In this podcast, Jason talks to Cathy Acratopulo, co-founder of Lace Partners, about the effects of the Great Resignation, and how company bosses can attract and retain talent.
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It’s no secret that employee expectations have changed in recent years. The Great Resignation is creating a rapid and significant shift in the way employers attract and retain talent. Gone are the days of working long hours for little recognition or appreciation. People want to feel valued and appreciated, and they expect their employers to provide a workplace that meets their needs.
[00:31] Cathy’s role at Lace Partners, and how they help HR departments with personnel strategy
[03:30] Breaking down the main statistics and defining The Great Resignation
[06:09] Why The Great Resignation happened – was it inevitable?
[13:30] A look at the different shifts when individuals accept job packages
[17:00] What employers needs to know about creating an attractive job package
[21:30] Who is responsible for people strategy in an organisation?
[24:41] What data companies can use to improve attracting and retaining talent
[32:10] The shift in employee values and how to determine what employees need
[36:15] What will happen after The Great Resignation; readjusting to the new normal
As the world continues post-pandemic, many people wonder what the future holds and reassess what they want to do. For some, this time of uncertainty is too much and they choose to resign from their positions. For others, the pandemic made them reassess their outlook on life, and the direction they wanted to take.
Whether it is a decision made out of fear – or simply because one feels they belong somewhere else, resignation during the pandemic became increasingly common. This sentiment of finding meaningful work, prolonged lockdowns and advances in technology opening more flexible remote positions were all compounding factors that led to what is being termed: The Great Resignation.
There are many factors that have given employees more freedoms and choice than ever before such as:
With a weak job market and an increasing number of resignations, companies are desperate to keep their best employees. As a result, employers are offering better benefits and greater flexibility to talented workers. This shift in power is good news for employees, who can now negotiate better pay and working conditions. It’s also good news for the economy, as increased worker productivity will help boost growth. So far, it looks like the great resignation is benefiting everyone involved especially if employers are levelling employee benefits with expectations.
It may seem easy to rip-off the hiring packages of other companies, but the pitfall is not knowing whether you will be able to meet your employees’ expectations. Having a disconnect between what you are offering and what they receive once they are employed can cause a huge damage to trust and will adversely affect you in the long term. If the pandemic has taught us anything it is that change is inevitable. So if you are unsure of what you can offer employees, be upfront and transparent that the terms may change. Also, allow ample time to let them know if adjustments need to be made to hours or other terms of the employment.
Just like business, people’s needs also adapt and change. Ask employees what they want and try to accommodate as necessary.
It’s no secret that data is powerful. But what many business leaders don’t realise is just how valuable data can be for people management. Data is needed to ensure that your company is attracting and retaining the right people. Then once you have employed people you can use data to track employee performance: identity and correct areas of weakness before they become bigger problems. By tracking engagement levels you can see which initiatives work, and which ones need to be tweaked.
In a post-pandemic world, the values and priorities of employees have changed with many of them shifting to roles which give them more fulfilment. The Great Resignation has opened our eyes to more possibilities in the workforce, allowing increased flexibility and options.
It also serves as a reminder to get feedback from our employees because if we take care of our employees they will in turn take care of our business. Remember, you are hiring humans – not robots.