- New reports from employee experience platform LumApps delve into why the Great Resignation has taken hold of the job market.
- While 59% of US employees said they would prefer to stay on at their current role, 41% believe they could find better opportunities in the current job market.
- Reports have found there is a distinct overlap in employee expectations and employers’ revamped offerings.
Employers gritted their teeth throughout the pandemic, operated with minimal staff, and dreamt of a world where top talent walked through the front door in droves.
While there has been incremental growth in U.S. employment rates since March of 2020, over 4 million people still quit their jobs in August of 2021.
New reports from employee experience platform LumApps delve into why the Great Resignation has taken hold of the job market, what employees want from their careers, and how employers are addressing this turbulence.
The Great Reassessment
When vaccines against COVID-19 became widely available to the general public and children, the aspirations of attracting new talent didn’t appear too far-fetched.
However, factors have emerged that business leaders were unprepared for.
The power of employee experience is no longer in the hands of employers – workers are getting their day in court.
In the “Employee Retention Strategies for the Digital Workplace” report, LumApps received over 1,000 responses from employees of larger companies from France, the UK, and the US, including 38% at or above director-level positions.
According to the findings, 68% of respondents agreed with the statement:
“The pandemic made me rethink what I want out of my career.”
This rate was even higher in the UK and the US, with 70% and 71% of respondents agreeing with this statement, respectively.
Now, workers are past the era of consideration and are in the process of acting on these feelings.
The report showed that the top reasons for employees quitting their job included:
- 28% wanting more flexibility
- 12% wanting a promotion
- 11% wanting better compensation
- 10% wanting to shift careers
- 8% wanting more engaging work.
Although the reasons for considering a career shift varied, they all shared on theme in common: the desire for a better employee experience.
While 59% of US employees said they would prefer to stay on at their current role, 41% believe they could find better opportunities in the current job market.
For those actively seeking work, a job opening itself is not enough to attract new talent.
In some cases, workers have had years to reflect upon what is essential to their workplace environment and are prepared to take time to find a position that suits their needs accordingly.
Plus, there is still a significant portion of employees who are in the consideration phase. With companies continuing to push back their return-to-office plans, the further delay in concrete post-pandemic policies is leading to unrest.
If leaders do not act accordingly, they are almost certain to fall victim to the Great Resignation.
When asked what employers could do to retain employees who are considering leaving, or done for those who have already left, respondents said the following would have an impact:
- Better compensation (62%)
- Clearly outlined career or promotional path (52%)
- Flexible work options (44%)
- Improved healthcare benefits (31%)
- Focus on employee welfare (31%).
Are Employers Doing Enough?
In LumApps’ “The New Era of Employee Recruiting” report, employers seem to be taking note of emerging employee demands, with many ramping up their job perks to include increased pay and more flexibility.
In fact, respondents across all three regions stated that there have been changes to hiring processes and recruitment tactics over the past several months.
In terms of how well these new strategies are working for hiring new talent, 44% of UK respondents, 35% of US respondents, and 17% of France respondents said they were very successful.
All respondents agreed that their company has become more attractive to prospects thanks to new workplace perks including:
- Competitive salary
- Competitive benefits
- Flexible schedules
- Career growth opportunities
- Remote or hybrid work arrangements
- Learning and upskilling opportunities.
Apart from what employers are doing to appeal to workers, others stated what they believe are the digital and cultural requirements businesses should adopt when attracting talent.
For instance, 59% of US employers agreed that work-life balance is crucial for employee recruitment, while 53% of UK employers believe Diversity, Equity & Inclusion efforts are essential.
Of course, leaders are poised to believe that they are doing enough to attract new employees and retain current talent, but are workers buying it?
Across the reports, there is a distinct overlap in employee expectations and employers’ revamped offerings.
In the wake of the Great Resignation, another era has emerged.
The Great Reflection
Employees have had nearly two years to determine the factors that allows them to thrive in the workplace.
The findings of the reports show that not much has changed in what workers want: freedom of choice, flexibility in work arrangements, better compensation, and to have their wellbeing prioritized.
While remote working has emerged as a newer, highly sought-after perk, this has long been the trajectory of the future of work.
The pandemic simply accelerated this trend.
Although much is the same, the most significant change that has occurred over this period has been the shift of power between employers and employees.
Not only will employee-centric benefits be essential to recruit new talent and retain current workers, but the ability to nurture open communication, receive feedback, and adapt accordingly will play a role in how companies survive the Great Resignation.
