Is the Great Resignation Still Happening – 4 Reasons The Great Resignation May Be Over

Last year, more than?4 million people left their jobs voluntarily each month , making it extremely difficult for leaders today to find and keep talent. If you are a leader today, you know finding talent, retaining talent and engaging talent has been a challenge.

This talent disruption has had such a huge impact on today's businesses many leaders are left wondering,?"is the Great Resignation still happening?"?and?"How much longer will the Great Resignation last?"

Well, what if I told you that?there is a good chance the Great Resignation may be over??Good news, right?

Well, not so fast.

The tides may be shifting so you can find the team you need to care for your customers and grow your organizations. But the downside is that the end of the Great Resignation signals a tougher marketplace to try to attract customers, compete, and expand.?

Why The Great Resignation May Be Over

So, what is going on? What is specifically signaling the end of the Great Resignation?

The Great Return

A possible decline in the marketplace, coupled with longer life expectancy, is creating a great return to the workforce. According to a report on CNBC,?1 in 6 retirees ?are preparing to go back to work.

These are retirees that have been out of the workforce for the last four years. Only 50% of those are returning because they need the money, the other 50% are returning because they’re bored, feeling lonely, and want to work.

Artificial Intelligence

With labor being one of the biggest challenges companies have faced in the last few years, many are solving the problem by finding machines and technology to do the work.

One of the few benefits of COVID was getting people comfortable with using contactless engagement, which allowed companies to rethink how they engage with customers and lead teams.

According to the World Economic Forum’s Job Report,?AI will replace more than 85 million jobs globally by the end of 2023 .

Slowing Labor Sectors

An analysis of LinkedIn feed has revealed an increase in the number of posts mentioning layoffs, recession and looking for work. The overall outlook? The US Labor Market is starting to normalize. While we still have an elevated job market, openings are starting to decline.

Pending Recession

Rapidly rising interest rates, tightening credit market, and bank failures have all increased economists’ predictions of a coming recession. When a downturn strikes, unemployment rises.

The War For Talent Continues

So, while never a guarantee, there is a good chance that this tight labor market is coming to an end. While that is good news for anyone looking to hire or build their leadership bench, you still need to understand that finding top talent, and fully engaging team members still requires some work on your end.

Over 40% ?of those who recently left their job to take a new one are already looking for another opportunity. So, unless you adjust your strategy, think differently about how you attract talent, and create a unique environment that allows employees to thrive, your war for talent is going to continue.

3 Strategies To End The Great Resignation For Your Company

Every two out of five workers who changed jobs over the past year are looking for work again. So, for today’s workers it is not about finding a job. For any person wanting to work right now, finding an opportunity is not their challenge. Their challenge is finding an opportunity where they can find the other things they are looking for in a job.

As an employer, if you fill that need, you will go a long way in ending the war on talent for your company. So, what are today’s employees looking for?

If you want to attract today’s employees, then you need to begin by understanding today’s employees. Employees want their job to be a place where they can grow, expand and contribute.

So what exactly do today’s employees want?

Purpose

They want to do work that matters. They want to feel like they are making a difference. They want to be a part of something bigger than themselves. In other words, they want purpose.

You need to focus on ensuring every member of your team understands both the overall vision of your company, your values and what you stand for, and how they fit into and contribute to that purpose.

Ownership

Once they understand and believe in your purpose, they want to be a part of it – they want to contribute. You have to create an environment that gives employees a voice and responsibility.

They want skin in the game, and to help you grow your organization. Listening to team members, allowing them to share their ideas, and feel like they have a hand in helping the company accomplish the purpose and goals will drive engagement and create more than a job.

Accountability

It may surprise you, but team members want accountability. One of the fastest ways to drive out talent is to not to create an environment of rules, boundaries and consequences.

Why? Because accountability is one of the most important ways we express as leaders that we care – we care about individual success, our customers and the success of our organization.?

Without it – we tell our team members we are not willing to do what needs to be done to ensure success. So they ask themselves, why should they?

While the great resignation may be over, we leaders still have some work to do. We may have more workers to choose from in the coming months, but finding team members who care, who are engaged, who want to help your company succeed will remain a challenge.

Try these three strategies now to ensure as the labor market cools, you have the best and brightest beating a path straight to your door.