Words matter. Words shape the way we perceive the word and participate within it. Words have the power to change the trajectory of relationships between people. Words can inspire, encourage, teach, but they can also confuse, hinder and create a negative response. For instance, let’s look at how words can be used to problem solve, inspire change and create a path to success.
What comes to mind when you think of the word RESIGNATION?
Does it carry a negative connotation? Does the word resignation allow you to be introspective?
What comes to mind when you think of the world RETENTION? Does the focus go from the employee to the employer?
Many of the lead news articles that you read will tell you that the “Great Resignation” was a phenomena that was brought on by the pandemic. Although the pandemic played an integral part in many individuals re-evaluating their place of employment, recalibrating their goals and taking a leap with their careers, the data suggests that this has been an ongoing trend for at least the last ten years.
In reviewing the above chart, Joseph Fuller and Wiliam Kerr in their article “The Great Resignation” note that from 2009 to 2019, the average monthly quit rate increased by 0.10 percentage points each year. Then at the start of the pandemic in early 2020, the resignation rate slowed as individuals became uncertain. The slower rate was short-lived, when in 2021 stimulus checks went out and individuals felt more secure in how the world was progressing after the pandemic. We must also consider that many who resigned during this time also included those who would have resigned in 2020 had the pandemic not occurred. The market has returned to the pre-pandemic trend, which looks to remain steady, but remember that individuals are still recalibrating their work-life balance, determining if their employers values match theirs and looking for an organization that offers flexibility and growth.
So let’s get to the root of why people are making the decision to leave their current employer and what we as companies can do differently to retain our team members.
During one of Incipio’s Thought Leadership sessions, CEO, Molley Ricketts, challenges organizations to ask themselves, “why are people leaving your organization? What has changed in relation to the work/life balance aspect for your employees?” Molley goes on to ask “What could you have done differently within your workplace? Within your total compensation package to flip the narrative from ‘The Great Resignation’ to ‘The Great Retention?’.”
The impact that the last two years has had across all of society, all over the world, is similar to the impacts that World War I, World War II, and The Great Depression had on the workforce, it has changed the game. Think about the amount of change we have witnessed over the last two years.
The moment has come to take what we have learned about what our employees want and need, and use this knowledge to change the game for your organization. Employers must look and try to understand the choices and different directions that employees have made regarding their life, their career, how they want to spend their time. Not all of these revolutions or life changes are bad. What can you offer that sets you apart from other companies?
Change can be hard and in the past making big changes has taken time. Think about it this way, we were able to make big impactful changes overnight during the pandemic. We transitioned entire office settings to at home remote work. Changing to meet the demands of the workforce is going to help you with your retention and will get you on the radar of those individuals that are looking for a change. It is going to allow you to fill your open position with top talent. This is how you can change the game.
Take those negative words that you have spoken the last three months, six months, two years and make them positive. Build your business to be a true force of innovation, creativity, and engagement. Take what we have learned and be that company that candidates seek out, build environments that employees want to be in, and create a higher retention for your organization.
If you are looking for a partner that can assist in helping you solve your retention and hiring challenges, Incipio would love to come alongside you. If you are looking for experts in the area of recruiting, retention, and creating an environment where not only your employees thrive but so does our business, contact us here or give us a call at 502.409.4821 to speak to someone on our team.
Incipio Workforce Solutions is a strategic partner in helping businesses thrive through recruiting, HR solutions, direct hire recruiting, employer branding, team building, and more! Since 2015, Incipio has been on a mission to transform the way companies attract, engage, and delight their team members. Our professional services break down the challenges you face and create manageable goals, obtainable standards, and process improvements to reorganize, revitalize, and redefine what was into what is possible. Comprised of expertise in HR, Recruiting, Employer Branding, and Service, Incipio gives companies the tools they need to successfully manage their employee experience from interview to retirement. For more information on how we can help you and your business, call us at 502-409-4821 or email us at [email protected].