Overcoming the Great Resignation
Johnny C. Taylor, Jr., SHRM-SCP
President & CEO, SHRM, F500 Board Director
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Continuation of the Great Resignation is the number one workplace trend for 2022, according to the Emeritus Institute of Management. How can we step up as leaders to combat this trend in our workplaces to keep employee retention high?
SHRM’s study Surviving the Great Resignation highlights our role in diminishing the recent high rates of workplace turnover. Nearly half (49%) of U.S. executives surveyed were experiencing higher turnover than usual. An overwhelming 93% of executives report having open positions in that same timeframe.
What has happened to cause this?
While competitive compensation is a top priority for workers, it is not the only factor employees are considering when thinking about job prospects. Workers are searching for sustainable work-life balance and better benefits.
How can we ensure our employees have the tools they need to have a healthy work-life integration?
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It starts with ensuring a safe work environment for everyone. SHRM research shows that across the workplace spectrum, BIPOC workers feel less safe in the workplace and have less trust in Management. We must ask ourselves, “What is my workplace doing to rectify this?”
To secure employee retention we must adapt to be competitive with other employers. This means examining your company’s system of compensation and benefits, but also workplace praxis and mental health policies.
Nearly 70% of Black workers and 50% of White workers are more likely to leave their current job if offered a new job with significantly better mental health benefits. This tells us our employees are looking for more than compensation.
If we want to retain our employees, it’s time we take action and implement protocols to reflect progressive mental health policies and competitive compensation benefits.
Social Media Manager
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Afterschool Liaison, School District of Palm Beach County
2yMany staff members are feeling devalued. They put in the years of dedicated service with excellent evaluations and are never considered for promotions.
Leading People, Teams, and Organizations Through Complex Transformation Efforts
2yThanks for sharing this. I think this also represents a great opportunity for companies to hire better. While companies will certainly want to retain their top talent, they’ll also need to consider that this is a market where companies are going to have to compete for talent. Companies will need to reimagine how they source and evaluate their talent as well as retain talent.
Retired! Follow the Televerde Foundation - Find your purpose and make a difference! (Last role: Head of Business Development and Marketing)
2yGreat post Johnny C. Taylor, Jr., SHRM-SCP and I would encourage people to consider disenfranchised populations. The Televerde Foundation has qualified and extremely dedicated women who are looking for work to support themselves and their families. ♥️
Principal, Recruiting Business Partner | Resume Writer | Job Search Strategist
2yGreat article. I hear this every day from candidates. They are considering leaving their currently employer in search for a more flexible schedule balance and better benefits. I have also talked to many employers who are seeking for ways to attract talent at the same time. It is not always about compensation.