Changes in the Workforce – “The Great Resignation”

As the world begins to emerge from the COVID-19 pandemic, we will continue to see shifts in how people live, work, learn, socialize, and more. As it relates to work, the pandemic showed that many employees can do their jobs remotely, that they don’t have to be in the same location as their employer, that job security is tenuous, and that new career paths are available. The recently coined phrase “The Great Resignation” describes the phenomenon of workers who stayed put during the uncertainty of the pandemic now leaving or considering leaving their jobs at record levels.

We conducted a poll during a webcast on June 24 to gain insight from employers regarding their concerns and plans for a possible “Great Resignation.” The results are in the charts below.

Over 60% of employers confirmed that the concerns are real, and almost 60% are taking steps or planning to combat this phenomenon. Employers need to examine new ways to engineer their employee benefits offerings to secure their employee retention. Possible actions that should be reviewed or considered are time-off policies, mental health resources, caregiver benefits, HR technology, and increased financial wellness. Along with benefits, employers should also re-evaluate their compensation practice, talent pipeline and interview process, learning & development, and workplace flexibility.

Not every employer will have to pivot or make substantial changes, but every company should review all their practices to ensure they aren’t caught off-guard by any “Great Resignation” or “Big Shift.” Should you have any questions regarding any of this information, please contact your local Assurex Global adviser.