The Great Reset, The Great Resignation, The Great Reshuffle, whatever you’d like to call it – US workers are leaving the workforce in droves. More than 4 million workers quit their jobs each month between July and October in 2021. Describing this trend, LinkedIn CEO Ryan Roslanksy said this is “unlike anything we’ve seen in the history of work”. Incredibly, this trend looks set to continue into the future, with studies suggesting that 40% of the US workforce is considering leaving their current job in the next 3 months.
Let’s delve into what you can do to survive, or even thrive, during this period.
Tips to Thrive During The Great Reshuffle
1. Rely on your company’s data when making changes to reduce turnover.
There are numerous articles circulating about the root causes of The Great Resignation. Burnout, worker desire for more flexibility, and workers rethinking their priorities are often cited as causing the droves of workers to leave their roles. Some articles cite healthcare and tech industries as being the hardest hit, while others assert that hospitality, retail, and food service workers are resigning most often.
Given that the data is pointing to any number of causes for The Great Resignation, it’s important for companies to grasp what is contributing (or what is likely to contribute) to workers resigning. Data is essential here. By knowing, understanding, and analyzing the causes of turnover at your company, you can tailor your response to it.
2. (Work out how to) Make work meaningful for your employees.
While you won’t solve turnover by making work meaningful for your employees, it can help you to attract and retain (some) talent. US workers are finding significantly less meaning in work as a result of the pandemic (according to Pew Research). Finding a way to make work meaningful for your employees can therefore distinguish you from other employers, while also encouraging them to feel fulfilled, valued, and rewarded.
Here are some ideas:
- Promote and prioritize employee development.
- Create clear employee promotion pathways.
- Regularly share employee successes and provide positive feedback.
- Encourage volunteering.
- Develop workplace programs that promote societal or environmental good.
- Foster mentorship opportunities.
- Prioritize flexibility.
- Devise regular opportunities for workers to connect with others.
3. Don’t forget about the benefits of a diverse workforce.
The Harvard Business Review published an article about how The Great Resignation Doesn’t Have to Threaten Your DE&I Efforts. In it, the author outlines strategies for businesses hoping to meet diversity goals, even while the country’s vacant role rates soar. The strategies outlined included, amongst others:
– Slowing down and thinking long-term instead of panic hiring.
The author notes that rushed hires tend to result in recruiters relying on their ‘most familiar ways of hiring’. In turn, this will usually result in a less diverse workforce. By thinking (and planning) for longer lead times to find and hire diverse and qualified workers, companies are in a better position to weather The Great Resignation.
– Creating a more inclusive definition of diversity.
The author conducted a survey that revealed:
- Just 47% of organizations studied included people with disabilities and;
- Only 11% included the LGBTQ+ community in their DEI efforts.
This reveals that employers are focusing on visible minorities. By relying on a more holistic definition of diversity, you create space to rethink hiring methods to attract talent from a wider range of backgrounds. Ultimately, this allows you to access the benefits that come with diversity.
– Rethinking narrow or ‘perfect’ candidate profiles.
Narrow candidate profiles that include unnecessarily high degree requirements or unnecessarily long experience requirements are likely to deter talented candidates. It seems employers are already starting to move away from using the ‘perfect candidate’ profile (according to Forbes), in favor of skills-based hiring. If your business is struggling to attract or retain diverse talent, it might be wise to rethink the profiles you use in your hiring.
If you wish to update your workplace policies following any changes, reach out. Our team would be thrilled to help.
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