The Great Resignation: Why Employers Should Care

The Great Resignation: Why Employers Should Care

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Why Employees Are Moving Careers During the Great Resignation

In a March 29th Economic News Release by the US Bureau of Labor Statistics, the job openings and labor (JOLTS) turnover summary indicates almost 4.3 million employees quit their jobs in January 2022 alone. This phenomenon of leaving employment while not actually leaving the workforce has been dubbed “The Great Resignation.”

Historically, employees would most likely not resign from a job without having another job in place. Today it is not uncommon and not as frowned upon for someone to quit their job because family members need their care. COVID-19 is also an acceptable rationale on a resume for why there might be a gap in employment. And ultimately, workers are now considering moving careers.

Below are some of the factors contributing to the Great Resignation and tips for employers looking to boost their recruitment and retention efforts during this unprecedented time.

Setting the Stage for the Great Resignation

Right now, it is as if the rules of the game have changed in the workplace—and employers are dealing with a different breed of employees, so to speak, who are moving careers. Employees are expected to be tech-savvy enough to participate in video meetings with coworkers and clients. Those same employees are now proving that they can indeed be productive this way; meeting remotely has become mainstream.

During this period, companies have also raised wages. Now, employees are looking for work scenarios that more closely align with their values, lifestyle needs, and health concerns—especially in the wake of the COVID-19 pandemic.

The Great Resignation has shown that many employees would like to see employers expand benefits well beyond traditional medical coverage. They would like their employer to be seen as a place where people want to work. Increased coverage for mental health care is most often noted as a desirable benefit among employees, especially since the “new normal” of the pandemic has taken an undeniable toll on so many.

Realigning Your Recruitment and Retention Efforts

Both recruitment and retention efforts may need to be realigned to combat the Great Resignation. With the massive number of people resigning from their current position but remaining in the market for a job that better suits their lives, preventing resignations requires more attention, as well. Adopting new care-centric practices for your company may help both grow and keep your team for the long haul.

At benefEx, we are eager to be of service to you, sharing what we know as industry leaders with decades of experience in employee benefits. Contact us today to learn more about competitive benefits options that support your company’s recruitment and retention goals.