How small businesses can protect themselves from the Great Resignation in the Workplace
Aug 12, 2021
As the country continues to shift and adapt to the pandemic/post pandemic life, employers are swiftly realizing there is a new shift in the workplace. In any news outlets, you see terms coined “The Great Resignation” or topics of that nature that try to explain the phenomena of employees quitting their jobs at an all-time high rate. This can result from burned out employees, new responsibilities of caring for family members suffering from Covid, individuals wanting more of a work life balance, and simply employees going after their passion and not just a paycheck. Additionally, some employees are looking for the flexibility of working from home that they gained through this pandemic.
So what does that mean for you as an employer? At first glance, take a look at the statistics so you can start to plan for your workforce. In an article published by Today titled “American workers are quitting their jobs at record rates. Here's why: The pandemic inspired many American workers to leave their comfortable, stable jobs” it cites that approximately one in three workers are thinking about quitting their job, while almost 60% are rethinking their career. Working women considering a job change are more likely than men to cite feeling burned out, with 42% of women contemplating quitting because of burnout versus 27% of men.
Do you know that means in the month of June alone, job separations as a result of quitting was 69%. The other 31% is comprised of layoffs, firings and retirement.
How does that impact the workforce?At the same rate that employees are leaving the workforce there is an increasing need for employees to fill vacant roles. You may notice in most establishments from gas stations, fast food restaurants to corporate America, everyone is hiring. To put a number around it, there were approximately 10.1 million job openings in the United States alone according to the Department of Labor in June.
What are the trends in the workforce?
What can employers do to minimize this impact?As an employer there are things to consider that can help you minimize the impact of losing employees in the workplace. Here are a few things that you can consider and has been on trend across industries.
If you are interested in developing a plan to safeguard your current workforce, update current and existing policies regarding benefits including PTO, flexibility in the workplace, remote/hybrid schedules, Chief of Minds can help. Our experts have 36 years of expertise leading in HR. Send us an email to firstname.lastname@example.org.