Is it The Great Resignation or The Great Reconfiguration?
“I like the use of the word reconfiguring because it seems to me that more people are focusing on how their lives look as a whole, with work as a part of the bigger picture. The talent is reconfiguring their lives to fit better with what they want, now that employers are compelled to listen a little closer to their workforce” said Mark Fisher, TZR President.
According to this article, “One of the benefits of the Great Resignation is that workers will eventually be able to craft careers that better fit with their lives.”
That said, now is the time for employers to consider how they can entice top talent to include them in this ‘great reconfiguration’ by identifying what they need.
This is one of the reasons TZR has many partners that have been with us for many years, because once we are incorporated into your overall business strategy, we can help you determine what you are willing to offer to recruits to ensure that you stand out among your competitors.
This story sums it up well, “…companies that preemptively make work better for their employees — higher pay, remote flexibility, other financial and social incentives — will have a business advantage over those that wait for their workers to demand those benefits.”
So, is it resigning or retiring?
Note that those resigning are, for the most part, not permanently leaving the workforce (though there is a contingent of older workers who retired early due to health risks in the workplace, burnout etc and will not return).
Many are simply leaving their current job for a better/more attractive opportunity. According to Harvard Business Review the greatest increase in resignations is among those that have been in the workforce for 10-25 years.
“Employees between 30 and 45 years old have had the greatest increase in resignation rates, with an average increase of more than 20% between 2020 and 2021.”
That means, there’s a pool of people out there with quite a bit of professional experience. TZR recruiters are experts at identifying talent and placing them where they are needed and valued most.
So, what does it all mean?
This article is worth the read to help find that out: “Ask yourself which factors could be driving higher resignation rates? Exploring metrics such as compensation, time between promotions, size of pay increases, tenure, performance, and training opportunities can help to identify trends and blind spots within your organization. You can also segment employees by categories such as location, function, and other demographics to better understand how work experiences and retention rates differ across distinct employee populations.”
Trends suggest that it is not only about hiring the best people from an ever-growing pool of talent but also assessing the team you currently have and making sure, as an organization, you are doing what is necessary to prevent your best people from leaving.
Remember decisions also need to be data-driven otherwise they just become opinions – ask yourself why are people leaving and how do I prevent it?
TZR’s process can help identify strengths and opportunities for advancement within your workforce and help guide your organization’s contribution to ‘The Great Reconfiguration’.
So, what’s next?
Forecast for 2022, is ‘uncertainty,’ and that’s OK. Though the data implies that the future will remain even if temporarily in the hands of employees.
“These conditions create a fertile ground for Americans to seek higher wages, better benefits, and improved working conditions. But that leverage will only last as long as the worker shortage. Whether these improvements continue into the future for all workers will require a mix of policy change and union growth.”
With such sweeping change at such a rapid pace many aspects of the impact of the pandemic are still being evaluated.
Catherine Creighton, director of the Co-Lab at Cornell University’s Industrial and Labor Relations school says ““Now is the time where people are realizing, due to labor shortages and what they’ve been through in the last few years, that they could have momentum to change their working lives,” Creighton said. “It’s very important we do something now. Because if not now, when?”
TZR is ready to engage our well-established network of job seekers to identify those that are looking for a change and have values that align with your organization. Reach out today.