Throughout history, social upheaval has often been one consequence of pandemics, and this time is no different. The newfound leverage of today’s workers has left many employers struggling to find the right level and mix of incentives that will attract and retain employees during what is being coined “The Great Resignation.”

Understanding the Reasons for Worker Discontent

There are a number of factors driving the wholesale re-evaluation of jobs and careers. According to Ceridian, a human resources software company, their annual Pulse of Talent survey indicated that 87% of respondents experienced burnout, with 44% reporting high or extreme levels. The top reasons for burnout were increased workloads, insufficient compensation and mental health challenges.¹

This same survey reported that better compensation (salary and benefits) and greater work flexibility (i.e., remote working and flexible hours) topped the list of what employees felt addressed their needs.²

Steps Employers Can Take to Find and Keep Good Workers

Employers can do a number of things to retain their employees and attract qualified job candidates.

1. Offer mental health days. Providing paid mental health days is an important tool in helping employees cope with the professional and personal strains brought on by the pandemic.
2. Welcome flexibility. By adopting a hybrid work week and/or instituting flexible hours to accommodate fluid household schedules, employees may be less likely to see the need to change jobs.
3. Communicate a path for growth. Employees still need to see opportunities for growth, so employers should make career paths visible to their employees.
4. Be creative in benefits. Depending on the business, employers can add unique and valued benefits (e.g., free meals for restaurant workers, free financial plans for employees’ family members).
5. Talk with staff. No one knows better the needs and challenges of a work environment than a company’s employees. Not only will such conversations allow employers to more effectively target incentives, but it will also promote employee referrals.
6. Widen the search. Employers need to look beyond the prototypical candidate profile, whether by age, race or experience, while expanding job advertisement to include social media.

A recent survey indicated that over 70% of recent job changers regretted quitting their jobs.³ It’s a lesson to workers that the “grass isn’t always greener,” but it’s also a signal to employers that their efforts to be responsive to worker needs may be rewarded with more loyal and harder working employees.

Sources:

1. https://www.ceridian.com/company/newsroom/2021/ceridian-pulse-of-talent-report-burnout-impacting-majority-us-workforce
2. https://www.foxbusiness.com/lifestyle/workers-regret-quitting-great-resignation

Please reference disclosures: https://blog.americanportfolios.com/disclosures/