Why the 'Great Resignation' is hitting employers hard
WHAT IS THE ‘GREAT RESIGNATION’?
It’s clear from talking to people in our network, and from the business press, that we are in fact experiencing ‘The Great Resignation’. People are leaving companies in record numbers. It’s happening everywhere, with recent surveys showing the staggering 95% of workers in the US are considering quitting.
Why weren’t employers prepared for ‘The Great Resignation?
Well, COVID has been the catalyst. The shutdown of the economy led to people staying put during uncertain times. So natural employee turnover rates of 2020 have rolled into 2021, spiking those figures.
Perhaps more importantly, COVID has led to a huge change in perspective for many people, as they reassess their life’s priorities and the types of companies they want to work for.
Prioritise purpose - it’s as important as pay check.
Employees are now your greatest stakeholder and prospective employees are looking at more than what their paycheck may be, according to a recent Edelman Trust Barometer report. Over 75% of those surveyed in the U.S., China, the U.K., Brazil, India, Germany and Japan say they have higher expectations for a prospective employer than three years ago, while 61% say they evaluate an employer based on where it stands on social issues, and allowing employees to freely express political beliefs. Today's employees say they also feel more empowered to take action within their organizations.
What actions can you take?
In the battle for talent, it’s no longer all about having swanky offices and a high salary. People are looking for:
greater flexibility
more autonomy
inspiring leadership
investment in innovative training development
purposeful driven companies that mirror their own values.
In a recent Forbes article, it states that one of the hard truth areas employers need to consider to retain its talent, is how they give and receive feedback. And as many of you may know, we’ve been reminding leaders on the importance of feedback and the role in plays in a post -pandemic world. We are experts in feedback in all its forms, especially gender biased feedback, and the hugely negative impacts it has for women in the workplace and their employers.
Learn more about our #FeedbackFirst TM programmes and products.
As we learned from the BrewDog revelations earlier this year, company culture is vital. And if fact, the behaviours of the Brew Dog leadership brought about its own ‘Great Resignation’ of key talent, along with a truly damaging affect on its brand.
Further resources
Are you a fast-growth company and want to know how much your culture is valued at? Find out more about our value creation solutions for companies here.
Want to retain your talent and deliver purposeful solutions that deliver measurable results? Learn more about our people and organisational solutions here.
Are you an investor wanting to increase the value creation capabilities of leaders and talent in your portfolio companies? Find out more here.
Keen to know more about our #FeedbackFirst TM research? Download The FeedbackFirst Research Findings.
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