It’s been headline news for several months now, and the Great Resignation of 2021 continues to redefine workplaces across the world.
According to a recent report by the U.S. Bureau of Labor Statistics, a record 4.4 million people quit their jobs in September.
This mass exodus has employers scratching their heads and scrambling to right the ship. Why are record-breaking numbers of employees handing in their 2-week notices? And what can companies do to attract top talent to their ranks — and keep them there once hired?
First, we’ll take a look at the reasons labor analysts and economic experts offer about why this seismic shift is happening in the first place.
The obvious answer: the global Covid-19 pandemic. Not only did the healthcare crisis force many workers out of their jobs, it also changed the workforce as we knew it. Offices went dark; restaurants, hotels and retail stores shuttered; and travel ground to a halt. Employees were sidelined for an indefinite period of time, and many still haven’t fully returned to the workplace. All of this upheaval is still being corrected across the country and the world.
However, it’s not that simple. The pandemic also changed the way we think about work. Many of us discovered remote work was not only necessary, it was preferred, allowing for a better work-life balance, especially in the era of at-home schooling that required parents be present. An important lesson learned: When the outside world is uncertain, we all need more control over our day-to-day lives.
Many workers took this pause to completely reassess their careers and what they would change if they could (and, increasingly, they can). The result is a revolution of newly empowered employees who are demanding unprecedented evolution in the workplace.
The numbers tell the story: A global study on mental health conducted by Qualtrics found 42 percent of people have experienced a decline in mental health during the pandemic. Specifically, 67 percent of people are experiencing increases in stress, while 57 percent have increased anxiety, 54 percent are emotionally exhausted, 28 percent are having trouble concentrating, 20 percent are taking longer to finish tasks, 15 percent are having trouble thinking, and 12 percent are challenged to juggle their responsibilities.
Gone are the days of wooing recruits with outrageous office perks; now employees want flexible schedules, better benefits, higher wages and, perhaps most importantly, more respect (more on that later). With workers increasingly decentralized, perks like ping-pong tables and cold brew on tap no longer hold the allure they once did. So what can an organization do to mitigate these major transformations in how and where people want to work?
The IRC Global Executive Search Partners experts have the recruitment acumen, industry knowledge and technological advancements that equip organizations to build strong, resilient teams that withstand fluctuations in the marketplace and the most significant challenges.
Rebecca brings more than 25 years of operational, marketing and strategic consulting experience to her executive search practice. As a functional generalist with broad industry experience, she has lived and worked around the world.
The majority of Rebecca’s career has been spent in financial services. She held senior roles with Citibank, First USA Bank, HSBC and Lehman Brothers and has a deep understanding of all aspects of marketing, branding and sales functions and has worked extensively with C-suite executives.
Rebecca earned a Bachelor of Arts degree in English and Italian from the State University of New York at Stony Brook and a Masters of Business Administration from the University of Virginia’s Darden School. She studied in Siena, Italy, and is fluent in Italian.
Reference: 20/20 Foresight Executive Search, 17 November 2021, www.2020-4.com
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