What Should Employers Do About the “Great Resignation”?

By Shana Marr

Happy New Year!

As I’m sure you’ve noticed, movement in the job market is at an all time high and 2022 is anticipated to be one of the BEST markets for candidates in recent history! What does that mean for you? 

1.      It’s the perfect time to ask yourself, “What can I do to retain the talent I currently have on my team?”  One suggestion is to conduct one-on-one’s with the intent of gaining an understanding of what’s important to them in their career. This gives you an opportunity to discuss what of these desires is possible now, might be a good potential down the road, etc.

For example, your employees may think they have to look outside the company for career growth or to be challenged. However, you may be aware of an upcoming position within the company and/or project opportunities that may be of interest to them.

Or they may feel they have to look elsewhere for work/life balance or a hybrid work schedule, but you may have some flexibility to offer this to them now or in the near future.

Knowing what’s important to your team members is key in today’s market!

However….

2.      If you can’t meet an employee’s desires, don’t hold it against them if they feel they have to look outside the company for a different opportunity. Keep in mind, you not knowing isn’t going to change the fact that they’re looking. But if you are aware, this will give you more time than the typical 2 week notice to find a replacement.

3.      You may need to reevaluate your benefit and salary offerings (not just to retain talent but this is also extremely important if you’re considering adding to your team down the road). If increasing salaries isn’t an option, is there something the company can do to compensate some other way? (ex. additional PTO, hybrid/remote work schedule, sign on bonus, etc)

4.      Now is a great time to hire! If you have positions on hold, see if you can get approval to begin the recruiting process today! This is the Great Resignation (Americans are quitting their jobs at a record pace) and therefore, this is an AMAZING opportunity for you to hire some fantastic people who aren’t typically on the market!