Power of Adaptability Amid the Great Attrition

With more and more people changing jobs, retiring early, or starting their businesses, it's no wonder that the Great Renegotiation has taken place. The Great Attrition has had an impact on how people choose to prioritize their personal lives.

In this article, we have shared insightful views of Adaptability amid the great attrition.

What Drives the Great Attrition?

The Great Attrition began in early 2021 due to many factors like poor working conditions, low wages, and lack of job satisfaction. It has had a significant economic impact and is expected to continue into the foreseeable future. Due to this, both the ends the employers and employees are struggling. 

COVID-19 caused many people to rethink what they want from a job and life. It led to an increase in potential and active workers turning away from their traditional jobs due to the pandemic.

Trends of Great Attrition

According to Microsoft's Work Trend Index for 2021, more than 40% of the workforce considered quitting their jobs in 2021.

Prudential, an insurance and financial services giant, conducted a study and found that among all those who left jobs, only a quarter of workers plan on looking for a new job, pointing to an upcoming talent war.

A Pew Research Center survey revealed that last year, low pay, a lack of career advancement opportunities, and feeling disrespected at work were some of the top reasons Americans quit their jobs. 

A Need to Change: Adaptability

Recently, there has been a significant increase in employee resignations due to a lack of connection to the organization. As a result, organizations must re-architect their culture to focus on people instead of profit.

One approach is to build Adaptability. Companies must redesign Reskilling and upskilling programs to incorporate Adaptability into the design process and workspace. To ensure an employee's well-being, a company must communicate with them and meet their needs. Building stronger relationships within the workplace and cultivating a sense of belonging through Adaptability is crucial. 

Recruiting efforts are being adapted to meet labor shortages, emphasizing people who can learn the skills employers require. The recruitment and hiring process is changing as recruiters and hiring managers focus less on a candidate's degree and credentials and more on whether they possess the skills and knowledge needed.

In brief, companies can use the following ways to attract and retain employees during this great resignation:

• Adjust employee benefits
• Invest in their professional development
• Focus on hybrid and remote work
• Review culture and work-life balance
• Increase transparency
• Reconsider roles and responsibilities

By building Adaptability, leaders must strengthen their well-being and transform their relationship with change. For instance, Leaders often use Employee Value Propositions (EVP) to differentiate their organizations from their competitors.

Concluding Thoughts

It is imperative to accept the facts and figures presented by national and international surveys and studies concerning the high attrition rate. Several organizations and small businesses have faced financial trouble and instability. Despite this, Adaptability has the power to transform employee attrition into an attraction for your company. 

For more such insightful articles, follow the Cogent Infotech Blog.

FAQs

Why are so many employees quitting?

Most workers quit a job in 2021 because of low pay, no opportunities for advancement, and feeling disrespected at work. 

Who coined the term 'Great Resignation'?

Texas A&M University professor Anthony Klotz coined the term 'Great Resignation' and believes the rise of hybrid and remote work helped cause this phenomenon.

Is Great Resignation still happening?

The great resignation is still happening with a record 4.5 million job quits in March 2022 and continues in full swing.