The Great Resignation, or the ‘Big Quit’, I’m sure most of you have heard these terms floating around the news sites lately. It, of course, refers to the mass exodus of jobs that have been occurring all over the world due to a variety of different things. If 2020 was the year lockdowns were trending, the Great Resignation took this title for 2021.
The trend kicked off early in the year with resignations peaking in April but remaining high over the recent months. The area with the highest increase in resignation rates has been employees aged between 30 – 45 with a decrease in these rates among workers aged 20 – 25. Whilst the great resignation still most certainly exists, and experts say it’s far from over, there seems to be another phrase being thrown around at the same time, the great job boom. However, the thing to understand is that the term is misleading. This is due to the fact the great job boom refers to the amount of jobs being advertised by employers. There’s no denying that the great resignation has had a hand in this new term emerging.
What caused the Great Resignation of 2021?
We’re living in a time when companies are firing employees, left, right and centre. Overworked staff are quitting their jobs, whilst many businesses are scrambling for workers (which is where the boom comes in). The current landscape of the workforce, essentially, sounds like chaos.
The main cause for this mass exodus of jobs has been burnout as staff are simply exhausted. After shifting into remote working over the last two years, many businesses are returning to the office. Upon that return, some companies are pushing their staff to work harder to prepare for 2022 and ‘make up’ for the lost time.
The blame for the ‘Big Quit’ has largely been placed on the COVID-19 Pandemic with many employees reassessing their goals, some in the hospitality industry, for example, no longer wanting to deal with in-person interactions. Returning to the morning/evening commute is another turn off for employees, having adjusted to the remote working conditions of the pandemic.
On the other hand, others feel that they were overworked during their home office days, having to always be available without receiving additional recognition or reward for their hard work. This strain on their relationship with their job has led to employee’s perceiving the grass to be greener on the other side and a good time to jump ship.
Not all staff that quit are just jumping straight into unemployment, with many continuing to hunt for other jobs. Their focus, however, is finding the type of employment that provides the right amount of work/life balance and something that will put them on the right track for career progression.
How can employers shift things to the Great Retention?
If you’re an employer and worried about losing your staff, there are a few things you can do to help retain your employees:
- Prioritise the mental health of staff
Self-care and mental health are critical components for a person’s wellbeing and enables them to work to the best of their abilities. Mental health should no longer be something people are afraid to talk about. We’re only human, we get tired, we have stresses and anxieties and if workplaces acknowledge that, they’ll see positive changes emerge from their staff.
Ultimately, there are many ways mental health can be approached in the workplace but consider evaluating your existing health benefits and whether these include mental health services. Another thing to consider is that when you’re hiring new staff, communicate openly about the benefits you provide regarding stress and burnout prevention. Lastly, ensure staff know that you openly support conversations regarding mental health.
- Give opportunities for career development
This plays into employees wanting to feel valued and appreciated, they don’t want to feel stuck or in a dead-end job. It’s not even about handing out promotions to staff, it’s fostering a learning environment where they can continue to gain skills and applicable knowledge. They want to know that their managers are supporting their growth, not hindering it.
- Nurture a culture of care
Don’t treat your staff like robots, treat them as individuals. Just as mental health should be prioritised, employee wellbeing needs to be at the centre of your business. This means regularly checking in with staff to make sure they’re doing okay. Remind them that they can reach out at any time if they need, always fostering that two-way communication.
The main takeaway: Treat your employees well
The team at Foxi Capital and its other companies on the other hand are going against the narrative that the Great Resignation is presenting. What started as a team of four a year ago, has grown into a team with over 25 staff, which goes to show, it’s how you treat your employees that matters. The companies continue to thrive due to adopting the remote lifestyle permanently and allowing staff to work on their terms. So they’re having a great job boom of their own but without losing staff to get it.