If recruiters expect the great resignation to be over soon, they’re likely disappointed.
In 2021, the U.S. Bureau of Labor Statistics reported over 47 million Americans voluntarily quit their jobs, and these numbers are not improving.
This mass exit from the workforce is now known as The Great Resignation.
With job openings at a record high of 11 million, many Americans choose to stay unemployed. As a result, there is a correlation between the demand and supply of talent in the job market.
76% of human resources professionals surveyed in the U.S. state that the changes in the labor market accompanying the great resignation are permanent.
There is a high demand for workers. However, job seekers expect more than just fair wages from their employers, making it challenging to fulfill the demand-supply equilibrium.
As a result, recruiters face the brunt of The Great Resignation and are looking for new ways to retain and attract talent.
With more and more employees seeking better career opportunities, the latest research shows that The Great Resignation is here to stay for 2022, and recruiters need to adapt to this change.
Why is The Great Resignation Happening?
The pandemic may have given rise to The Great Resignation, but employers now realize this short-term turbulence is here to stay.
In fact, it is turning into “the great reshuffle” for many workers.
Different factors are at play in this trend, including; better work-life balance, better work culture, flexible work options, a career change, and a positive employee experience.
Did you know that three out of four employees are planning to quit their job in 2022 over pay raises, remote options, and work benefits.
Undoubtedly, these factors are here to stay, influencing workers to make a career change.
One of the main reasons behind The Great Resignation is the high labor shortage and employees taking over the job market.
Unlike before, job seekers today recognize their leverage in the job market and the value they have to offer.
With a third of our life spent at work, employers must understand the needs of employees, whether they are financial, health, mental, or personal.
As a result, the priorities and demands of job seekers are changing, and recruiters will have to keep up with this shift to serve their needs.
Recruiting During the Great Resignation
With traditional recruitment methods failing to accommodate the modern workforce, what does The Great Resignation mean for recruiters?
As job seekers’ priorities change, recruiters struggle to attract and retain high-quality talent to meet their business demands.
Perhaps this is a time for recruiters and employers to reevaluate their existing recruitment practices.
To put it into a different perspective, The Great Resignation is a chance for recruiters to get ahead of the competition by tapping into a talent pool of candidates dissatisfied with their last job.
Recruiting is no longer like it was generations ago.
Unlike previous generations, today’s talented candidates don’t jump on the hiring bandwagon. Instead, candidates, today bring opportunities and challenges for recruiters to keep them satisfied and retained for more extended periods.
With these changes in the workforce, recruiters will have to rethink their existing recruiting strategies and understand what job seekers expect from their employers today.
How Can Recruiters Overcome The Great Resignation?
With changing demographics and evolving trends in the workforce, now is the best time for recruiters and employers to strengthen their employee retention strategy and hiring tactics so you don’t become a victim of this great exodus.
This way, you’ll be better prepared for future disasters that negatively impact your recruiting operations.
Here are three key strategies to overcome The Great Resignation–
1. Offer flexibility
Remote and hybrid work options are becoming increasingly popular for many organizations worldwide, and it is what’s keeping employees satisfied!
A Flexjobs report reveals that 58% of workers would like to work remotely full time, while 39% want a hybrid work environment. That means 97% of workers demand some form of flexible working options!
This shows the importance of remote work for job seekers today.
With higher productivity, more savings, and a better work-life balance, flexible work options are a priority for job seekers. Employers who are not enthusiastic about this will see a decline in new hires and fresh applicants.
Simply mentioning “work from home” or “hybrid workplace” in your job posting will significantly increase applicants!
2. Encourage Career Development & Upskilling
Job security and career growth are important deciding factors for job seekers, and these factors are achieved through career development and upskilling initiatives.
According to the World Economic Forum, 54% of employees will require significant upskilling by 2022.
To keep up with changing demands, trends, and evolving workplaces, job seekers demand upskilling opportunities from employers.
While many organizations have committed to upskilling existing employees, some organizations still have not caught on, risking their employee retention.
Offering career development and upskilling opportunities are the best way to retain existing employees as it offers a realistic career path for workers.
Most importantly, continuous upskilling delivers value to the younger generation, making them more resilient and preventing employers from losing out on talent!
3. Reconsider Your Work Benefits
Today’s workers expect employers to offer an excellent benefits package that includes healthcare, an optimal work-life balance, and an emphasis on mental well-being.
benefits were just perks or a way for employers to stand out in the job market. Today, the scenario is different.
Failing to meet these expectations, recruiters are losing out on top talent.
The most effective way recruiters can address The Great Resignation is by acknowledging relevant employee benefits.
In 2021, 62% of employees identified employee well-being as a key deciding factor when applying for a new job.
An attractive employee compensation package doesn’t mean higher wages.
While higher wages help attract talent, employees today are more concerned with retirement benefits, health insurance, and other relevant perks that create a positive workplace.
Ultimately, an organization that cares for its employees and offers valuable benefits will stand out to job seekers and keep employees satisfied.
Implications of The Great Resignation
Eventually, demand and supply between job seekers and the job market will reach an equilibrium, but some trends are here to stay.
Remote and hybrid work models are not going anywhere, leading to rising demand for flexibility. In addition, with emphasis on employee well-being and positive work culture, recruiters need to address these demands to stay relevant to today’s talent pool.
The future of recruitment is looking at a skill-based workforce instead of the traditional background-based workers.
With these changing demographics and evolving recruitment trends, The Great Resignation is here to stay for 2022.
Frequently Asked Questions (FAQs):
1. What is The Great Resignation?
The Great Resignation is an ongoing economic trend where employees are voluntarily resigning from their jobs en masse since early 2021, primarily in the United States.
Towards the end of the pandemic, a record number of employees left their jobs in search of alternatives providing better opportunities.
Anthony Klotz, an organizational psychologist, and professor at Texas A&M University coined this term to describe the record high surge of workers quitting their jobs.
2. Why is The Great Resignation Happening?
There are multiple factors behind the great resignation, but a root factor is employee dissatisfaction and changing priorities due to the pandemic.
Employees today are voluntarily quitting their jobs as they expect employers to acknowledge employee well-being, a better work-life balance, flexibility, and other relevant benefits.
Skilled workers, today have many options to choose from. As a result, employees realize their value and do not settle for less in today’s job market.
3. Will The Great Resignation Continue into 2022?
The Great Resignation is likely to continue throughout 2022.
With changing priorities and evolving workforce trends, it does not seem to end soon.
With remote working options and ample opportunities available to the workforce, changing jobs or finding the ideal career switch is not a challenge for most workers today.
As a result, most employees take advantage of this situation by turning it into a great reshuffle for their careers.
4. How Can Employers Overcome The Great Resignation?
Recruiting during The Great Resignation can be taken care of by rethinking your existing recruiting strategies and understanding the demands and expectations of job seekers today.
The most effective way to address The Great Resignation is by acknowledging the demands of job seekers.
Pay attention to what job seekers expect from employers today.
Apart from this, here are five key areas to focus on to overcome The Great Resignation–
- Offer flexible working options
- Focus on upskilling and career development for employees
- Offer relevant work benefits
- Emphasize the importance of employee well-being
- Foster a positive work culture of empathy, care, and transparent communication