The Great Solution to the Great Resignation
“Many of us leading companies have been very focused on getting through the pandemic, and maybe we haven’t been taking as much time and care around our employees and our talent and their development.”
Rob Falzon, Vice Chair of Prudent Financial
In the wake of the pandemic, major changes are disrupting the global workforce. Most notable among these changes is resignation. Across the world, companies are seeing extraordinary turnover rates, so much so that it’s been dubbed the “Great Resignation.”
And yet, the show must go on. How do organizations survive the Great Resignation? Is this truly a pandemic-driven exodus from the workforce? What’s really the problem? And what is the solution?
SIGMA’s consultants did some digging and discovered that there may be more to the Great Resignation than meets the eye. Download the guide below, and join us as we discuss the Great Problem behind the Great Resignation, and propose a path to the Great Solution.
Why Talent Development is the Key to Attracting and Retaining Talent During the Great Resignation
What’s Inside?
In SIGMA’s latest report on the Great Resignation, you’ll find answers to the following questions:
- Who is resigning?
- Where are the resignations coming from?
- Is the Great Resignation really just a ‘Great Reshuffle’?
- What is the root cause of these resignations?
- How can companies work proactively to retain employees and protect their organization from the Great Resignation?
In addition to real data, trends, and analyses, this report also holds helpful tools and templates for combatting the Great Resignation yourself. We’ve included frameworks, free trials, and downloadable guides to equip you in leading your team towards tomorrow. We’ll also introduce you to our consultants, who would be happy to discuss any specific challenges your company is facing.
Sneak Peek: The Importance of Talent Development
We don’t want to spoil anything, of course, but we do want to let you know that the Great Solution to the Great Resignation is building a robust talent development process. Research suggests that the pandemic was not the real reason for why people are leaving their jobs – the pandemic only exacerbated a problem that has existed long before. Among other sources, we took a look at the Work Institute’s 2021 Mid-Year Retention Report, which indicated that the top driver of resignation was “career reasons.” More than 1 in 5 individuals who left their job did so because they saw opportunities for advancement and professional development elsewhere. This trend is 17.2% higher than in 2020 and 7.6% higher than in 2019.1
The Role of Remote Work
If the real problem behind the Great Resignation is a lack of development opportunities, it makes sense that resignation rates rose during the pandemic in particular. Remote work brings to light which employers are willing to invest in their employees, going out of their way to provide flexibility, support, and opportunities to grow and connect. However, remote work also opened many new doors for employees who were dissatisfied with their position. People are now able to work for nearly any organization around the world, provided they can work remotely. As a result, barriers to switching jobs have become much lower, and individuals are more likely to leave their current position in the hopes of finding better opportunities for development elsewhere.
In light of this, the solution to the Great Resignation is not to offer higher compensation or better benefits, it is to invest in your employees and build a proper leadership pipeline. In the report, SIGMA will walk you through how to establish your own talent development process, including tips and tools to help you along the way.
The Benefit of Talent Development
In addition to outlining the importance of talent development, we’d also like to tell you a little bit about the benefits of talent development. Talent development is not something you should engage in simply because you hope it will protect your organization from the Great Resignation. Investing in your employees and providing talent development opportunities will have significant benefits and become an asset to your organization both now and in the future.
The benefit to talent development is two-fold.
1. Decreased Employee Turnover
First, having a robust leadership pipeline means your company is developing its leaders. This shows your employees that you are willing to invest in them. As a result, turnover will decrease because employees feel valued and see opportunities for growth where they are.
2. Futureproofing
The second benefit of talent development is that even if employees do choose to resign, you will be prepared. A proper leadership pipeline prepares multiple leaders for each critical role. This means that when vacancies occur you will have qualified candidates to fill them. Having more than one candidate is important because when one person steps up, a new role becomes vacant below. That’s why leadership development is about more than just choosing a single person to fill each role. It’s about creating a strong leadership pipeline that builds a network of internal talent and prepares your entire leadership team for tomorrow. Ready to get started? Download the guide and let us know if you have any questions along the way. We’re always happy to chat!
Looking for More?
If you’re ready to improve your employee retention rates and foster a thriving workforce, SIGMA is here to help. Our tailored solutions are designed to enhance employee engagement and retention, ensuring your organization achieves its long-term goals.
Contact our team of experts for a personalized consultation. We’ll assess your organization’s unique needs and design a customized retention strategy that aligns with your goals. Simply complete the form below to start your journey towards a stronger, more engaged workforce.
Ready to Get Started?
1WorkInstitute. (2021). 2021 MID-YEAR EMPLOYEE RETENTION REPORT. Reasons for LeavingShift asOpen JobsSkyrocket. WorkInstitute. Retrieved from https://info.workinstitute.com/hubfs/Mid-Year%20Retention%20Report/2021%20Mid-Year%20Retention%20Report.pdf.