FEATURE STORY
Stop Calling
It A Labor Shortage!
It Is A Turnover Crisis.
BY JOHN DIJULIUS
THE STATISTICS ARE ALARMING
A record-setting 10.1 million jobs opened in the United States in 2021. About 11.5 million workers quit just in the second quarter of 2021. Forty-one percent of the global workforce would consider leaving their current employer within the next year. Fifty-four percent of Gen Z are considering quitting.
The“ Great Resignation” is a mass, voluntary exodus from the workforce. It is here, and it is quite real. Turnover is nothing new and neither are corporate retention strategies. But the Great Resignation and extreme turnover happening today across industries is a different phenomenon that requires a different approach. The Great Resignation caught so many business leaders flat-footed.
WHAT IS FUELING THE GREAT RESIGNATION?
There are numerous reasons, most originating from the pandemic that started in early 2020. According to a LinkedIn survey, 74 % of respondents said the time spent at home caused them to rethink their current work situation. More than 50 % cited stress and burnout in their job as a reason for looking elsewhere. Others did not like how their employer had treated them over the last 18 months, from a lack of genuine concern to employees being forced to take concessions while senior executives didn’ t. The work-from-home( WFH) dilemma opened Pandora’ s box for many employees and has become a contentious issue for many organizations. And finally, yes, the increase in unemployment benefits has caused a lack of urgency for many to return to the workforce. We saw a booming economy during the last decade, which always results in two things: Most businesses start losing focus on the customer and employee experience, and businesses need to stop thinking ping pong tables and Friday happy hours and create a strong company culture instead.
A PROFESSIONAL AWAKENING
For so many, the pandemic has had the same effect on people as those who survive near-death experiences. It has caused employees to reevaluate their professional careers, not only what they want but also what they
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