The 'Great Acceptance' or 'Great Resignation:' Two sides of the same coin
Employees who are resigning are not leaving the workforce, but rather seeking better opportunities.
It is hard to read anything about the job market at the moment without hearing the phrase “The Great Resignation.” This refers to the amount of employees that are switching jobs. While this is problematic if you are losing good employees, there is an outstanding opportunity right now for companies to attract great talent. Employees who are resigning are not leaving the workforce, but rather they are seeking better opportunities and accepting new jobs. They are migrating to businesses and companies who they feel will better value them. If your offers are getting accepted you might view this scenario as “The Great Acceptance.”
This job migration is indeed happening at a healthy rate. People have changed the way they view their work and their employer relationships. We are seeing the greatest employee retention in companies that are listening to their employees and designing return to work strategies that take that feedback into account.
Related: How to attract remote employees and combat the talent shortage
Historically, employees have remained in jobs for location, salary, the experience they are getting or even convenience. As priorities have shifted in 2020, employees are leaving at higher rates looking for more family time, a better work-life balance, or to focus on their mental health. They may be looking for a company that better aligns with their values after feeling a lack of support or appreciation from current employers. Money is often not the motivating factor behind these job changes. Companies who have treated their workforce well during these difficult times and are offering work-life balance solutions are also most likely to be first in line to add to their teams and gain great staff.
Employee-driven market
Candidates are aware when their skill set is in high demand. They understand how hot the market is and that they might find a higher salary, remote work opportunities, better benefits, or more upward growth with a new company. They are willing to explore their options and see what else is out there. When candidates feel that they can make a move and will be able to get another job if that move does not work out, they are not hesitant to take the risk.
A survey conducted in April by SalesGlobe and WorldatWork revealed continued remote work, at least on a part-time basis, was a priority for more than three-quarters of those polled. Among respondents, 32% indicated they would seek out new employment rather than return to the office if remote work were no longer an option with their current employer.
Certainly, the matter of remote work is an issue we are seeing every day as recruiters. Although there will be those employers who are taking a hard stance for a return to the office, others may find a better approach in evaluating individual roles and employee needs. While working parents are seeing daycare and schools reopening, this does not mean that they are now excited to get back to the office. Employers may view this as a situation in which the employee has no reason to stay working from home while employees may feel they could now be more productive than ever working from home with fewer distractions. This situation underscores the disconnect that can occur between companies and their employees.
The COVID-19 resurgence with the Delta variant will inevitably play another strong factor in employees’ wanting to continue remote work. While mask mandates have become a part of life over the past year, having to wear one in the office for eight or nine hours a day will leave some questioning if being back in the office is safe, regardless of vaccinations. Eliminating remote work may not be realistic at this juncture.
Attract and retain top talent
While not a new tactic, we are once again seeing companies offering signing bonuses as an incentive to lure new talent. We’re also seeing bigger bumps in salaries and bonus potential. We are also regularly seeing candidates who are receiving multiple offers and have more negotiating power. While money is always part of the equation, it is important to remember that most candidates are not leaving their current jobs just for financial reasons right now, so new job offers can’t be entirely about monetary compensation.
Employees are looking for other ways to feel valued, such as learning new skills or new software, receiving additional training, or being encouraged to explore a project they are interested in. These satisfied employees aren’t leaving in nearly the same numbers as the other folks.
Employee wellness programs have also increased in both employee demand and utilization and will not only help in employee retention but also attracting new talent. There are a variety of options available online for companies to take advantage of. It comes down to listening to what matters most to your employees, and ensuring they have access to the help they need.
Although this employee-driven market won’t last forever, we don’t foresee it cooling off in the near future as employees explore their newfound options and companies are proactive in supporting the needs of their workforce. In the meantime, employers should embrace the change and view it as a chance to improve their operations, ensure current employees are feeling valued, and welcome new talent to their teams.
Some employers are already taking advantage of the changes occurring now. They understand that this movement isn’t a bad thing so long as you are focusing on your employees. “The Great Resignation” could offer a valuable opportunity for employers to hire great new team members and upgrade their employee pool even in uncertain times.
Bill Armstrong is president of Gava Talent Solutions.
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