The Great Resignation

Over the last 2+ years, the American workforce has become increasingly familiar with the term, “The Great Resignation”. While this concept has heightened in overall awareness during the pandemic, in actuality -  The Great Resignation was already taking place prior to the onslaught of the pandemic.  What COVID did was to add fuel to the already simmering fire. Today over 20 million workers have walked away from their place of employment in the past year, heavily influenced by Millennials and Generation Z. A recent Microsoft survey shared that over 50% of Millennials and Generation Z are currently giving consideration to making a career change with about 20% of those participating in the survey are fully committed to changing employers.  Even further, those reevaluating their current employment are the majority of young women in lower-paid positions.   

   While a seemingly exciting opportunity for those resigning, what does it mean for their employers? Take a  drive down Main Street and you will notice help wanted signs across industries and scale, from mom-and-pop small businesses to the big box operators. One must wonder, where is the compromise? How can both sides capitalize on this seismic shift in the workforce? The reasons for the shift have been cited in many articles and stories. The opportunity to work from home has resulted in an occasion to reflect on the value and purpose of the work. At a high level here are some of the most often used reasons for departures :

• Work/Life balance concerns
• Lack of career advancement opportunities 
• A culture that does not reflect their own values  
• Desire to feel valued and be recognized for contribution
• Desire to shift career to something different, possibly even becoming their own boss
• The disparity between benefits offered and employee desired needs
• Sense of disappointment in the company Covid response, leading to an erosion of trust
• Job Demands and Insecurity leading to stress/burnout

Here are my suggested actions for leadership to address the talent exodus:

     - SEIZE: Seize and recognize the opportunity-

 This pragmatic embrace of today’s workforce will manifest in retaining top talent while slowing the talent drain, all the while - becoming a key attraction for potential new hires. Let me be clear, “Solutions Must Work” within the business's current performance and SWOT analysis ( Strength, Weaknesses, Opportunities, Threats) while weighting the immense cost of replacing talent including the “loss of knowledge” to the organization when someone leaves. 

  In the book, “The Obstacle is the Way”, Ryan Holiday’s premise is that obstacles can be turned into an advantage. The current situation is an opportunity for organizations to distance themselves in the race for talent but will require persistence and a different way of thinking. The question must be asked of senior leadership as to whether there is evidence of meaningful action taking place in an effort to retain talent?

  - COMMIT: Commit Leadership to owning the current state of affairs-

The entire leadership team must be emphatically committed to the heavy lifting that will be required. It is time to reimagine how teams are being led. That means holding accountable those responsible for any toxic and counterproductive behavior(s) that can sabotage the work or any effort to move forward. The underlying message is that in order to have a highly engaged team, each associate must feel included and valued. This demands a leadership team that personifies support, coaching, and mentoring. One constant in all of the research being conducted is that associates want to feel valued by the organization and their manager.  

  -LISTEN: Leadership needs to “Listen to really Hear, not to Listen so they can Respond” - 

 Both One-on-one  & small groups in-person (when possible) discussions are key and priority. These scheduled sessions should include a balanced cross-functional representation of employees who are committed to the longevity of the company and culture, to build sustainable solutions. In addition to these sessions, a pre-determined milestone plan and check-ins are crucial to staying focused on the task at hand. Additionally,  sharing this roadmap throughout the entire organization will help build trust and partnership at all levels,   The primary goal, once again, is that everyone on the team feels genuinely valued/ heard, with a strong sense of belonging will play an important role in stemming the tide of associate exodus  

- CONSIDER: Consider the workforce that will help your brand stay relevant, and grow- 

Once the collaborative work on creating a culture that complements today’s workforce is complete, that does not mean all will be perfect. Understanding and accepting that every business has its own unique set of circumstances and challenges which they face, should be communicated as normal, meaning not everything is a top priority. . While continuous improvement efforts will help address these issues, there also needs alignment that there will be a focus on “FUN”. If we’ve learned anything throughout the pandemic, it is to value one’s health and happiness. By investing in  fun,  to help relieve the stress level that has accompanied new heights in many organizations, “CELEBRATE” wins for the entire business, as well as individual success and accomplishments.  “REWARD” those individuals/teams who are delivering extraordinary contributions. 

A general framework to evaluate the health of the business includes, but is not limited to: 

• Personal development opportunities/career path structured conversations
• Adherence to  regularly scheduled Supervisor/ Associate Check-Ins 
• Utilization of 360 reviews as a pulse read
• Policy Review on Flextime in Office/PTO (did the pandemic create a new normal?)
• Compensation Policy review in the world of Post-Pandemic
• Current Benefit Plans audit,  addressing and including Mental Health benefit(s) and understanding where your company benefits stand, relative to the competition 
• Robust onboarding of New Hires' understanding of early experiences lay the foundation for an employee's commitment to culture
• Lead by example with trust, a sense of respect, and value across all levels Creating a plan for the quality and frequency of Communication Received by the associates
• Above all, ensuring a general Sense of Safety at work as perceived by all associates

While this list is not exhaustive, it is cumbersome. However, these are demanding times in which we live. Now is as good a time as any for organizations, both large and small, to take a step back, evaluate themselves, and the culture, and resist the urge to look in the rearview mirror as to how things were There will be winners and there will continue to be those who lose. The decisions today will set the path in motion to guard the most valuable asset of any organization- its people!. 

I look forward to hearing other thoughts on addressing this challenge 

Sources: HBR, Inc., McKinsey, Pew Research, CNBC, NPR, Versa Media, The Obstacle is the Way