The "Great Resignation" routinely made headlines in recent months as record numbers of employees quit their jobs. This pandemic-driven phenomenon is largely attributed to people re-evaluating their priorities and the place work holds in their lives amid a high level of volatility in the labor market. According to labor statistics, 43 million workers left their jobs by December 2021, and employed workers are actively thinking about quitting as well.
A recent survey by Gartner showed that many employees pondered leaving their current job due to burnout or lack of flexibility, among other reasons. The number of Americans quitting their jobs has exceeded pre-pandemic highs for five straight months, posing a problem for turnover and company growth. In order to improve retention and loyalty, companies large and small need to take an employee-centric approach that includes strengthening relationships with direct reports, embracing flexibility, expanding company wellness policies, and offering professional growth opportunities.
As resignations soar and businesses struggle to retain talent, it's becoming increasingly clear that something needs to change. Companies that want to stay competitive in this challenging environment will need to take proactive steps to keep employees engaged and committed. By focusing on creating a positive work culture with room for growth and development, employers can turn the tide on the Great Resignation and retain the best talent for years to come.
Just fewer than 650,000 American retail workers quit in the month of April alone
The pandemic shifted the job market, and as a result, many people experienced an existing feeling of uncertainty regarding their employment. In late March 2020, billionaire entrepreneur and investor Mark Cuban appeared on CNBC special titled "Markets in Turmoil." During the interview, he warned companies not to force employees back into offices if they weren't ready. Unfortunately, some companies didn't heed his advice.
As the pandemic continued to affect businesses, companies responded in different ways. Some employees cautioned Cuban's warning was proving true: people inside companies were being treated unfairly in terms of wages and opportunities. Simply put, it wasn't good enough for many workers. The result? People started moving on from their jobs in droves.
The costs to companies are high when employees quit en masse. Lost productivity is one obvious issue that can be hard to overcome when fully effective companies lose key personnel. The great resignation has been going on for over 16 months now with no end in sight; longer for companies that don't invest in treating their employees well. It's clear that something needs to change if we want to keep talented workers around and avoid costly turnover rates.
American Airlines Sued After Teen Dies of Heart Attack Onboard Flight to Miami
American Airlines is facing a lawsuit after 16-year-old Kevin Greenridge died of cardiac arrest onboard AA Flight 614 from New York to Miami on June 4, 2022. The teenager had become unconscious mid-flight and although the crew attempted CPR, they were unable to revive him. The family's attorney, Emily Rella, argues that the airline did not provide adequate medical support or equipment and failed to divert the plane when the situation became critical.
This tragic incident highlights the importance of airlines having proper medical procedures in place for emergencies. It also raises concerns about the mental and physical health impacts of air travel, especially during a time when many people are experiencing high levels of stress and anxiety. As more workers reconsider their priorities and look for ways to prioritize their wellbeing, companies will need to take into account how their policies impact employees' health and safety.
Advancing Your Career Path: Unlocking Growth Opportunities
The "great resignation" has brought attention to the importance of career growth opportunities. An American worker survey found that many employee respondents planning to leave their current jobs cited a lack of career growth as a primary reason. This finding underscores the need for employers to support employee development through educational group training, career development coaching, and levels personalized employee developmental opportunities.
The Covid-19 pandemic fundamentally changed how employees view work-life balance and their overall employee experience. Companies must adopt an employee-centric approach by offering professional growth opportunities, direct reports embracing flexibility, and expanding company wellness policies. By doing so, they can create a culture where employees feel valued and supported in their career goals, ultimately reducing turnover rates during the great resignation.
Investing in career growth programs not only benefits the advancement of employees but also the company's bottom line. Xil Health found that companies with strong employee growth and development programs had 34% higher revenue per employee than those without such programs. Therefore, it is crucial for companies to prioritize supporting their employees' professional growth to unlock the full potential of both individuals and the organization as a whole.
These Are the Most and Least Affordable Places to Retire in The U.S.
Most people dream of a relaxing retirement, but the cost of living can make it difficult to achieve that goal. Madeline Garfinkle, a financial planner based in California, has compiled a list of the most and least affordable places to retire in the U.S. According to her research, the mountain state region tends to be more affordable than the west coast.
If you're looking for an affordable place to retire, you may want to consider moving to Idaho or Utah. These states offer low tax rates and a low cost of living. On the other hand, if you're dreaming of retiring on the west coast, you might struggle with high housing costs and expensive healthcare. While some retirees are willing to pay a premium for ocean views and warm weather, others may want to prioritize affordability when choosing where to live out their golden years.
