It may come as a surprise to some that the phenomenon of ‘The Great Resignation’ still shows no sign of abating.
Encouraged by workers who have the same time and space during multiple lockdowns to reflect on the purpose of their work, where many find it lacking, corporations quickly find themselves caught in a vicious cycle. cycle of high attrition, leading to a need for high volume recruitment.
We have yet to discover what the long-term effects of this mass employee movement will be. But with a global recession on the horizon, and suggestions that the phenomenon is set to become Forever Resignation, tackling its impact on business growth is now essential.
In our research, The Talent Trap, business leaders across the UK and USA told us that the Great Resignation had a significant impact on their operations – to the point where they were concerned about the growth of their globally recognized companies. world. Nearly half (45%) said they also lack confidence in their ability to attract the right talent to fulfill their growth potential.
In fact, in a conversation just a few months ago, Ellie Bertani, former SVP of HR Transformation at Wells Fargo shared these thoughts with me. “It’s a short-term solution to buy talent. Unless we get smarter about how to build those skills internally, we’re all just increasing our internal costs, and that’s not sustainable in the long term.”
Cut the tide of discontent
What can businesses do to prevent disgruntled workers from leaving their jobs? Many employers originally recruit workers to match predetermined job descriptions, which then fail to evolve as the business grows and adapts, leaving many without a career path or plan to follow. This made employees feel that the only way they could change their career direction was by switching companies entirely. Employers should instead look to Talent Mobility initiatives and best practices to empower and support workers in making lateral movements, and encourage and support the opportunity to seek alternative career paths within the organization .
Are your values fit for purpose?
Millennials are the first to question the status quo at work, and whether careers can become more important in our lives, aligning work choices more closely with personal values.
When Generation Z entered the workplace in 2016 they brought a more definite change to this way of thinking.
Those starting their first job now have an expectation that their employers should align with their own personal values around, for example, diversity and inclusion, or sustainability. Stuart Rowland, former Senior Director of Talent Acquisition at ServiceNow, suggests this is a good thing, saying: “Building trust, empathy, communication and a growth mindset are critical skills in the digital economy . Now we need people who can demonstrate these behaviors and who can live our values. We can train others.”
Ultimately, businesses must consider how they can adapt to meet the changing values of employees, starting with whether or not their policies on key social issues are fit for purpose. A true representation of company values is essential for employee satisfaction and retention. The next generation of customers is also watching.
Challenges are a springboard for change
Technology can help businesses break free from rigid job role structures and create an equal and satisfied workforce and business leaders agree. 75% of those we interviewed for our Talent Trap report said that talent decisions are better made when based on data rather than instinct.
Data-driven decisions allow recruiters to improve the experience for candidates but AI can also help make career planning and mapping more accessible to existing employees. By looking at individuals’ prior experiences and abilities, and making predictions about their potential, AI can identify lateral moves to more fulfilling roles within the same company, increasing employee satisfaction that training and development investments are made, which in turn drives motivation levels .
What is clear is that the way we work has gone through a revolution from many perspectives. In the short term there have been challenges, but it is clear that there is enormous potential for businesses to turn the challenges from the Great Resignation into opportunities to develop, and retain, the workforce of the future.