The labor market has gone through extraordinary change since the pandemic, with swathes of workers quitting their jobs in the last few years. This led to what is being called The Great Resignation, but why are so many people resigning? There are a number of driving factors for this, so it is important for employers to be wary of these common causes. When you know why employees are quitting their jobs, you can take positive action to ensure your business is a good workplace. In addition to retaining your employees, this could also help you to attract the talent available in the labor market right now.
As you might expect, pay is one of the driving factors of the Great Resignation. It is vital that a business offers competitive salaries; otherwise, you cannot be surprised if your staff get their head turned when they find a job with better pay. Additionally, during a time when inflation is so high, it is important for businesses to offer pay raises to keep hold of staff.
Another reason why so many people are quitting their jobs right now is a lack of career development. Most employees are ambitious and want to climb the ladder, so if they are not learning anything new or have a path to follow at your business, they will start to look elsewhere. Career progression can be mutually beneficial, so you should always discuss career goals with staff and help them to advance their career at your business.
Return To Office / Lack Of Flexibility
Remote work and flexibility have been normalized since the pandemic, and many people are resigning if they are forced back into the office. Remote work can benefit both the employees and the employer, so it is smart to offer a remote or hybrid work model – just make sure that you have high-quality tools and know how to manage remote workers. You also need to ensure that staff can enjoy flexibility to develop a healthy work-life balance. This will help avoid burnout, another major driving factor for the Great Resignation in recent years.
Pay is an important area for employees, but you should not overlook the difference that desirable company benefits can make. A company that has a range of desirable benefits will find it much easier to attract and retain employees as you can add so much value to the life of your employees outside of work and for the future. It is best to use a reputable company benefits online platform that can simplify employee benefits management and make selecting desirable benefits for your staff easy. A benefits platform will also make it easier to improve the employee experience, improve compliance, and reduce admin work.
These are a few of the main reasons why so many people have recently quit their jobs. Events from the last few years have changed a lot about life, work, and business, so it is important for employers to adapt and make sure that they create a place that is attractive to workers.