07 Mar Winning the War for Talent Amid the Great Resignation

Have you or someone you know left your job recently, or has your organization been feeling impacts of The Great Resignation? The impacts of the global pandemic have caused people to rethink everything, most notably their occupation. Record breaking numbers of people have left their jobs since the start of the pandemic – 47.4 million to be exact. From low-paying day jobs to high-paying careers, this phenomenon has swept the nation leaving no group of workers untouched. Resignation ratesin apparel are at 19% while management consulting is a close second at 16% and surprisingly supply chain logistics, oil and gas, and business process outsourcing are among those that round out the bottom at 7%.   

Record breaking numbers of people have left their jobs since the start of the pandemic – 47.4 million to be exact.

So what’s driving this sudden shift, and how can businesses begin to recover? Recovery can only begin with understanding. Knowing what caused this whirlwind will allow leaders to avoid such mistakes in the future.  

In order to get to the bottom of this trend, we’re not merely going to speculate. Let’s have a look at the data before drawing conclusions. An MIT study examining the motivations behind people leaving their jobs en masse was able to reveal some very telling insights.  

The most significant take away from this report is the top five predictors of resignation, which are as follows, in order from the most impactful to the least:  

• toxic corporate culture,  
• job insecurity and reorganization,  
• overwhelmingly fast-paced work environment  
• failure to recognize employee performance, and  
• poor response to COVID-19  

Compensation did not even make the list. In fact, this study shows that toxic corporate culture is 10.4 times more likely to influence turnover than compensation. It was also noted that “the leading elements contributing to toxic cultures include failure to promote diversity, equity, and inclusion; workers feeling disrespected; and unethical behavior.”  

Eradicating toxic culture and replacing it with a more positive and inclusive atmosphere will provide great leverage.

So how exactly can employers use this information to win the war for talent that is currently underway? Given the above, it’s safe to say that eradicating toxic culture and replacing it with a more positive and inclusive atmosphere will provide great leverage. This means keeping an eye out for signs of toxicity, including a clear lack of comfortability, communication, and support. Investing in a comprehensive, integrated DEI strategy will help solve a lot of these issues. Providing genuine support for employees’ career development will also show potential new hires that their future will look bright on your team. Growth opportunities could be anything from training, coaching, mentorship, lateral job moves, and promotion opportunities.  

Another way for organizations to present as more appealing to the talent they wish to attract is by offering modern flexibility.  Having at least part-time remote work options can be a deciding factor for employees nowadays, so put that on the table whenever possible. Even allowing employees to tailor their schedule can make a huge difference. We are living in the dawn of hybrid work, so if your organization is not keeping up with modern standards then it will likely fall behind. 

Teams that play together, stay together. A great way to boost loyalty and cohesion is by building rapport among team members. Even in our geographically dispersed world, you can still host social events like happy hour, dinner to celebrate a team win, art-making or even an art-gallery tour to offer employees an opportunity to be more connected with each other, and with the job. Play music at meetings or have an impromptu mini dance party – yes, we’ve done it over Zoom! 

Preventing burnout is a must when trying to lower turnover rates.

Lastly, preventing burnout is a must when trying to lower turnover rates. Make sure your employees are getting enough paid time off (and feel comfortable taking it). Look for root causes of work exhaustion – like urgency, perfection and senseless tasks – and get rid of them. Lead by example for work-life balance (meaning eat, sleep and exercise regularly), and hold people accountable when you know they’re pushing themselves too hard.  

Ultimately, winning the war for talent in both the short and long-term will come down to how seriously leaders are willing to invest in change.

Ultimately, winning the war for talent in both the short and long-term will come down to how seriously leaders are willing to invest in change. There is no quick fix for the deep-seated issues that drove the American workforce to this breaking point. Without a genuine recognition of the problem, and sustained commitment to developing a more enhanced work experience, businesses continue to pay the price. 

Shaara Roman is founder and CEO of The Silverene Group, a culture consultancy that helps companies align their people programs with business goals.