, judgement-free opportunities to share their thoughts, concerns, ideas, and questions. “Heard” workers are happy workers.
And it’s not enough to just offer diversity and inclusion programs, according to Comcast President and Special Counsel Steve White. “If your company needs special programs to promote diversity and inclusion, you’re already in bad shape,” White said.
-
- Flexibility
Employers often forget that workers have lives, families, and responsibilities outside of their jobs. They may have kids who get sick and homes to maintain, older relatives to take care of, etc.
Millions of people were suddenly forced to work from home during COVID, and most were able to do it successfully. So, if your employees can do their jobs from home, why not trust them to continue WFH (working from home), at least on an as-needed basis? This way, they can do their jobs and address their other responsibilities. It is a win-win.
To get through “The Great Resignation” unscathed, or at least without any further scathing, you must take the time to communicate with your workers and understand and address their concerns. Become the kind of employer for whom people want to work and remain loyal.
If not, you can be certain that there are many employers out there in this emerging post-COVID world who have read the writing on the wall and are implementing all these measures – and more. If you identify issues in your business but refuse to consider making similar changes, your company will become a burning ship employees will flee rather than a bandwagon they want to jump on.
Would your business benefit from more personalized guidance on how to engage your employees and address their concerns?
Beverly Hathorn Consulting can develop strategies to help you survive “The Great Resignation.” Visit us online at: https://www.customermeasures.com or call us at (888) 272-7711 for more information.
