The Great Resignation rages on. A record-breaking number of workers quit their jobs in November of 2021, only to surpass that number in March of this year, according to the Bureau of Labor Statistics.
The pandemic gave everyone time to stay home and reflect. For some, that insight prompted a decision to change, or abandon, their career path. What are the specific reasons causing people to resign?
A recent Pew Research Center survey found the top reasons for quitting were low pay, no opportunities for advancement and feeling disrespected at work. Additionally, nearly half of those with a child under 18 at home said child care issues were a reason for quitting. Among those who left a job, 53 percent are working somewhere new.
Given the continuing trend, how do managers make their company a place where their best employees choose to stay and thrive? While the data provides some guidance, no uniform approach will work for every company. Besides the basics of pay and benefits, managers need new strategies that respond to the needs of individual employees.
Built In Colorado talked with managers at Wix and Parsyl about their tailored approaches to retaining top talent.
Wix is a web development services company dedicated to giving everyone the ability to create an online presence. We spoke with their head of global learning & development, Dr. Eli Bendet-Taicher.
What has been your greatest lesson from the Great Resignation?
The Great Resignation proved how important it is to hire the right people from a culture perspective. We learned that talent is not only looking for the best-paying job; they are looking for a place that is aligned with their own personal values and that invests in their personal and professional development with transparent career paths and professional growth opportunities. We also learned that life-work balance is something talent will not compromise on. People prefer to leave an organization without having another job if the organization lacks the flexibility to choose when and from where to work.
Life-work balance is something talent will not compromise on.”
How are you applying that lesson to your company’s retention efforts? What do people in 2022 need from their employer to stay?
Leading with empathy and transparency is key for good retention. Employees want transparency regarding a company’s actions and direction. They want to know why we make any decision we make.
They also expect to be heard. In order to find the best offerings for our employees, we are always doing employment market research to make sure we are competitive compared to similar companies in our industry. For example, pre-pandemic, our office culture was always strong. When COVID hit, we had to try to maintain this culture in various ways. When we were ready to go back to the office, we realized the world has changed and employees today value flexibility. So, we offered several working models that can work for different people and teams, from fully remote to flexible hybrid models.
What advice do you have for a manager who is faced with a top performer who is considering leaving?
Every employee is different, and as leaders, we need to really get to know our employees through their engagement, performance and one-on-ones. When you face a top performer who is considering leaving, you need to understand that employee’s priorities when choosing an employer at this specific stage of their career. Some employees look for the highest paying job at a certain time, and some prioritize culture, professional development and possible career paths for them in the near future. It is always important to have an open discussion about the employee’s goals, where they want to be in a year from now and beyond. A great manager will be able to help the employee visualize what kind of opportunities are aligned with their own aspirations. If pay is on top of their priorities, you should explore the compensation options you have in hand to accommodate. If it’s career advancement, you should discuss opportunities and how to upskill and prepare the employee for a new role..
Talent acquisition manager Lauren Jones-Kaplan cultivates a connection to the company mission at Parsyl, an insurance technology company for essential supply chains.
What has been your greatest lesson from the Great Resignation?
Employees want a sense of purpose and belonging in their work. Research has shown that much of the Great Resignation has been driven by a period of intense reflection from workers — as one HBR article stated, “The pandemic changed your purpose. The only question now is if you will consciously embrace this transition and use it to craft an intentional, meaningful future in its aftermath.”
Companies that have a clear and compelling mission — and are able to show employees how their work contributes to that mission — have been much stronger in retaining employees as well as attracting new employees. At Parsyl, we’ve heard from candidates in multiple interviews a theme of wanting meaningful work and to be a part of something that focuses on the mission of a social good.
How are you applying that lesson to your company’s retention efforts? What do people in 2022 need from their employer to stay?
We have focused on cultivating a strong connection to the mission in the way we talk about our goals to further the mission. They show up in our Parsyl operating principles, which ground the way we develop and celebrate our team members. We’re also intentional about how we give employees opportunities to reflect, recharge and step away from work. We implemented a paid sabbatical program for employees at their two, four, six and eight-year anniversaries. We support a company break for a week each summer and two weeks around the winter holidays, as well as quarterly mental health days.
We give employees opportunities to reflect, recharge and step away from work.”
What advice do you have for a manager who is faced with a top performer who is considering leaving?
People want to be seen and supported by their manager. If there are tangible changes to someone’s role that would allow them to stay, it is definitely worth exploring that. Ultimately, being clear is being kind. Be clear about what you can offer and what you cannot to prevent giving them an ambiguous timeline for change. If there is not a path for them or a way to stay, supporting them to find another opportunity is the best thing you can do so that they can hopefully continue to be in your network, refer others to you, and maybe even eventually return to your company.
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