For better or for worse, the Covid-19 pandemic has had a significant impact on the way businesses run. One of the latest trends influenced by the pandemic is the “Great Resignation.” People are more likely than ever to consider leaving their current job in favor of something new. Recent research from a variety of sources support this:
- One in four U.S. workers will search for a new job as the pandemic stabilizes
- 41 percent of the global workforce is weighing leaving their current employer this year
- Monster.com reports as many as 95 percent of workers are currently considering changing jobs
So, what does this mean for you, the business owner? There’s clearly an opportunity to acquire new talent. Many eligible employees are in the market and looking for the right company to fit their skills and needs. At the same time, employers need to pay more attention to their existing employees.
There are actions you can take to ensure your company is best set to recruit and retain top talent. Several examples include:
- Management training – The old adage “people leave bosses, not companies” is ringing true. If the leaders in your company are reasonable and connect with their team, your employees will have less motivation to seek other opportunities. Mentoring and career coaching support is more critical than ever.
- Promotion and compensation programs – If people believe promotions and bonuses are awarded fairly on good work, they will want to stay and grow with your company. To be competitive, companies need to consider developing a clear and defined career path for all employees. If people see an opportunity to learn new skills and advance within a company, they’ll be more inclined to stay.
- Stay interviews – Reduce turnover and related exit interviews by conducting proactive stay interviews. A stay interview is a periodic check-in with your valued employees to ensure their goals and vision are aligned with your company.
The “Great Resignation” is here. Is your company prepared?
CEO Nexus is committed to serving business owners and executive teams leading growth-oriented, second-stage businesses. Our facilitated peer roundtable program utilizes the CEO Nexus Content Model, which focuses on leadership, sales, operations, and finance.