The Great Depression, The Great Recession, and now… The Great Resignation. Regardless of whether or not you work in HR, you have likely heard this term in recent months. The Great Resignation is an idea coined by Texas A&M professor Anthony Klotz that predicts a large number of people leaving their jobs after the COVID-19 pandemic ends. With the Bureau of Labor Statistics November “quits rates” breaking all previous records at 4.53 million, this trend certainly seems to be taking a foothold. While US rates are astounding, the trend is not confined to the American workforce. Global data supports the expansion of the dwindling workforce throughout much of the developed world. The Organization for Economic Cooperation and Development (OECD) reported that there are approximately 20 million fewer people in the workforce than before the pandemic and that, “Of these, 14 million have exited the labor market and are classified as ‘not working’ and ‘not looking for work.’” When the pandemic is truly in the rear-view mirror, economists will have more substantial data with which to draw pointed conclusions. Until then, most of us are left to speculate and pivot our business models to protect our greatest assets – our employees. So Why Are Employees Quitting?They’re burned out and want better working conditions, more respect, and a sense of purpose for the work they’re doing. “Of workers who recently quit, 42.8% say a raise alone would have convinced them to stay, and 31.6% say a four-day workweek would have hit the spot.” While many businesses tell us they can’t afford a pay increase or additional benefits, having experienced a drop in profitability as a result of the pandemic, countless employees tell us, during exit interviews, that had their employer explained this to them, they would have been understanding and willing to hold out a little longer. To hear nothing and go another year without any feedback; however, is a dealbreaker, making them question the company’s commitment to employees and whether or not it’s worth staying. So What Can Employers Do?
These are uncharted waters and a difficult time to operate a business. EnformHR is here to support you during this reset. via EnformHR, LLC https://ift.tt/3rgKbaN
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
July 2023
Categories |