How Your Business Can Still Succeed During the Great Resignation

What is the Great Resignation? 

The Great Resignation is best understood by the numbers. Following a multi-year trend, America’s “quit rate” reached a 20-year high in 2021, with over 3% of all private sector employees leaving their job per month, the highest level recorded since the Bureau of Labor Statistics began tracking relevant data. That’s 47 million people throughout the year, with 4.5 million quitting in November alone—an all-time record.

Analysis by PEW Research suggests several factors pushing workers towards new opportunities. Among the most critical issues cited were burnout, lack of autonomy, and low pay. Workers are willing to take significant risks to secure better positions, with 53% of new hires switching industries entirely, reducing employers’ leverage over the existing labor force.

Better pay, more opportunities for advancement, higher flexibility, easier-to-manage work-life balance, and superior benefits were all cited as incentives for participation in the mass exodus, with a plurality of workers ultimately securing these bonuses. Since so many workers are getting what they’re looking for, companies across the economy feel pressured to adjust and meet demands.

Read More: How Outsourcing Healthcare HR Reduces Employee Burnout

With Great Resignations Come Great Opportunities

This complicated environment is forcing business leaders to think about how to respond to the Great Resignation. 

As workers shuffle throughout the economy, this could be the perfect moment to pick up top talent using the following strategies:

1. Increase Pay and Benefits

Whatever the reasons, workers are getting the courage to look for jobs that pay more and provide better benefits en masse. Many are succeeding. That means you should look for all the advantages possible to make your offerings more competitive, especially during this period of inflationary pressure. For example, a remote HR solution might be a great way to redirect resources towards better compensation packages.

2. Manage Flexibility

Today’s worker wants a stronger sense of personal autonomy than their parents or grandparents did. Having the ability to work from home—at least some days per week—or set your hours is becoming less of a luxury and more of a requirement for many positions. 

Reducing long, daily commutes and strict 9-5 schedules can give workers the time and space they need to focus on personal hobbies, relationships, and goals. If you haven’t already, you’ll want to invest in the technologies that make remote/hybrid work possible, including task management, telecommunication, and personnel software.

3. Build Long-Term Opportunities

High-quality workers don’t want to be stuck in the proverbial hamster wheel for years. They want to build skills that translate into future success and see their hard work pay off. 

This is the right time to start a career development program or offer learning opportunities to your workers so that they can envision a brighter future at your organization.

4. Respect Mental Health

Related to the prioritization of work-life balance, mental health has become an emphasis of the modern worker. Employees want to avoid the pitfalls of previous generations who eagerly sacrificed their well-being on behalf of corporate profit.

The days of posting irregular shifts at the start of each week are likely over. Reduce stress and anxiety with reliable schedules so employees can stop worrying about having enough hours to cover expenses.

And there isn’t room for toxic middle management in this atmosphere. Feelings of disrespect, in particular, affects mental health and is a major driving force behind resignations.

5. Create Space for Purpose

Research shows that modern workers are not only trying to maintain balanced lifestyles but also create overlap between their careers and passions wherever possible. This is the time to align the interests of your workforce with your company’s mission. By building on popular themes of diversity, high-quality culture, and freedom, you’ll empower your team with a sense of purpose that competitors fail to deliver.

Thrive With Nexus’ Remote HR Services

Struggling to manage your workforce? Don’t feel embarrassed: do something about it! Nexus HR is ready and willing to facilitate the changes you’ll need to turn your business into an attractive workplace during the Great Resignation.

If you’ve been impacted by the Great Resignation and need more qualified workers, we can help. Nexus HR offers a complete recruiting package: we’ll find candidates, screen applicants, schedule interviews, and head all onboarding & training for you.