From April to June 2021, Adobe found that more than half of the Gen Z workforce left their jobs. With 59% feeling disappointment and 52% being unsatisfied with work-life balance, workers across industries are initiating a call for change. Resulting from drastic demands and developments throughout the pandemic, the drive behind America’s great resignation is complex and varied. This sea of change has caused a multitude of specific companies and their working conditions to be affected across the globe, and companies are struggling to navigate this new normal.
Aside from companies, employees are reconsidering their priorities regarding their jobs and their working conditions. A larger number of employees are becoming open to new opportunities that better align with their values, while also reducing stress, burnout, or dissatisfaction with leadership. And of course, employees are seeking validation and recognition for their efforts in a time of great change and uncertainty. Employee recognition expert Blueboard shows us how companies like GoPro have been able to simultaneously honor employee values while providing them with tangible rewards and recognition to successfully attract and retain talent.
What Sparked the Great Resignation?
The great resignation was sparked by a change in employee expectations and priorities. Although this change in mindset is not solely responsible for the Great Resignation, the struggle that employers have felt in keeping up with these changing values and the after-hours impact on employees has created a shockwaves that continue to ripple throughout the employment ecosystem.
Employees once worked with salary, benefits and financial safety nets as their only priority. While these priorities may still be important, they’re no longer sufficient by themselves when it comes to attracting and retaining talent. Employees now need more than a paycheck and insurance; people are looking to join a mission-driven company that will expand social circles and consider mental health aspects to provide a place of community, not labor. And in a tight labor market, employees have leverage to demand more from their employers than at any time in recent history.
How Can You Avoid the Repercussions of the Great Resignation?
With a new age of workers moving through industries, the composition of the workforce is changing. Younger employees prioritize swift career advancement in industries where they feel they can make a difference and change the expectations between employer/employee. Here are some ways to avoid the effects of the great resignation in your organization:
- Recognize that people are looking for meaning in their work, and be willing to work with staff to determine how best to provide it.
- Accommodate demands for flexibility surrounding where, when and how your employees work.
- Look into the reasons behind your turnover rate – exit interviews, questionnaires, and robust HR documentation can help you hone in on commonly voiced problems or concerns of departing employees.
- Recognize that the new generation entering the workforce is more diverse than any other in history, and that companies are being held to new standards of conduct.
Come take a deeper dive into these issues with us as we discuss Attracting Top Talent in the New Normal with Taylor Smith, Co-Founder & CEO at BlueBoard, Jacqui Maguire, Talent Advisor, and Matt Hoffman, Partner & Head of Talent at M13.