Thought the Great Resignation would be over by now?
by Natalie Grogan, CEO of The Outstanding Company
Despite looming recession and growing inflation people continue to leave their jobs in droves.
Quick statistics, confirmed by several major surveys and studies:
40% of employees, across all industries, plan to leave their jobs within 3-6 months
65% of those employees would leave without a job lined up
36% of those who already quit, left with no job lined up
There will be a 56 million job gap by EOY - exacerbated by stagflation
Based on the data, it seems that employers don’t understand why employees are leaving. They also don’t understand why employees stay.
Employers are focused on transactional factors while employees are concerned about relational factors
What leaders need to do
The #1 things leaders need to do is stop putting band aids on bullet holes. The solution to retention issues is investing in employee development opportunities, understanding employee career goals and tying them in with organizational goals, and providing flexible work without sacrificing organizational needs and culture.
However, there is a big misconception by employees that the onus should fall on the employer. Three of the biggest things employees want is a sense of belonging, a sense of purpose, and feeling valued. Employers can’t ‘make people’ feel these things. Employees must take responsibility for their own purpose and sense of belonging.
Employers can help by conducting workshops around finding purpose. However, they cannot create purpose for people – that is on the individual. Leaders can help employees understand what it takes to ‘belong’ through workshops or coaching so that teams or groups can engage with one another to create a sense of belonging.
It is a strange phenomenon but feelings have taken a front seat in the business world and have to be managed in some way. Working with an I-O psychologist can help you prepare, facilitate, counsel, coach, and measure results of these types of engagements and ensure that people are treated legally, fairly, and equitably in the process.