It’s no secret: Americans are saying, “I quit!”
Fifty-five percent of participants in a recent Bankrate poll say they are somewhat likely or very likely to look for a new job in the next twelve months, echoing record-high resignation rates nationwide. The Great Resignation, as it’s being dubbed, is like the scarier sequel to job-hopping that was already haunting business owners long before COVID.
If this sounds dramatic, it’s because it is. In today’s red-hot hiring market, businesses are spending more time and resources than ever before to recruit talent, yet are often resigned to candidates less qualified than the ones they lost.
Which begs the question: Why are people quitting, and what can I do to prevent it?
In a recent story, Gallup said the Great Resignation is more aptly called “The Great Discontent.” We tend to agree. COVID-19 changed most aspects of 21st century life, but especially priorities and practicalities related to time and identity. Whether working from home, juggling jobs with children’s at-home schooling, or reconsidering choices in light of health scares and international headlines, COVID shed light on what’s not working at life and at work. It’s led to calls for increased flexibility, transparency, respect, and trust from employers.
Put simply, it has put the onus on employers to prove that they care.
The benefit for you? A 2019 report by software company LimeAde showed that employees who feel cared for are nine times more likely to stay put. To quote a recent story by Inc.: “Associates are smart enough to recognize that toys and mini-fridges full of energy drinks are not a substitute for leaders who truly care about them and who work to make their lives better.”
So what does caring look like in your business? Only you and your employees can say for sure. Surveying them is a great first step. For some, it might mean remote or hybrid working options. For others, it’s opportunities for training and advancement. For some it might be as simple as a manager who takes time to acknowledge their home life or interests beyond work. Whatever the specifics, employers in 2021 looking to keep their employees are wise to consider and update their approach to supporting, engaging, and valuing their people. To care.
Not sure where to start? Contact us to learn how we can help you retain your talent.