The “Great Resignation”
The great resignation. It’s a phrase I’ve heard on and off recently. You might even say I was a part of it, having recently changed jobs into a role that I love with a company that’s great. But, is it really a great resignation or is it a great migration? A migration towards finding yourself — rethinking what work means, how you’re valued, and how you spend your time.
Research shows that voluntary employee turnover is expensive, and that people quit their jobs after “turnover shock” — a life event that precipitates self-reflection about one’s job satisfaction. Shocks could be negative or positive such as a new baby or graduate school graduation, or even a global pandemic such as COVID-19 that upends daily life.
The Great Migration
As the pandemic is settling, the great migration has begun — people are leaving their jobs in search of more money, more flexibility, and more happiness. Many are rethinking what work means, how they are valued, and how they spend their time — ultimately leading to a dramatic increase in resignations. Post-pandemic, everyone is realizing where and how they spend their time is valuable, and that it’s even more valuable how employers engage employees in mission-driven work that makes them fulfilled and motivated.
Employer’s likely are wondering why so many people are quitting in droves right now — spending money at the problem, or trying to make work more meaningful and sustainable, rather than focusing on giving workers better reasons to stay.
Career Development
From my point of view, one real reason for the great migration is workers suddenly are realizing the lack of career transparency. Career transparency around job path and growth, and are measuring their value and their happiness.
How can you (try) get employees to stick around?
Listen. You know you’re supposed to listen, and probably know how (and how not) to listen, but do you have a culture of listening? Do you have a simple system for employees to generate ideas and voice complaints? Do you address any of these ideas or complaints? Do you regularly offer explanation as to why other issues aren’t addressed?
Growth. Do you have clear growth plans for employees? Do you know where employees want to develop? Do you help them create plans to get there?
Engagement. Plans are great, but are you proactive and having regular check-ins? Are you measuring growth? Are you engaged in social issues? Are you giving employees more power? Do you connect with your employees and care about them?
Wins. Celebrate wins. Make sure pay is keeping up with development. Talking about goals is free, but when employees are keeping up with their goals and making progress, employers need to review compensation too.
This isn’t some new cutting edge management advice, this is just common sense, and caring as a management tool.
