What is 'The Great Resignation'?
The nation is now enduring one of the biggest shockwaves since the COVID-19 pandemic began: The Great Resignation. That’s the new term dubbed for the mass migration of American employees after this global health emergency triggered a shift in their priorities. According to CNBC, 4.3 million Americans left their jobs in August of 2021 alone. As this chapter unfolds, one thing has become abundantly clear: employees want more.
November is National Career Development Month and the perfect opportunity for employers to focus on retaining their staff before they head out the door.
Are your employees considering a change?
National Career Development Month is a product of the National Career Development Association (NCDA) and an annual observance each November with exceptionally more meaning this year. The pandemic’s push on the economy continues to pressure the American employer, according to a recent study by the Society for Human Resource Management (SHRM). Experts found “more than 41% of U.S. workers were actively searching or planning to find a new job during the pandemic,” and “over two-thirds (68%) have considered a career change.” While these findings uncover rooted challenges in the traditional workplace format, they also shine a light on the keys to compromise between employees and employers.
American employers are failing to realize that they need to invest in employees now more than ever.
SHRM researchers are urging that “there’s a divide between what employees believe are the most important benefits to make them stay versus what executives believe.” It’s a conversation those surveyed workers elaborated on, disclosing their top 3 needs:
- Better compensation: 53%
- Better work-life balance: 42%
- Better benefits: 36%
In adjusting to these changes, employers can also offer more internal opportunities to improve their workplace experience. To get started, here are 10 tips on how to survive the ‘Great Resignation’.
- Offer career shadowing opportunities: encourage workers to learn and grow your staff from within.
- Encourage education: offer your employee tuition reimbursement.
- Invite industry mentors to offer advice: hosting inspirational events can help rekindle your workers’ zest for success.
- Open your door: offer individual opportunities to discuss employee growth.
- Celebrate their accomplishments: acknowledging an employee’s success to the entire team can inspire them and boost their confidence towards positive career development.
- Spread the word about promotional opportunities: share any job openings within the company to inspire growth from within.
- Give access: Offer subscriptions to trade publications that would inspire an employee to better themselves or become more knowledgeable in their career.
- Keep it clean: Remind employees to keep their social media presence professional.
- Encourage a work-life balance: be flexible with employees when it comes to family emergencies and respect their time after work hours.
- Practice professionalism in the workplace: Remind staff that arguing, bullying or harassment are not tolerated in your office.
While The Great Resignation has prompted unprecedented shifts for employers across the nation, it is crucial to take every change in stride with our top 10 tips on how to survive the Great Resignation. A business’s success has always depended on its ability to adapt and adjust, and this era exemplifies just that.
Take Action: Resources for The Great Resignation
Industry-leading experts offer their insights into employee development on the PrestigePEO podcast, “HR in 15.” Episodes include topics on rebuilding your business, managing the road ahead after COVID-19, preventing employee burnout, and wellness ideas for workers. The podcast can be found here and on your favorite streaming platforms.
