How the Great Resignation is Leading to the Great Restructuring

In the past, companies typically operated under one of two approaches— “business as usual mode” or “crisis mode.” With “business as usual,” there were long-term strategies and goals and a clearly defined plan to get there. In contrast, with “crisis mode,” it was purely about survival. Specifically, what needed to be done right in that minute to get through another day—that was the long-term goal.? But what happens when the two converge, as they seemingly have done over the past few months? What happens when a form of crisis mode is, in fact, business as usual?

We talked previously about the Great Resignation. In reality, everyone seems to be talking about it lately. Millions of employees walking out of their jobs in search for something more—more meaning, more money, more flexibility … just more. And there is no doubt that this has significantly disrupted many businesses, as they struggle daily with a severe talent crisis. Dealing with open positions, collapsed positions, and constant interviewing and shuffling tasks leave little time to actually work.

But as always, through darkness comes light, through challenges comes opportunities. When we can no longer do things the way we’ve always done them, we discover new, innovative ways. It’s all about perspective though. In this instance, instead of focusing on the Great Resignation as the disruption it has temporarily caused, the focus should be on the long-term opportunity it really is.

What if we move from the Great Resignation to the Great Restructuring?

Today, right here and now, it’s time for a fundamental reexamination of how we conduct business. It’s time to get control back. And the key is a shift in perspective that is not stagnant, but rather that will continue to evolve over time. To start though, we need to take insights from the Great Resignation. Harvard Business Review recommends a data-driven approach, where employers can:?

• Quantify the problem and its impact on key business metrics.?
• Identify the root causes that are driving workers to resign.?
• Implement targeted retention campaigns designed to address the specific issues they struggle with the most.

Once we better understand what is happening in our own companies regarding both those who have left and those who have stayed by examining the data now available to us, we can start to reimagine what the business could look like in the future. In order to restructure, fundamental shifts need to occur throughout the organization, starting from leadership and working their way through each department and team level, and the culture overall.

Shift Focus from Who Left to Who Stayed

Despite the enormous number of employees walking out the door, many are choosing to stay. And in appreciation, they are often heavily burdened with picking up the slack for those who have left, causing them to be exhausted, burnt out, and feeling undervalued (or not valued at all).?

Instead of focusing exclusively on the roles that need to be filled (a “normal, pre-Great Resignation” reaction), we should focus more on retaining those who have stayed. Ultimately, we cannot leave them drowning as we’re promising the world to someone new—nothing will make them feel less appreciated. Rather, we can provide support and show how much they are valued by:

• Having regular check-ins. These can be one on one and in small groups. How are they doing? What are their goals? What would they like to see in the next quarter? How do they want to learn and grow within the company?
• Listening to them. This is where empathetic listening comes in. When they come to you exhausted and concerned, show them you understand and are working to fix the issues. Connect with them and address their concerns immediately or they may decide to walk out the door too.
• Offering development programs. What opportunities are there for advancement? How can they develop skills to advance? What training programs can you offer?
• Conducting internal pay audits. Ensure what you are paying each employee is fair and equitable. If it’s not, adjust pay for existing employees and new candidates.

Shift Hiring for Jobs to Hiring for Skills?

Our workplaces as we knew them before are different. The days of static jobs in static locations are, in large part, over. Roles and responsibilities are evolving, and so must employees … and management. That being said, the static, old hiring requirements of certain educational degrees and past experiences shouldn’t have the same impact. Instead of thinking in terms of specific jobs and specific qualifications, think about the skills needed to accomplish those jobs. Then, hire for those skills and match them with the business needs and tasks necessary in certain positions.?

It comes down to flexibility, transparency, and timeliness in this highly competitive market. Chances are your best candidate is someone else’s best candidate, so when you do go to hire, be strategic about your offer, your compensation package, and being transparent about the evolving nature of the role.?

Shift Prediction Culture to Experimentation Culture

As we take some forward steps toward “normalcy,” it’s becoming more and more apparent that “normal” is a term that no longer truly exists. The market and economy continue to be immersed in unpredictability. And when a company cannot reliably forecast the future, it’s best to shift to an ongoing culture of experimentation.?

With experimentation, adjustments are made instead of predictions. And at the foundation is futures scenario planning, where a team considers various future circumstances and then decides how the company will react. It presents the ideal time to revisit management practices and vendor relationships, and get creative about future resources. What would the company look like with additional contractors, gig workers, or strategic partners? Could that lessen the negative effects of having fewer employees? Could that actually be more beneficial? Understanding the impact to the business under each scenario helps increase preparedness in an increasingly uncertain future.

With the Great Resignation, employees are reimagining a more certain, more dependable, more fulfilling work life. With the Great Restructuring, employers can start reimagining what their organization will look like. By anticipating a future based on flexibility and constant development, we can begin a new workplace narrative. We can empower employees with flexibility, accountability, and gratitude (remembering it doesn’t always need to show in a paycheck). And with increased empowerment and transparency comes increased engagement, retention, and productivity—a structure we can all agree upon.?

Remember, you have a “Great Opportunity” to provide some certainty at a time when employees need it most—use it to restructure the company toward a more efficient, stronger future. For more information about the Great Restructuring, please reach out to our team at [email protected] .?

Until next time, keep Building Your BADASSERY.