Did you know that 4 million American citizens quit their jobs in July alone this year? These numbers have continued to increase as the year goes on, hitting record-breaking rates for open positions. News of what has been coined the ‘Great Resignation’ has set off a ripple effect throughout the recruitment landscape. Employees are open to even more new opportunities than before COVID.
Who Does This Impact?
Research carried out by the Harvard Business Review on the Great Resignation showed that positions within middle seniority have been most impacted by this trend. Employees between 30 and 45 years old have had the greatest increase in resignation rates (up 20% between 2020 and 2021). Contrary to previous staff retention reports, those in the 20 to 25 age range have shown a decrease in resignations during the same period.
In terms of industry, this research also highlighted that the highest levels of resignations have been within the healthcare sector. With 3.6% more employees quitting their jobs compared to the previous year.
But what has caused this dramatic change in employee behaviour? With lockdowns and restrictions causing employment uncertainty for close to two years, many planned career transitions were postponed until a time of more economic stability. Now, with most of the world settling into the new norm, many feel confident to continue with their planned progression – leading to two years’ worth of employment shift happening all at once.
How Can You Improve Employee Retention?
To retain your employees, you need to have a better understanding of what they’re looking for in their career long-term. This doesn’t always mean pay rises. It could also be progression, training, or flexibility. By ensuring that you host monthly one-to-ones or implement regular employee questionnaires, you can make sure that you’re offering them the tools they need for job satisfaction.
There is also great benefit in knowing more about the external recruitment landscape within your sector. What are your competitors offering that you’re not? What could entice your people to leave you for what they perceive to be greener pastures? See what you can do to make your organisation the better option. This doesn’t always have to come at a financial expense, many organisations have implemented unlimited holiday or flexible working to encourage staff retention. Finally, make sure you’re living up to expectations. Whatever you promise within the job description and throughout the recruitment process, you must uphold. If you set impossible standards for your company culture you will inevitably disappoint employees, leading them to looking elsewhere.
Looking for new ways to attract new talent to your business? Our team are on hand to help promote your employer brand with the perfect career site.