The Great Resignation describes the unprecedented number of workers quitting their jobs in 2021. Causes of these high turnover rates can be attributed to many things, and employers are still scrambling to determine where exactly their retention practices are failing — but one thing is clear: This creates opportunities for businesses to do better.
Here's what The Great Resignation teaches us about retaining employees in your company's most critical positions.
Key takeaways from resignation data
According to a research report by Visier Insights, at least 1 in 4 people quit their jobs in 2021. That's a staggering number — but it isn't the only noteworthy element of the report.
Visier data also showed that resignation rates are highest among women, workers in their 40s and those with five to 15 years of experience. This stands in stark contrast to the notion that younger workers are leading The Great Resignation in an effort to build their careers or find roles that suit them.
The takeaway, then, is that resignation rates are rarely simplistic. Instead, they are indicative of a network of workplace-culture flaws that impact certain employees in different and sometimes more significant ways. Focusing on the needs of the highest-impacted workers will provide a better environment for all.
Using resignation to your advantage
With Visier's data at the forefront of your mind, it's necessary to create solutions specifically designed to support groups with higher turnover rates. Here are a few ways to do just that:
1) Hire workers of all ages
According to the Society for Human Resource Management, intergenerational learning may be one key to keeping employees engaged. For example, by hiring a young worker with a short but powerful work history, you introduce a unique perspective — and meanwhile, that employee can learn from the experience and wisdom of older workers.
2) Provide retirement support
Although your employees may not be retiring yet, providing a solid framework for this eventuality might help retain employees, especially at high levels. With this solution, you give staff the incentive to remain on your team by supporting their future as well as their present, rather than forcing them to find a position that offers what you don't.
3) Communicate with individuals
It's one thing to respond to generalized data; it's another thing entirely to apply that data to your own workplace. For example, instead of implementing solutions designed to keep women from resigning, talk to the women in your workforce to understand what their needs are. As Outsmart explained, these needs tend to be varied depending on the individual — from working mothers to baby boomers to young women just beginning their careers. This type of communication also helps female leaders and managers feel more empowered to support their own teams.
4) Retain when possible
Although it's often effective to hire new workers, especially if you're looking for new perspectives and fresh ideas, it's equally important to retain current employees. To support staff members with five to 15 years of experience, consider ways to celebrate achievements, reward hard work and mark significant milestones in their careers with your company.
While The Great Resignation has much to teach companies, it also represents a significant source of stress. If your workforce is thinning, don't panic — YES Partners can help. Click here to see just a few of the roles we've successfully placed.
Finding people is easy, but finding the RIGHT people is not. YES Partners helps companies FIND the right people for all company functions, across many industries.