The last year and half has manifested a sea change in the business world. In what has been coined “The Great Resignation” by the press, people are ready to leave both pandemic restrictions and their current jobs behind in 2021.
The size and scope of the problem is of epic proportions. The Microsoft Work Trend Index found that 40% of people want to change jobs this year. Another survey revealed that 26% of workers are planning to leave their current job over the next few months.
Looking at the big picture, not all industries are affected equally. Case in point: LinkedIn found that the IT industry has one of the highest turnover rates among all industries, on par with retail at 13% turnover in 2017.
So why the mass exodus now? You could say it’s the perfect storm of factors. First, Forrester’s data shows that more than half of employees want to keep working from home. While Forrester research indicates that 70% of companies are willing to adopt a hybrid work schedule, not every organization will and not every job will qualify.
Second, the pandemic has brought about two distinct financial paradigms for workers, with some people struggling to make ends meet, while others have come out stronger. Some people who’ve been able to build up a buffer are better positioned to make a career or location change.
Third, for various reasons, a lot of workers have had a lot of time to think over the last year and a half about the trajectory of their careers and lives overall. They’re questioning existing systems and wondering if they want to be part of organizations that don’t value them as people.
Taking all of this into account, the onus is on the employer to provide some semblance of certainty and security. One thing you can do right now to minimize the risk of mass turnover is to express your willingness to be flexible. And if this isn’t part of the equation, you’ll have a turnover problem down the road.
Second, make a point to really tune into the worker sentiment. You might consider holding listening tours, focus groups and town halls to really get to the heart of what workers want and expect.
Finally, managers should consider the overall employee culture and experience. Factors that play into this are having autonomy to do their jobs and the tools to succeed. These can ultimately make (or break) the culture.
While we don’t know what the future holds when it comes to labor retention, it’s always a good idea to have resources at your disposal to fill in any gaps. By acting as an extension or supplement to your IT team, we can solve complex problems efficiently. Visit our website to learn more about what we can do for you: http://www.avasofed.com/
