Attracting and Retaining Talent During the Great Resignation

Approximately 47.4 million people voluntarily quit their jobs in 2021, a record. Reasons for quitting vary by industry and individual, though a Joblist survey highlighted patterns such as individuals seeking a new career, feeling dissatisfied or unhappy with employer treatment during the pandemic, and/or seeking better pay and benefits. For many, these issues have been exacerbated by pandemic-related events, which bring topics like childcare and healthcare to the forefront. Meanwhile, a report from MIT Sloan Management Review indicates that toxic corporate culture is a primary predictor of resignation.

The Great Resignation has also found traction with those pushing for work reform as the “movement” has forced companies to acknowledge and address a variety of issues that supporters contend to have been ignored for far too long (e.g., employee burnout, mental health). Likewise, employer responses and efforts (e.g., adjusting pay ranges) have varied as they try to attract and retain talented workers or, in some cases, simply hire a “warm body” to achieve a bare minimum. For many businesses, a first step entails increasing employee flexibility—from remote work options to a four-day workweek to flexible hours. With a general re-setting of expectations, employees have more employment options than ever before. What does your business do to stand out and attract and retain talented workers?

Business Takeaway: Under current circumstances, there simply is no “magic bullet” for hiring and maintaining a talented workforce—and far too many variables that are out of the control of many employers. However, there are steps that businesses can take to put themselves in a better position. Contact us at info@goldsteinsc.com if you have questions about employee attraction and retention.

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