The Great Resignation

Welcome to the Growing Careers & Companies Podcast with Allison S. Weiss. Today, we discuss an important and hot topic, “the Great Resignation”. We talk about the context and statistics about this phenomenon, why it’s happening, how you can safeguard your organization, and what you can do if you’re the one who’s looking for a new position.

For more resources and news visit: https://www.growingcareersandcompanies.com/

“Your network is your net worth.”

Why is the Great Resignation happening?

 

If we go back to May of 2021, about 36% of all Americans were looking for a new job or were open to a new opportunity. Now, in September, according to a study by PricewaterhouseCoopers, nearly 65% of all Americans are looking for a new job. This number is even higher in the LatinX and Black communities.  

 

46% of women and 34% of men are looking for a new job because of financial reasons, but non-financial benefits like flexibility, professional growth, learning new skills, and overall well-being are increasingly important drivers as well.

 

One of the main reason’s behind the Great Resignation is that the proactive attrition that happens every year didn’t happen in 2020 due to the pandemic.  Those who would have left their companies in 2020 have delayed those moves to 2021, effectively doubling the normal turnover our economy would experience.

What you can do to safeguard your organization?

 

9 out of 10 executives are seeing more turnover within their organizations than normal. Here are some useful tips that you can implement today to make sure that you don't have a massive amount of departures:

• Compensation reviews – Try to get your hands on as much information about compensation within your industry and within your market as possible. Give extra consideration to the people who have been with your organization the longest because they are at the greatest risk of below-market compensation.
• Review recent departures – Ask for feedback and see how you can act on it. 
• Employee satisfaction interviews/surveys – Find out how the people in your organization are feeling. How has COVID impacted your team and business and where has the company performed well or underperformed? Look for themes, patterns, and listen actively to your team. Address the issues and implement changes immediately.

What to do if you’re the one looking for a new opportunity?

 

• Get clarity – Use journaling to determine what you loved, learned, and want to leave behind in your current job. With that knowledge, you can transition powerfully out of this job, without recreating the same experience at your next company.  
• Prepare your allies – Build a top 10 list of influential people you’re connected to who can help connect you with people and opportunities. Provide them with clarity on what you’re seeking and specify how they can help you.
• Start building new connections – Get active on platforms like LinkedIn, Instagram, and Clubhouse. Start contributing positively to conversations in your area of interest, niche, or expertise.

 

Resources for the show:

 

• https://fortune.com/2021/08/20/us-workers-looking-for-jobs/
• https://www.growingcareersandcompanies.com/

• https://www.crerecruiting.com/ 

• https://www.creatwork.co/

• The Growing Careers and Companies Framework

• Allison’s LinkedIn

 

 

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