The Big Quit. The Great Resignation. The Turnover Tsunami. The Great Reassessment. The Attrition Super-Cycle.
We’ve got a lot of names for today’s mass employee exodus—and an abundance of poignant headlines—all pointing to the same truth: holding onto your top talent is more challenging today than ever before.
And it’s not going to get any easier, unless we take action now. We’ve already surpassed the record-high quit rate that first got people talking about the Great Resignation back in April. This highlights our need to chart new strategies so that we can engage the talent we’ll need tomorrow. And that starts by listening to them right now.
To help you carve a path forward, we polled over 1,000 American workers in early November. The survey we’ve commissioned delves deep into the employee-employer relationship, so that we can better understand how to improve it. There’s a full report coming out shortly (sign up to be notified when it comes out), but we’re sharing the most eye-opening statistics right now, so that you can use them to upgrade your employee retention strategy for 2022.
If you were hoping that the turnover crisis wouldn’t follow us into 2022, it’s time to think again. All signs suggest that employees will continue to pursue new opportunities as the new year begins, and that many workers already have resignation on their radar
Our survey revealed that the majority (42.8%) of employees are searching for work outside of their organization. When asked why they’re looking to make this change, nearly two out of three respondents had the same answer: better opportunities. If employee resignation is a result because it ‘s easier to grow and achieve long-term professional goals outside of their organization, it’s going to be nearly impossible to convince them to stay.
The Great Resignation is the manifestation of something much bigger: a great reassessment. In the aftermath of a series of simultaneous social, economic, and health crises on a global scale, people are searching for meaning and reevaluating the role they want work to play in their lives. This statistic illustrates that same sentiment, that your employees are eager to explore something different and would embrace new opportunities that align with their professional goals.
When it comes to your people’s careers, are you telling them what their next steps should be? Or are you equipping them with the tools and information they need to take their growth into their own hands? Employees who feel like they don’t have a choice in their future are likely to jump ship in search of an organization that will put them in the driver’s seat of their own professional progression.
The notion of a dead-end job is quickly becoming extinct. In the new world of work, employees won’t just expect long-term career paths; they’ll also be looking for a more authentic connection between corporate values and their own personal beliefs. Your people are asking for more than reports and scorecards; they want to see actionable change and democratized access to opportunities.
If your people can’t see a future at your organization, they’re going to be a lot more likely to build their future somewhere else. Consequently, one of the most impactful steps you can take to shield your organization from high turnover is demonstrating how your people can continue to learn and grow with your business, as opposed to outside of it.
Workplace stress is at an all-time high, for engaged and disengaged employees, but it doesn’t have to become your organization’s reality. The top culprits causing employees to burnout are a lack of opportunity and a lack of purpose. When workers don’t have a sense of connection to the tasks they’re completing, fatigue and disinterest are all but inevitable. By matching employees to projects, gigs, and opportunities that align with their personal and professional ambitions, you can ensure that your people are participating in work that is truly fulfilling. And, it’s simply important to recognize the burnout so many of our employees, and leaders, are feeling as we turn from 2021 to 2022.
In case you need more proof that access to opportunity plays a key role in boosting retention, look no further. Employees who switched jobs cited the desire to grow and do something different as one of the top reasons why they changed roles, closely behind the number one factor, which was, no surprise, better pay.
The good news: when we asked employees if they’re currently working towards the career they’d like to pursue, nearly two out of three said yes. Unfortunately, that also means that a significant portion of the workforce, more than one out of three workers, feels like they’re not on the right track. These employees are likely looking to take their career in a new direction, and many of them will need support, guidance, and upskilling to make these transitions more seamless.
Any kind of turnover is detrimental, but losing highly skilled employees can be particularly devastating. These team members are going to be harder to replace, and they possess the knowledge and expertise needed to set your organization apart. So what can you do to retain them? Once again, the answer lies in presenting employees with new opportunities that align with their personal and professional goals.