How HR can turn The Great Resignation into The Great Retention
During normal times, when people quit their jobs in large numbers, it signals a healthy economy with jobs in plenty. However, the current times are anything but normal. The pandemic led to the greatest recession that the US economy has ever witnessed in its history. And yet, employers are complaining of severe labour shortages.
A new study by Gallup shows that 48% of America’s working population is actively job hunting or looking out for job opportunities. With the pandemic life in the US begins drawing back, more and more people are leaving their jobs in favour of better pay, more happiness, and more flexibility. A staggering record of 3.6 million Americans resigned in May 2021 alone, leading to a record-breaking 10.9 million open jobs at the end of July.
This massive surge in resignations and job hunting as been unofficially dubbed the “Great Resignation”. Obviously, managers are anxious to hold on to people. Many that were reluctant to grant their teams more flexibility are now loosening their restrictions. But the measures are not nearly enough. Many managers believe that beating the Great Resignation is all about changing their stance on work from home rules, but what many misunderstand is that employees have much deeper concerns than coming in to the office.
What is driving the Great Resignation?
The understand the cause of these adverse statistics, one needs to better understand them. In an article published by Harvard Business Review in 2021, Ian Cook explores the reasons behind the great shift by conducting an in-depth analysis of more than 9 million employee records for more than 4,000 companies. The dataset included employees from a wide variety of industries, functions, and levels of experience.
The following are the trends that he uncovered:
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