11 Nov Is The Great Resignation really all that bad?
Employees are quitting worldwide. A lot of them. But when The Great Resignation makes its way to Australian shores, will it really be all that bad? Or are we looking at it the wrong way?
Lay of the land
In the US in August 2021, 2.9 per cent of their national workforce left their jobs. That’s 4.3 million people. In the same month in the UK, the number of open jobs surpassed one million. That’s a new record.
In our previous blog, The Great Resignation: What is it and how will it affect business, we looked into reasons why employees were leaving their jobs. In large part, it was a result of pandemic fatigue and new priorities because of longer periods at home. It’s a niggling spurred on by more family time, new passions and having life and death brought closer to home.
The numbers are confronting, but does it tell the whole story?
Should we fear The Great Resignation?
Let’s look at who coined the trend, The Great Resignation.
Anthony Klotz, an associate professor of management at Texas A&M University, first used the term back in May 2021. He spoke a lot about the intention to resign over people following through. He even suggested that most employees would stay with a company if they allowed them to WFH or work fewer hours each week.
It certainly seems that The Great Resignation isn’t something to fear. However, it is certainly a time for employers to check in with their employees and be open to negotiating a new arrangement. One with benefits that reflects societies desire for better work-life balance.
There’s also an association that all workers who are quitting are doing so from a place of power. However, that’s not necessarily true. People might have quit as they had to home school their children or they didn’t have career opportunities. They even could have quit because they did not feel comfortable enforcing vaccine mandates, say if they worked in hospitality.
A new perspective on The Great Resignation
The numbers do show there is a trend for workers to leave their employers if they are unhappy. It also suggests that even if workers don’t quit, they might have been seriously considering it for some time which means there is low employee satisfaction. But this all points to an opportunity for employers.
It is an opportunity to:
- reconnect with your employees.
- reassess company benefits, which will help attract new candidates in the current market.
- redeploy retention strategies that work.
Monica Clare Recruitment is hosting a webinar on The Great Resignation on Thursday 18th November. If you would like to register for the event, please email [email protected]
MCR has a 95 per cent success rate with 81 per cent of placements still in their position two years later. If you are looking to partner with MCR, reach out to a team member or call the office (02) 4967 5236.