The Great Resignation: How to Attract and Retain Talent in This Era? - Emptor

According to the latest statistics, the resignation rate in the United States reached a record of 2.4% in the second quarter of 2022. Despite this increase, many companies worldwide are still using outdated methods to attract and retain workers. According to a new report, there are five types of workers who are particularly difficult to recruit and retain.

Types of Workers at Risk of Resignation

1. High-risk workers: These are workers who are at risk of being fired or resigning due to a poor work situation. They represent 21% of all employees at risk of resigning.

2. Captive workers: They are trapped in a difficult work situation, but are not valuable enough to justify the cost of replacing them. These workers represent 19% of all employees at risk of resigning.

3. Long-term workers: Satisfied with their current work situation, but with doubts about the company’s future. They represent 17% of all employees at risk of resigning.

4. Young workers: Less loyal to the company and more likely to seek better job opportunities. They represent 14% of all employees at risk of resigning.

5. Low-performing workers: They are not satisfied with their work situation, but are unlikely to resign due to the lack of better job opportunities. They represent 12% of all employees at risk of resigning.

Source: PWC

Although these five groups represent only 83% of all employees at risk of resigning, the report indicates that they are the most difficult workers to recruit and retain. Companies must change the way they approach these workers if they want to succeed in the Great Resignation.

How Can Companies Change Their Approach?

The report recommends that companies use a more personalized approach to attract and retain workers. Specifically, they must:

• Identify the specific needs of each group of workers and offer a benefits package that fits these needs.
• Improve the quality of life of workers, offering benefits that go beyond just salary.
• Retain workers by identifying those most likely to resign and offering benefits packages that motivate them to stay.

While these recommendations may seem obvious, many companies are still not doing anything to address the problem of the Great Resignation. If they don’t change their approach, the problem will only get worse.

Four Measures to Address Long-Term Burnout

1. Refine the traditional employee value proposition: This involves focusing on title, career paths, compensation, benefits, having a good manager, and the overall prestige of the company.

2. Build a non-traditional employee value proposition: This revolves around flexibility, mental and behavioral health benefits, a strong company culture, and different forms of career progression.

3. Expand the talent search focus: Especially towards those who are not actively looking, but who might return for the right offer. Understanding these five groups can help tailor recruitment strategies.

4. Make jobs “attractive”: Invest in more meaning, belonging, and a stronger team. Building these organizational attributes will make it harder for traditionalists to leave for a little more pay.

Source: PWC

The COVID-19 pandemic has been brutal in many ways, but it has also stimulated feelings of liberation for millions of workers. Many can now imagine what they want their jobs to be, not what they have been.

Companies must double down on their proposition, centrally representing their culture, purpose, and values, while expanding their reach to multiple talent groups in a creative and authentic way.

Accelerating hiring processes through artificial intelligence can be crucial to attracting the right talent. Emptor provides companies with fast and reliable background checks to ensure they are hiring the right people for the job.

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Reference sources: Weforum