The year 2020 was unprecedented in many ways, pushing the global population from their regular busy city lives to the quarantined confines of their homes. You may be a student, a working professional, or a business owner.
We all had to adjust to the new normal, which we call “Work From Home.” And as the pandemic continues, this new normal has led us to The Great Resignation 2021.
What Is the Great Resignation 2021?
At the peak of the pandemic, the United States experienced an unprecedented economic phenomenon. A record 48% of the workforce, primarily Millennials and Generation Z talents, willingly quit their jobs amidst the lockdown and work from home routines.
When the news started flooding in, the HR community started going bonkers. And subsequently, analysts from Gallup, PwC, and Microsoft jumped at the opportunity to research the causality and trends of the job market. Eventually, they uncovered the truth about The Great Resignation 2021.
What Led to The Great Resignation?
Young and talented candidates have job satisfaction needs that extend beyond just monetary compensation. They require psychological recognition to be motivated and work as part of a team.
Talent recognition was a significant need that went unmet for a long in the US job market. A survey conducted by a US firm provided insights that almost 65% of the workforce was unsatisfied with their current jobs.
Their motivation levels were down due to tedious work hours, less salary pay, and a lack of recognition and appreciation in the organization.
When the pandemic struck, the entire workforce moved their offices to home. As a result, young adults gained much-needed breathing space and work-life balance due to flexible work schedules. They consequently began reflecting on their career choices and their work trajectory.
Fortunately or unfortunately, their inevitable conclusion was to quit the current job and pivot around different career options or take a career break.
Many decided to explore various career options in similar fields, and many chose to move towards working on their passion for content creation. Key managers in top roles, therefore, had to decide how to ride The Great Resignation wave.
The massive fallout created a ripple across the US job market, and employee turnover rates started skyrocketing. The stir created panic among firms to retain top talents. Thus, every HR manager focussed on how to stop employees from resigning.
This event pushed many firms to change their approach towards their employees. Many companies resorted to paying their top techies great retaining bonuses. Many others tried promoting top performers to higher posts to keep them motivated to continue in the organization.
How Can Recognition Fight The Great Resignation?
Human Resource managers have been troubled with employee dissatisfaction and motivation management for as long as the corporate ecosystem has existed. However, dealing with employees needs a very interpersonal approach, and that’s where the people’s skills of seasoned HR managers come into the picture.
People managers understand the value of a talented workforce contributing to the company in unity. Thus, they conduct team-building activities to create bonds between employees.
But employee recognition is a whole new ball game even for highly experienced HR managers. Employee recognition is on an individual scale. When an employee is recognized, appreciated, and felicitated for their contribution to the firm, it motivates them on a personal level to continue contributing their talents to the firm.
The bottom line is, if, like many HR managers, you wish to know how to avoid The Great Resignation at your company, then please do consider following these tips:
- Employee burnout is a real thing. Thus, as a people manager, you need to recognize an employee close to burnout and address their grievances. Engage with them on a personal level. Try to find out the cause of the stress and help them.
- Another way to recognize employee contributions is by letting them pick their timings flexibly, whether for work or a day off. If an employee has performed well, they must also be allowed to take some time off for family and social life. It sends a message that you acknowledge their work.
- Let’s face it. In this age, firms need employees more than employees need jobs. When top candidates know they can quit this job for better opportunities, a hiring manager needs to provide professional reassurance to the candidate. Managers can reward the best performers with good pay hikes, incentives, autonomy to lead a team for a project, or a much-deserved promotion.
As a business owner or a hiring manager, you need to keep the needs and concerns of your team as the priority. Only can you confidently retain top talents and ensure the survival of your business through The Great Resignation 2021.