The Great Resignation – What You Need to Know

“The Great Resignation.” It’s all over the news. According to one estimate, since April 2021, nearly 33 million or a fifth of the total workforce have left their positions (Nevada Current). The reasons for this widespread resignation are complex; however, the effects of Covid-19 on all aspects of working conditions are certainly a good place to start. Workers report pay freezes or cuts, worsening work/life balance (due to remote working), and reductions in benefits as key reasons for their choice to leave their current employment. Each of these, in its own way, affects worker mental health, and therefore, employees’ desire to resign and move on. So how can an employer stave off mass resignations and keep employees?  

  

Employees are Putting Pressure on Better Pay  

Increased opportunities for better pay are enticing workers to jump ship. Due to the increase in job postings, workers realize that Covid-19 may have created a once-in-a-work-life opportunity to find better pay and even upgrade their positions. Businesses that retain their best workers do so when they are willing to have constructive conversations about employee pay and opportunities for advancement.  

  

Flexibility and Remote Work are Key   

The current wisdom is that employees want fully remote work moving forward. However, newer evidence suggests that what employees truly want is the opportunity for flexible options. Families with school-aged children have struggled to manage school and work within  

the confines of the home. Many of these families want the option for remote work and in-person hybrid schedules. Employers who will accommodate or at least have a conversation about flexible work schedules experience higher retention rates.  

  

Health and Wellness Support   

Companies that have slashed benefits during the pandemic have seen increased worker dissatisfaction. The pandemic has bought into clear relief a crucial issue for many workers; namely, how has my employer responded to my health and wellness concerns? Mental health consequences as a result of the pandemic are everywhere. Employees want their employers to create, implement, and support wellness programs. Examples of successful wellness initiatives include mental health days, onsite health screenings, lunch and learn sessions, standing desks, and weekly meditation programs. These are just a few of the top programs in which employees have expressed the most interest.  

 

How is Your Organization Responding to The Great Resignation?  

Covid-19 has allowed many workers to reevaluate their current situations. Further, the disruption of the pandemic has caused many companies to upgrade salaries and benefits. Despite what reporting would have us believe, many of the resignations over the past year are not workers leaving regular employment behind, but rather, many workers are using these unique times to upgrade their current employment. An employer who can pivot and address current employee concerns for better pay, flexibility, and wellness will experience better retention rates.  

If your organization is not already considering these and other shifts in recruitment, there are still opportunities to change the way you attract and retain good employees. Contact us today for more information and a free demo.