I Live on a Cruise Ship for Half of the Year. Look Inside My 336-Square-Foot Cabin with Wraparound Balcony.
Cruise ships are a popular choice for many who want to escape their mundane routine and enjoy the luxury of traveling, dining, and entertainment all in one place. Christine Kesteloo is one such person who has made cruise ships her home for half of the year. Her 336-square-foot cabin with a wraparound balcony offers stunning ocean views that make her feel like she is living in paradise.
Kesteloo's year life on a cruise ship is filled with enriching experiences, from exploring new destinations to making friends from all over the world. Her cabin is cozy and comfortable, allowing her to relax and unwind after a day of adventure. The wraparound balcony is her favorite spot where she can soak up the sun or gaze at the stars at night. Living on a cruise ship has been an incredible journey for Kesteloo, and she encourages others to try it out and see what it's like to have the world as your playground.
Are You Being Too Soft as a Leader? You Might Need to Try a Different Approach
In the current climate of the "great resignation," it's more important than ever for leaders to reflect on their leadership style. While it may seem counterintuitive, being too soft as a leader can actually lead to disengagement and ultimately, employee turnover. Leaders must provide purpose and direction to their teams in order to keep them engaged and motivated.
This doesn't mean that leaders should adopt a rigid approach, but rather find a balance between being approachable and setting clear expectations. According to Jason Miller, author of "The Elements of Successful Leadership," leaders who are too soft often avoid difficult conversations and fail to hold their team accountable. By adopting a more balanced approach, leaders can create an environment where employees feel comfortable sharing feedback and ideas while still working towards shared goals.
Free Event | March 30: Solopreneur Office Hours with Terry Rice
If you are a solopreneur, this is an event you won't want to miss! Expert Terry Rice answers your pressing questions about running a successful one-person business. You can ask him anything from how to market your services online to how to manage your finances.
To participate, all you have to do is register for the event and successfully copy the link that will be provided. Don't miss out on this opportunity to learn from one of the best in the industry!
A Guy Is Using ChatGPT to Turn $100 Into a Business Making as Much Money as Possible. Here Are the First 4 Steps the AI Chatbot Gave Him.
A recent trend in the workforce is "The Great Resignation," where employees are leaving their jobs at record rates to pursue new opportunities. Jacob Zinkula, a young guy looking to start his own business, is one of them. He turned to ChatGPT for advice on how to turn $100 into a successful business.
The first 4 steps that AI Chatbot gave him included researching his target audience and competition, identifying his unique selling proposition, creating a clear brand message, and setting SMART goals. With these steps, Zinkula was able to gain a better understanding of his potential customers and what sets his business apart from others. Aaron Mok, the founder of ChatGPT, believes that these steps are crucial for anyone looking to start their own business or make a career change during this time of uncertainty.
Exploring the Influence of Pop Culture on Our World
The great resignation has been a topic of discussion for many media outlets lately, and it's no surprise that pop culture has played a role in shaping our perception of the labor shortage caused by the pandemic. From TV shows to movies, there are countless examples of how popular culture has influenced our understanding of this phenomenon. For example, the recent South Park episode "Dikinbaus Hot Dogs" features a storyline where companies are forced to hire children due to the labor shortage caused by the pandemic.
But it's not just TV shows and movies that have explored this issue - music, fashion, and social media have also played a significant role in shaping our perception of the great resignation. Some experts argue that these cultural influences can impact our soul specifically, making us more likely to quit our jobs or pursue new opportunities. As we continue to navigate these unprecedented times, it will be interesting to see how pop culture continues to shape our understanding of this complex issue.
Frequently Asked Questions
How can you stem the tide of the Great resignation?
One way to stem the tide of the Great Resignation is by implementing retention strategies such as offering competitive salaries, providing opportunities for growth and development, and promoting work-life balance.
Are workers quitting their jobs in droves?
Recent data suggests that there has been an increase in workers quitting their jobs, with some industries experiencing higher rates than others. Experts are attributing this trend to a variety of factors, including burnout and a desire for better work-life balance.
What is the Great resignation?
The Great Resignation refers to the current trend of many employees quitting their jobs in search of new opportunities or better work-life balance after the pandemic. This phenomenon is reshaping the job market and pushing employers to rethink their approach to employee retention.
What can companies do about the Great resignation?
Companies can improve employee retention by offering better pay and benefits, creating a positive work culture, providing opportunities for growth and development, and listening to employee feedback.
Why are employers walking away?
Employers may be walking away due to a lack of suitable candidates, budget constraints, or organizational changes.