They’re calling it the “Great Resignation of 2021.” Millions of workers—four million alone in April—quit their jobs this year. When you combine April with May and June, the number jumps to more than 11 million people. The global pandemic created the time and space at home where people began to rethink their job priorities and what matters to them. What is the reality that employers need to face in this new environment? Read on to find out how your business should shift its focus to survive the great resignation.
Retention is Key to Survival During the Great Resignation
Today, your workforce has options. The COVID-19 pandemic gave your workforce time to reconsider their options as people and as employees. This has led to a reprioritization of everything from family to finance. Employees are reassessing what matters. This has led to many employees changing jobs. According to one study:
- 53% of job changers receive more money.
- 42% have better work/life balance.
- 36% receive better benefits.
How can employers create a better environment that will not only attract workers but keep the ones they have?
- Be more flexible. Do you have the kind of business model that can accommodate a remote workforce? You can use that flexibility to bring people to your business. Think of it this way; if employees can work from home, why not allow them to do it? There are plenty of published research articles that show remote workers are more productive than on-site employees. One two-year Stanford study showed employees are 13% more productive when working from home. How can you argue with that?
- Take a second look at your benefits and comp packages. It isn’t always about money, either. Having a hybrid or remote work schedule or additional time off will help retain your top employees.
- Work on your corporate culture. Does it attract candidates? Is it the kind of environment where people want to stay? A positive employee culture helps production, too, making it a win/win for employers and their workforce.
If your company is suffering from the great resignation, it may be time to reach out to FoxHire. We can help repopulate your teams with managed top contractors to bridge any staff gaps you may be experiencing. Talk with our team today to find out how we can help.