The Great Reimagining – Attracting and Retaining Talent During The Great Resignation

There’s no denying that the pandemic had a huge impact on the way we work as well as how, when, and where.

And although we appear to be entering a post-pandemic world and things are getting back to a new normal, one thing’s for sure, going forward, we are not going back to the way we used to work.

And some of us aren't going back to work at all – at least, not in the conventional way.

The Great Resignation has changed all that.

What is The Great Resignation?

The Great Resignation is a term coined for the record level of resignations in the U.S. hot on the heels of the pandemic. It’s sometimes also called the Big Quit or the Great Reshuffle.

And, just like the pandemic itself, it appears to be infectious, and the churn rate shows little sign of slowing down.

According to a U.S. Department of Labor JOLTS report, almost 4.3 million people left their jobs in January 2022.?

There is a myriad of reasons why employees started to quit jobs in their numbers, but the most significant seems to be dissatisfaction with the old ways of working and looking at the way they work with fresh perspectives, with no small thanks to wage stagnation, stimulus payments, prolonged isolation and work from home policies during COVID.

According to a Pew Research Centre survey, the usual suspects of low pay and lack of opportunity for career advancement have also been significant factors, as well as a feeling of "being disrespected".?

A survey conducted by Real Estate Witch found that 31% of respondents cited toxic company culture as a reason for resignation, and “80% of respondents said the pandemic influenced their decision to resign”.

And let’s face it, post-pandemic, more than just a few employees may well have been asking themselves: Why come to the office when I can work from home?

And it’s not just the U.S. that’s been affected. The United Kingdom, Australia and France are also experiencing remarkably similar ramifications.

Furthermore, Universum’s 2021 Swiss annual professional talent survey found that, in addition to an attractive base salary, flexible working conditions were a particularly important factor this year. It rose to second place, toppling “challenging work” from the leader board. This, again, is most likely part of The Great Resignation effect.

The relatively swift and seismic shift to remote work has also taken its toll on some managers who’ve not been provided with the adequate training, tools and support they need during the pandemic, not to mention burnout after two years of pandemic challenges.

Interestingly, the survey also found that 80% of Swiss professionals preferred to work for Swiss companies.

Options to combat The Great Resignation and attract and retain talent (aka “The Great Reimagining”)

Every day we seem to hear more news of companies implementing 4 day weeks and other flexible policies, many of which were unthinkable or, at best, there was scant appetite for previously.

So let’s take a quick deep dive into just a few of the options available and some of the pros and cons that I hope you’ll find helpful.

4-day week

A shorter working week not only offers employee flexibility and work/life balance but also potentially keeps employer costs down. It may also present an opportunity to offer a shorter week in lieu of a salary increase. In other words, the employee could remain on a 5-day salary but reduce to 4 days per week. This could be an attractive option in a hyperinflation world.

Freelance/Contract work

As employees are reviewing their career options, some may be looking to branch out on their own. Remote working and the demand for talent have made this possible and much more attractive for some industries. Instead of losing talent, firms could attract and retain staff as consultants on a contract or freelance basis. The advantage to the freelancer would be flexibility and the opportunity to pursue other business interests and potentially make more money. There would be obvious remuneration cost-savings to the employer as well as talent retention.

Remote/Hybrid working

Work from home and hybrid working policies are now increasingly the norm. For client-facing industries such as hospitality, transport or retail, this option may not even be possible, but for non client-facing staff or roles where in-person interactions aren’t essential, offering a hybrid policy could prove beneficial and productive.

However, remote working also removes personal contact, social cohesion, and the opportunity for employees to get together and have those all-important conversations that spark innovation. Furthermore, remote working may be detrimental to some employees' mental health. In addition, there are performance management and productivity issues to consider.

Culture

The pandemic seems to have accelerated the shift toward more people seeking purpose-driven work or, as a minimum, working for companies that show they genuinely care about their people, the environment and other social issues. Universum’s 2021 Swiss annual talent survey found that 1 in 3 respondents cited “inspiring purpose” as an important career attribute. Company culture is high on the shopping list for many job-seekers, proving that attracting key talent really is an 'inside job'.?

Firms that have a clear vision, mission and purpose and live by their values – actually walk the talk, will naturally fare better than those whose corporate mission are just words on a page.

However, making changes to company culture simply for the sake of it, could be perceived negatively and backfire. One only needs to look at negative associations and accusations of corporate green-washing to understand the implications when this is managed insincerely.

Final thoughts

Naturally, once The Great Resignation slows pace and the dust settles, there will be those who may regret their decisions to leave salaried employment, just as there will be employees who want to work the same way as before, along with those who want more flexibility.??

A menu of flexible or hybrid options may work well for companies that can accommodate it. But at the very least, forward-thinking companies should show a willingness to consider what employees really want and start thinking about incentives for key staff as well as real opportunities for growth for all.

There is no one-size-fits-all solution, but one thing's for sure 'the times they are a-changin' and being prepared, open and flexible are the best ways to navigate The Great Reimagining, so it doesn't result in a mass talent exodus.

About Daniel de Carvalho

Daniel de Carvalho is Group Director of Corporate Communications at SMG Swiss Marketplace Group, where he fulfils the primary communications role in the group's merger process and Change Communications. He oversees all corporate communications, including developing and implementing communications strategy and assumes foremost responsibility for Corporate Comms teams across the entire SMG Swiss Marketplace Group brand ecosystem.

He is a communications expert and leader with over 20 years of experience in his field, creating and implementing successful public relations and public affairs strategies for high-profile international companies.

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