As we move into the third quarter of 2021, it is apparent that Covid-19 has left long-term side effects on more than just the people who contracted the virus. Our economy took an intense hit, our values and ideals shifted after being confined to our homes, and our labor market drastically changed across the world, prompting what is being called “The Great Resignation.” As we confront this reality that exists within our current workforce, now is the time to embrace change and growth both individually and collectively as businesses.
What Caused The Great Resignation?
According to the Labor Department, an astonishing 4 million people quit their jobs in April alone, causing labor shortages across the globe. During the pandemic, many people lost their jobs and their sense of security, but as pandemic life subsides, one would expect jobs to be easy to find and HR departments drowning in resumes. Instead, our companies are being hit with increased resignations and valued employees leaving their place of work in search of something new. So, why is this happening?
There are several reasons we are seeing people leaving their jobs, but the most significant reason has been linked to the year 2020 and what impact it had on our priorities, our values, and how we spend our time. Many people are rethinking what is important and necessary to be productive and happy in their day-to-day lives. Among the many reasons people are seeking new employment, some of the top reasons are flexibility, money, benefits, and the way they are treated.
Workers across all income levels are re-evaluating and reflecting, and the pandemic gave them many reasons to want change. Some people were unhappy before the pandemic and did not have the push to find something new, some are feeling negative about returning to a potentially unsafe workplace and want to remain remote, and others are motivated by more money and more opportunity. This year gave us ample time to think long and hard about what we are doing, what we want to do, who we are doing it with, and where we want to do it.
In addition, we are seeing an exit of one of the largest generations, the Baby Boomers. As the Baby Boomers are nearing retirement age or are already there, we are seeing them step out of the workforce, also contributing to these large numbers of resignations. This has left unprecedented shortages in the labor force but has also opened countless opportunities for those just entering the workforce.
Saving Your Workforce During The Great Resignation
If you find yourself on the other side of The Great Resignation, losing employees, and unsure how to build up your team with innovative, dependable, and knowledgeable employees, the time to embrace change is now. According to a survey conducted by Microsoft, 41 percent of the global workforce are ready to quit their jobs, and 54 percent of those surveyed say they are overworked. Many employers are pushing to get things back to the way things were before the pandemic, and in turn, employees are pushing for change. We’ve all heard the saying “people quit bosses, not jobs,” and this begs the question, what kind of experience are you giving your employees? Some of the key changes that the workforce is looking for are:
- Remote work options
- Increased salaries
- Better benefits
- Peer Coaching
- Work-Life Balance
- Social Awareness
- Job Rotation
In addition to these bullet points, employees are wanting an environment that feels more like “family.” We spend so much time with our co-workers, working to enhance the companies we work for, and sacrificing time with our families to accomplish this. Having a work environment that feels safe, transparent, encouraging, and fun can go a long way in retaining valued employees.
Some ways companies may improve their workplace and have a significant impact are:
- Employee Freedom. Let employees decide where and how they want to work. With an emphasis on remote work, employees will be reviewed on the work they produce and the timelines instead of how long they stayed in the office. Providing a sense of self-direction, accountability, and trust in the employee.
- Leadership Training. During the pandemic, it became apparent that employees felt that managers and leaders are isolated from their teams. When the focus should be on leadership, it is often noted that it was elsewhere. Changing the work environment results in changing the managerial styles and training your leaders to embrace these new practices will enhance the employee’s experience and overall attitude.
- Be Transparent. Your employees are working toward the same goals and therefore need to be on the same page. Communication has always been a hallmark of a good company but being transparent in that communication can go a long way. As an employee, being listened to and included makes them feel appreciated and valued. This also applies to equality. Regardless of gender, race, background, or otherwise, each employee has a voice, and it deserves to be heard, validated, and listened to.
At Crosworks, we have worked with countless establishments to help improve engagement, morale, and overall work environment. Considering the drastic changes in our world and lives today, we can help to make these transitions smooth and help them stick within your organization. We believe in every person being happy within their career and want to see you and your employees succeed. Contact us today to start a conversation.
How Does The Great Resignation Affect You?
If you find yourself among those who realized they were ready for a change after a year in a vastly different work environment, now could be the time for you to find your perfect career. Opportunities are broad and abundant and the challenges that once held you back may not matter as much anymore. With a remarkable uptick of remote work positions being offered, your geographical location is not as much of a concern as it once was. Do not be afraid to look outside your town, city, or even state lines on your hunt for your next employer. Demand is high and your worth is important. This is a unique position for individuals to highlight their abilities and increase their salaries. Know your worth. Believe in your abilities. Do not settle. In an article published by the Wall Street Journal, new job opportunities are at their highest level in more than two decades.
Ever dream of starting your own business? According to thehill.com, in 2020 4.35 million people submitted an application to start a new business. This number increased from 3.5 million in 2019. People across the country embraced their talent and recognized their innate ability to improve their situations and went for it. Knowing what they did not want from an employer, people are building new businesses with a new framework increasing flexibility, remote work, positive work environment, and trust, and decreasing micromanagement and office politics.
Career Path Change
Thinking about a complete career transition? Reflecting on your previous career and deciding that you want something completely different is also a common practice happening right now. With the abundant opportunities and time to train and educate, individuals are pursuing new careers, new dreams, and new adventures despite their age or tenure in their current careers.
Regardless of the change you want to make during this time of The Great Resignation, Crosworks can help. Our portfolio of highly experienced career and talent strategists can help you evaluate, develop, and pursue your career goals during a time where change is expected, accepted, and plentiful.