In today’s candidate-centric market, more and more workers are leaving their positions in search of roles better suited to their career goals and lifestyles. As a result, more and more companies are turning to recruiters and hiring managers for help securing top talent in their industry.
In this article, we’ll explore the reasons for the “Great Resignation,” what it means for your company, and what actionable steps you can take.
What Caused the “Great Resignation”?
At the beginning of the COVID pandemic, massive layoffs ensued as the economy experienced extreme turbulence. Finding a job was difficult, and many companies lacked the resources for new staff. Now that workers are vaccinated and offices have figured out the logistics of hybrid or entirely remote work schedules, the tables have turned. Companies are rehiring, and as a result, workers can afford to be increasingly selective about their roles. Many feel displeased not only with their wages or benefits but also with how their current employers handled the pandemic. This wave of millions of resignations since spring of 2021 in the U.S. is now referred to as the “Great Resignation.” Like any moment when the economy is gaining strength, people are seeking out better pay, benefits, and treatment at work.
A recent Indeed poll found that 73% of employers are struggling to hire and retain workers. Moreover, 76% said that resignations in their company were contagious and that once a few employees resigned, others followed their lead. It’s urgent that your company knows how to handle the resignation boom.
How Can My Company Retain and Attract Talent Right Now?
To begin with, your company needs to be in tune with what matters most to both potential and future employees. From job postings to employee evaluations, consider that everyone is thinking about flexibility and positive work culture. Prioritizing these issues will go a long way in securing talent.
It’s also a great time to hone your hiring process. Could your company benefit from a hiring CRM platform? What about a new way of creating job postings, such as utilizing success profiles? Now more than ever, your job postings need to stand out amongst the crowd.
Finally, remember that it’s not just about what you offer new employees- it’s also about how you treat them. By investing in your employees’ career goals and upskilling your workforce, you can create an environment where workers feel valued and retention improves. Don’t be afraid to ask for employee feedback, as opening up the conversation can provide you with valuable insights you may have missed.
Check out our article on Seven Steps to Employee Retention to learn more about how investing in positive management, solid onboarding processes, building team connections, and much more can help with employee retention.
If you don’t invest in your employees and new hires, you may lose them to the Great Resignation. Taking the time to evaluate your processes and work culture now will save you valuable time and money in the long run, and can also help with boosting retention rates.
Interested in learning more from professional recruiters? Contact Lucas James.