During December 2021, the U.S. Labor Department reported that over 4.4 million U.S. workers quit their jobs in September, the highest on record. This has led to the popular phrase the ‘Great resignation’. This represented in a further survey, reported by CNN, that shows how the majority of U.S. companies are finding it difficult to meet the demand for skilled workers.
As the Great Resignation continues to wreak havoc on businesses across the U.S., business leaders are scrambling for tools and strategies for retention to combat this exodus of workers. To do so means understanding workplace dynamics and the goals and expectations of the workforce.
New data from analysts at 15Five found that 50 percent of U.S. workers say the most important factors for remaining at their company are career growth and learning and development. In addition, 40 percent say one of the top reasons they have left a company is lack of career advancement opportunities. These factors appear to be ahead of wages and other aspects of the employment contract.
15Five’s survey, which took in over 1,000 employed U.S. adults, revealed that most employers (55.5 percent), are not providing a clear path for advancement.
The lack of unionisation in many U.S. workplaces means that the collective advancement of grievances, through collective bargaining, and altering the power balance to help to initiate change is not a viable option open to many employees.
The problem where employers are not matching the demands of the workers, especially with not offering their employees a clear track for advancement, has at least provided a balance of power towards those employees with marketable skills.
This relates to talent management or talent engagement, which describes how a company develops and retains its employees. This could include skill training as well as practices like career mapping.
In terms of what more privileged employees are seeking, this includes working for a firm that anodes their long-term career ambitions; working for accompany that goes out of its way to assess their talents and strengthens; and being with an employer that seeks to identify how their strengths match the requirements of open roles. A further area that some employers practice is job rotation, which also helps to broaden the skills set and opens up the career ladder for workers.
Failing to deliver on these sends a warning sign to employers should they want to retain key talent. Adopting the very basics like providing well-defined job descriptions or ensuing that employees are cognizant as to their career trajectory at their current company can help, as can promoting from within.
