Fallouts of the Great Resignation

Even today, it’s featured on the news: The Great Resignation. This describes a phenomenon where, due to multiple factors, people left their jobs in droves. As we come to grips with the slow decline of qualified available staff, it’s important to think about the fallout of the Great Resignation.

In 2021, over 47 million Americans voluntarily quit their jobs, leading to “The Great Resignation” being coined. The Education and Health Services industry had a 2.8% quit rate in 2021, and it seemingly increased in 2022. The pre-pandemic quitting rate was, on average, 3.5% amongst all industries. When 2021 begam, the increase was exacerbated, leading to an acceleration of quitting workforce.

The Harvard Business Review calls quitting factors the Five R’s: Retirement, Relocation, Reconsideration, Reshuffling, and Reluctance. These factors were present in a pre-pandemic world, but they were more pronounced post-2020.

Many workers are retiring from their jobs simply due to completing their company tenure and reaching retirement age. Don’t try to fight their decision—when people are ready and able to retire, it should be expected and normalized to allow them to retire without a fight. It may be tricky to replace them, but steps can be taken before they retire to know who would take their place for a specific position. While relocation is becoming less normal, reshuffling of positions creates changes that are best met with positivity and understanding. AQuity Solutions, an IKS Health company, is virtual and can meet the various situational expectations, which come with relocation, reshuffling of positions, and retirement.

In a post-pandemic world, reshuffling of job positions, opportunities, and duties is common. There are times when it would seem hopeless, especially when there are multiple job openings exacerbated by the Great Resignation, and sometimes the empty positions pile up. Filling in the gaps of any given position is difficult, but if we recognize there is a person fit for every position, even in the most unexpected places, we gain more forward momentum to fill open positions. There will always be people looking for a new job and there will always be someone qualified for the position you are trying to fill. AQuity responds to these demands through our university relations recruitment program, specifically tailored towards gap year medical students, as well as our outreach looking for the best candidate for open positions; if someone doesn’t fit the criteria of the job that is open, it doesn’t necessarily mean they aren’t a fit for a different position, or for that position at a different time.

Another important reason for resignation is the state of the economy. The instability of the U.S. economy following the pandemic encouraged people to prioritize jobs that give them stability. Inflation, mass layoffs, and interest rate hikes pressure employees to find job opportunities that meet the demands of the ever-changing economic forces in the U.S. Many people find that changing jobs could lead to higher wages to alleviate the pressures of inflation and interest rates. However, sometimes benefits could be a reason to change jobs, rather than a financial reason. To combat this, AQuity provides excellent Dental, Medical, and Vision benefits for our employees.

Even with all the reasons team members may have to leave your organization, there are some ways to lessen the number of resignations. While it is true, sometimes things can’t be helped, there are avenues to explore to keep employees working with your company for some indefinite amount of time. According to Forbes, here are recommended ways to improve your employee experience:

1. If your employees promote flexibility in working options, such as hybrid or virtual options, it may be easier on employee schedules. This may especially be true for families, out-of-home or in-home caretakers, and disabled employees.
2. Focusing on company culture. If the company has a strong and trustworthy culture, then this is already half of the battle.
3. Including benefit programs that are positive for as many as possible. Inflation creates realistic changes that need to be made for budgetary concerns, but great benefit programs provide positive outcomes and encourage employees to maintain them. Even the smallest plan detail can improve the quality of life and the lives of others. Providing skill-based programs is also a net positive, such as allowing employees the freedom to learn and grow in their respective fields without feeling as if they need to spend too much money on it themselves. Simple programs such as a LinkedIn skill test, an educational seminar, and more are foundations for building transformational experiences—something the employees will find useful in the future.
4. Effective communication. Active listening and communicating with empathy provide common ground to talk it out with employees, to understand their point of view in changing jobs. This includes being sensitive to change.

Navigating the waters during and after The Great Resignation can be tricky. But by relying on what makes people want to work for your company, rather than why they wouldn’t want to, is the key to navigating with success. Direct your energy not on blaming an employee for wanting to make a change and instead focusing on continuously improving the job experience for current employees.

If you are interested in applying for a job position with AQuity, an IKS Health company, learn more about AQuity careers here.