Last year, according to the U.S. Bureau of Labor Statistics, 4 million American workers quit their jobs each month. That means 47.8 million people in the US left work in 2021 – the biggest volume of resignations since records began in 2000 and a 12% increase on 2019’s figures.
Ladies and Gentlemen, we give you The Great Resignation.
Seen by most as a direct response to the pandemic, by the time the term was coined in May 2021 a mass exodus was already in progress. This was in spite of the ongoing instability caused by the pandemic bucking past trends. Market instability usually brings with it low resignation rates.
Where did all the good workers go?
In August 2021, U.S consumer finance company Bankrate published the results of a study that looked at the motivations of workers in The Great Resignation. More than 55% of people surveyed said they were leaving work to find a new job that offered greater flexibility, better career advancement and higher pay.
In New Zealand, a survey by Employment Hero between August and September 2021 found that 48% of employees were planning to look for a new job. The report noted a significant amount of headhunting going on as well. Salaries were increasing by 15 – 20% in some sectors, as well as employee benefits and flexible working arrangements.
How can you benefit from the Great Resignation?
There are three major ways you can benefit from The Great Resignation, depending on what outcome you are looking for.
Develop a positive team culture
If you are a leader looking to stay in your current role, now is your time to shine. By working on building a positive team culture based on trust and flexibility, you will not only retain key employees but will highlight your own value to your organisation’s leadership team. Taking a course to develop your leadership skills, like IMNZ’s Elevate Programme, can really help hone your leadership style.
Invest in yourself and move on
If you are part of the 48% who crave better pay, more flexibility and improved benefits, then seeking another job in this climate might be the right choice. Before you jump ship, make sure your CV is watertight. There are plenty of jobs, but employers are also being more discerning. Adding a skill like Project Management Fundamentals could really help your application sing. Identify skills gaps and try to fill them with some professional training before you start applying for new roles.
Develop a wellbeing approach
If you are an employer and you want to retain your existing staff, then a focus on wellbeing is essential. The Skills Consulting Group’s Work Wellbeing Index 2022 was clear, a mental health crisis is on the horizon, and employers need to be ready. Offering flexible opportunities to upskill is a great way to support employees to feel valued.