While the economy might be struggling, the great resignation is still causing employers to continue to struggle finding and keeping great talent. Here’s a look at why and what you can do about it.
What is the Great Resignation?
In case you missed it, many employees have taken advantage of favorable employment conditions over the past year to move on to greener pastures. November of 2021 saw a record 4.5 million people quit their jobs, and February of 2022 saw just a smidge less with 4.4 million people making the switch. This plays havoc with employers’ productivity and results in many companies going out of their way to attract and retain the talent they need to succeed. Hiring new employees is expensive, so those who could meet their existing employees’ needs were better able to hang on through this tough time.
But while businesses have been struggling through tricky economic times, hiring and retention has remained a challenge. Employee turnover has not quite slowed down at the rate one might expect, given current market conditions. This tells us a few important things about the new employment economy, and employers should pay attention because their success depends heavily on their ability to attract and retain the employees that will help them achieve their business goals. And what employees are asking for might surprise you.
What do workers really want?
While money is often a key contributor to an employee’s decision to move on, it’s not the only deciding factor. Job satisfaction is where the key message is coming from. Job fulfillment and the ability to be one’s true self at work were ranked second and third among employees considering a job change. Fulfillment is a tricky thing for many employers to understand, or measure, because at the end of the day, fulfillment is a very personal thing. But understanding that it is a key criterion that professionals are using to evaluate whether a job is right for them is critical to navigating this challenging recruitment environment.
Close behind fulfillment and the ability to be authentically yourself at work are some interesting factors in whether employees choose to stay in a job or not. Those include whether their team cares about their well-being, whether they feel they can be creative or innovative in their job, and whether they can work when and where they want. Remote work has become something many employees realized they need in order to balance their personal and professional lives. Whether someone can work remotely depends heavily on the type of job they are in. But if the decision is made based on an employer’s preference, less top talent will likely be interested in that role. Professionals today want to work for employers who trust and empower them to do their best work. If they don’t see that support in their current role, they are confident that they can find it elsewhere.
How to navigate the changing landscape
To meet the needs of an evolving talent pool, flexibility is the key. Understanding that not everything needs to be like how it was prior to the international lockdowns of 2022 is helpful. Not every job needs to be done in an office environment, but some require being on-site at times. Providing your employees with the flexibility they are demanding is not only good for your team’s morale, but it’s also good for business. Because understanding that what you risk is your business productivity, it’s pretty clear that while some things are non-negotiable, other things can actually benefit from a more empowering and trusting perspective.
Keep Your Business Properly Staffed With All-Star Personnel
For more advice on how to hire and retain the industry’s top talent to tackle those big business challenges, connect with the team at All-Star Professional today.
