The economy is moving towards recovery. In June, the US added 850,000 jobs and the national unemployment rate was stable at 5.9%. This exceeded estimates for the first time since vaccines have been widely available. In addition, the number of unemployment insurance claims was the lowest it has been since March 2020.
Resignations Are Increasing
That is only part of the picture. There are stories of fast food chains where workers quit en masse, hospitality workers who say they are changing careers after the industry was decimated by the pandemic lock downs, and knowledge workers who maintain that they will leave an employer who mandate everyone return to the office full time. People are quitting their jobs at the highest rate seen since the Bureau of Labor Statistics began collecting this data in 2000.
Some of the resignations reflect employees who were planning to quit, but held on to their jobs during the uncertainty of the lockdowns. Lower wage workers will quit a current job for one that pays even marginally better. Others, however, had time during the pandemic to reevaluate their careers and their work life balance, and found them wanting.
Organizations Can Hire and Retain Top Talent
Workers are crafting the work life they want, not simply returning to what has always been. Employers and leaders who can adapt to meet the needs of their work force will find that they have more access to top talent as a result.
Leaders and organizations that are willing and able to give workers the flexibility to work where and when it is best for them will be able to attract and retain top talent. Make sure your wages and benefits are competitive. Create inclusive career opportunities and make sure those working from home are part of the conversation and reap the benefits.
Regardless of where your people are working, it will be critical to engage with them. We mentioned in a previous post that the dilution of company culture can result in resignations. Be clear about your purpose and values, communicate them well and often. People who are aligned with the values of your organization are more likely to be engaged as employees.
Be supportive of the physical and mental health wellbeing of your workforce. People want to feel seen and heard and want to be part of an organization that values them as people as well as what they offer to the organization.
Doing what you did in the past may not get you where you want to go for the future. Be adaptable to the new demands of the workforce. If you don’t have a relationship with a recruitment specialist, this may be a good time to develop one. An experienced recruiter can not only help you find talent for your positions, they will have their finger on the pulse of what candidates want. That knowledge will go a long way to helping you create compelling offerings and attract top talent.