What Your Clients Should Know About the Great Resignation
You finally got your clients to take the critical event threat seriously. But here comes the Great Resignation, another critical threat with few good answers. And, if clients thought they could ride the wave out, they should think again. Why’s that? Read on to find out what clients should know about the Great Resignation.
What is the Great Resignation?
Last year, 48 million people quit their jobs in the U.S. A stat which easily broke records.
Then, when March 2022 data came in, a record 4.5 million workers had quit their jobs, setting new records still – the labor market was hot and getting hotter.
And this was all evidence of the Great Resignation, the pandemic-era labor trend sometimes known as the Great Reshuffle.
With the prospect of new blood, why should this trend matter to your clients? Well, some of their best people might be the ones getting reshuffled.
Indeed, nearly half of all current employees (44 per cent) are now job seekers, according to Willis Towers Watson’s 2022 Global Benefits Attitudes Survey. Among those, a third are actively job hunting – at least as of the last quarter of 2021.
Think that’s bad; another 11 per cent were planning to look in the first quarter of 2022.
Why’s the Great Resignation happening now?
For your clients, the question to ask is why.
Surprising few, pay is the top consideration of new job seekers, particularly as global inflationary pressures erase wage gains.
It’s not the only factor, though. When polled, one in five job seekers said that they would take a new job for the same pay.
Health benefits, job security, flexible work arrangements, and retirement benefits came in right behind pay, as the top five reasons employees would move elsewhere.
Remote work in the post-COVID era has emerged as a huge bone of contention.
Workers who got used to work from home during earlier phases of the pandemic are balking at employers looking to return to the traditional office.
Many job seekers want more remote work options than current employers are allowing.
Well, over a quarter of survey respondents (26 per cent) are always or mostly working from home. Another 15 per cent have an equal split between home and the office. Much higher shares, though (36 and 22 per cent, respectively), would prefer remote work.
It’s not hard to see why. Reasons cited as the three biggest benefits workers see with remote work include:
- Less time commuting
- Lower costs associated with going to the office
- Better management of household commitments
Why the Great Resignation matters?
Why not embrace the influx of new blood and new ideas? There’s a steep operating cost to losing top talent.
That’s why the loss of important personnel – not just the C-suite – is often considered a staffing or personnel crisis – on par with data breaches, natural disasters, acts of workplace violence, and other crisis types.
What can be done to address the growing risk? Clients must recognize the loss of important staff as the crisis threat it is – crafting crisis management plans and business continuity management plans for what’s becoming a likely critical event scenario.
Critical event management software comes in handy, too. And so, if you’re looking to add our integrated critical event management platform to your software toolbelt to service your clients even better, consider becoming a Noggin partner.