The pandemic is (nearly) over and people are returning to the jobs and offices that they left 18 months ago. But everything has changed, and workers are realizing that life is too short to spend working somewhere where they don’t feel appreciated, compensated, and offered opportunities to grow. How will your company weather what economists are terming The Great Resignation?
Surveys show anywhere from 25% to upwards of 40% of workers are thinking about quitting their jobs. Some are considering completely switching career paths altogether. Many news stories are focusing on the trouble that industries like hospitality and food service have in attracting talent. And while waitstaff and customer service representatives may be hard to find, upper-level management and executive positions will be in flux as well. And technology companies are facing an especially daunting statistic.
A study by research firm Qualtrics stated that “More than 50% of executives and 53% of managers and directors said they planned to look for a new job in the next year”. And according to ZDNet the “industry with the most expected turnover is tech, where 52% of all employees said they were looking to change jobs in the next year. Tech workers told the survey they were looking for strong leadership and higher paychecks in the next organization they join.” The Great Resignation indeed.
What can your organization do to weather this massive change in the workforce?
Some companies are already beefing up their long neglected Human Resources departments. Between balancing remote and in-person work to filling the gaps caused by mass resignations, HR departments are trying to bring in the professionals they need to build the best team.
Urgent Hiring requests in job postings are on a meteoric rise, and incentives are always beneficial, but the best companies are bringing in Executive Search consultants for their hard-to-fill roles. These companies are “seeking experts in recruiting and onboarding to fill jobs quickly and seamlessly”, says AnnElizabeth Konkel, an economist at Indeed.
Partnering with an Executive Search professional may be the best option to rebuild your team during The Great Resignation. Having a dedicated talent acquisition professional to help find, engage, and acquire the best talent for your team are among the many advantages of using an executive search firm. Having a trusted partner with an established reputation in the talent community can make the difference between success and failure in the coming months.