If you’re seeing an unprecedented surge in resignations and that your business is hemorrhaging talent, it’s likely that your business has fallen victim to the dreaded Great Resignation that everyone’s talking about. The employee mass exodus is here, and it’s a serious issue. The figures are alarming: analysis from Gallup found that 48% of the US working population is actively job-hunting or seeking out new opportunities, and the 2021 Microsoft Work Trend Index uncovered that the figure climbs to 54% amongst Generation Z.
This developing crisis has the potential to disrupt your business immediately and may well derail your strategy and plans for the future.
So, how did we get here and what steps can we take to improve the situation?
What Caused The Great Resignation?
2020 was a difficult year for everyone, and employees battled with challenging new ways of working. They were often isolated from their colleagues, working in less than ideal conditions, and had to negotiate a new work-life balance. So it isn’t too surprising that these unprecedented circumstances led to a career rethink for many and a Black Swan event for businesses.
Here are three reasons behind The Great Resignation:
1. You’re Not Adequately Supporting Your Employees
The pandemic gave workers the space to reevaluate their careers, and many found that their businesses just weren’t offering what they were looking for. A Stanford University study found that some companies had a poor policy towards workers during lockdown, doubling down on their toxic working environment pre-pandemic. While offering workers little or no support, they expected employees to take up the slack created by the absence of their furloughed colleagues.
2. Your People Are Burnt Out
Once employees began working remotely or were placed on furlough, they began to reevaluate their careers. Lockdown gave many people a glimpse of a better work-life balance and the lure of continued remote or hybrid working has proved stronger than the call to return to the workplace. Some employees found that the extra time they had to think about their career paths propelled them to new challenges and new roles. The buoyant job market has only spurred them on to find new opportunities.
This desire for change may be motivated in part by how employees feel their current roles were impacted during 2020. One study found that 78% of employees believe that their career has been negatively affected as a result of the pandemic. In particular, 25% of workers surveyed cited burnout as their main concern and 25% talked about the need to better balance home and family life.
3. They Want Flexible Working Options
The same Microsoft study, compiled of more than 30,000 interviews across 31 countries, sought to understand the reasons behind the surge in resignations. The ability to work more flexibly in 2020 has found favour with some workers who’re unhappy with the prospect of it ending. The study found that almost three-quarters of workers want the option for flexible working to continue, and 46% are willing to move on in pursuit of flexibility.
What Can Businesses Do to Mitigate the Issues Caused By The Great Resignation?
It’s important to find out why your workers are thinking of resigning and to pinpoint areas where you can take action. Have you handled employee communication well during the pandemic? Are your employees finding a lack of challenge in the roles they’re returning to? It’s time to start asking yourself these questions!
The Great Resignation may well be the driving force for you to make changes in your business strategy and company ethos that will benefit everyone and allow you to retain those all-important staff. The issues causing employees to leave their roles highlight what’s becoming more important, as employees are increasingly seeking flexibility, a good work-life balance and support from their managers.
How Can Bridge Help?
Creating a culture of alignment and communication is no easy task, but we’re here to help. With Bridge, you can enable and track one-on-one conversations, align employee and company goals, and conduct performance reviews, all in one place.
Bridge’s Performance Management System makes connecting with your employees easy. The shared one-to-one tool enables frequent manager and employee check-ins that are based on tasks, goals, roadblocks, learning, and wellbeing. Bridge helps your employees stay in sync with their managers on an ongoing basis, to voice their concerns and play an active role in their career development.