Is The Great Resignation overstated?
Hi Reader,
There are lots of confronting headlines circulating about us being in the midst of ‘The Great Resignation’.
Research suggests 40% of the workforce is considering leaving their employer this year.
In the digital space, staff turnover is rapidly picking up pace across all geographic markets.
So what’s driving this?
Keeping skills current. Top talent don’t want to fall behind in terms of skills development and growth opportunities in digital. If your company doesn’t have a clear digital vision, watch out.
Candidate latency. Now we are moving out of the pandemic in most countries, there is broad, pent-up candidate interest in trying new things
Culture matters. Balance and lifestyle are more important post-pandemic. People want to be working for purposeful companies. Tolerance for unacceptable cultures is wearing thin and quickly dissipates when compensation drops. The tech sector, by way of example, has ridden a two year wave of share price growth but the industry is being ‘re-rated’ in early 2022, and many stock plans are now under water.
Entrepreneurialism. Individuals are jumping into smaller, earlier stage companies where they have greater influence and impact on decision making. This is especially the case in tech and digital ventures.
So how should companies be responding?
Being proactive with talent retention strategies is going to be crucial in the early part of 2022.
A few key questions I would be asking are
· What’s the market worth of the best people you employ? How do your compensation plans compare?
· How much of your valued people’s full range of skills and capability are being deployed?
· What’s their path for progression?
· What do they want out of you as an employer?
You can click here for a FREE DOWNLOAD of The Great Resignation Organisational Blueprint from Kate Thomas at leadership effectiveness and sister company NewlandRock.
So is The Great Resignation real?
Absolutely. It presents threats for employers and opportunities for talent.
Great people will always be in demand though and developing a blueprint to increase retention on an ongoing basis is the most effective strategy.
Feel free to write to me or connect with Kate to discuss practical advice on addressing this.
To your continued success.
Guy Day
About BartonRock:
Guy Day is the Founder of BartonRock, the executive search partner for digitally transforming companies.
We manage the careers of leaders whose know-how and commercial acumen within digital steers the strategic direction and future survival of companies.
For more information visit: www.bartonrock.com or contact guy@bartonrock.com
Looking for support in Leadership Effectiveness? Speak to our sister company NewlandRock led by Kate Thomas. Focused on Assessment | Executive Coaching | Wellbeing Solutions – Internationally
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