Insight Blog

Capitalizing on the Great Resignation

Capitalizing on the Great Resignation The now commonly used term “the Great Resignation” represents a period in which a significant number of Americans left their current positions. According to the U.S. Board of Labor Statistics, more than 47 million U.S. workers voluntarily quit their jobs in 2021.

Is COVID-19 to blame?
While some attribute the mass exit to vaccine mandates or potentially unsafe workplace conditions, others say it was only a matter of time. Anthony Klotz, the Texas A&M professor and psychologist who coined the term, studies employee resignations. He describes the pandemic as a spark for change. Dissatisfaction at work is not a new phenomenon but the pandemic drove employees to view what they were doing and compare that to what they wanted to be doing. It also forced people to consider whether they were happy at work. 

According to a new survey by the Pew Research Center, low pay (cited by 63%), no opportunities for advancement (also 63%), and feeling disrespected at work (57%) were the top three reasons for employees quitting their jobs. [Refer to the infographic to the right for the complete Top 10 list.]

Of those already employed somewhere else, 33% say it was very easy to find their current job. When including those who felt it was somewhat easy, the number jumps to 61%. One reason is that employers are now willing to hire and train someone with transferrable skills. Based on Monster’s Future of Work Report 2022, 70% of employers are willing to train the right candidate.

Another notable takeaway from the global survey, 93% of employers are planning to hire in 2022 but they face big challenges other than finding candidates with the right skills. The competition for talent remains tough. Employers recognize that in a post-pandemic world, flexibility and work life balance is more important than ever to candidates. Additionally, finding people to work in-person or onsite has become increasingly difficult.

How can an employer recruit and/or retain employees at this time?
  • Ask current employees and potential employees what motivates them.

  • Offer training for new employees to learn company policies and procedures as well as for them and current employees to gain new skills.

  • Have a remote or hybrid work option, if possible.

  • Set a reporting structure so that each employee can build a relationship with his/her/their manager and any direct reports.

  • Communicate the vision and goals of the organization.

  • Provide a method for employees to regularly share feedback.

  • Conduct a salary review to gauge if compensation is in alignment with fair market value.

How can a candidate stand out at this time?
  • Be helpful by connecting the dots for a recruiter or hiring manager. Offer one or more ways your past experience could be useful.

  • Be willing to learn new skills and attend training to acquire certifications.

  • Be enthusiastic, stating why you want to work for their particular organization.

  • Be prepared to explain why you left or are leaving your current role.

  • ​Be responsive when contacted.

  • Be receptive to working where the employer needs you most, whether that is onsite, remotely, or some combination of the two.

  • Be open to relocation to another geographic area.

Do any of these suggestions resonate with you as an employer or employee? Please contact us to share your insight.