The Great Resignation has been one of the defining features of the state of the workplace in the last couple of years. Quit rates have stayed at historic highs, with even managers and senior leaders handing in their notices. But many employees who resigned from their jobs are discovering the grass isn’t greener elsewhere—and many of the companies that hired them are experiencing regrets of their own.
Perhaps the pandemic led to unrealistic expectations that there’s always something better out there—a higher salary, a more fulfilling role, greater flexibility—leaving employees and job seekers wanting more. A number of recent polls and surveys show that many employees acted on impulse when leaving their jobs and are now experiencing what’s been dubbed the “Great Regret.”
- A survey of 2,500 workers from job search site The Muse found that a whopping 72% experienced either ‘surprise or regret’ at their new position or company, and 48% of these workers said they would try to get their old jobs back.
- A poll commissioned by USA Today found that only 26% of job switchers like their new job enough to stay.
- A LinkedIn study of 500,000 job changes in 2021 reported an annual increase of 6.5% of new hires who had been in their previous position for less than a year, which is yet another sign of continuing employee restlessness.
- Job search data from 15,000 consumers surveyed by Joblist showed that 26% of those who left work are reconsidering whether they made the right move.
Another factor curbing the Great Resignation trend is the rising cost of living. Many employees are now more focused on stability and rethinking their decisions to resign from long-held positions. Around half of those surveyed by Joblist anticipate that the labor market will worsen over the next six months, which makes people more inclined to stay put.
The losers of the talent war will be those who fail to address it
Even though we may eventually see quit rates dropping as people realize that the coffee isn’t necessarily tastier in another office, this doesn’t mean that companies shouldn’t be doing everything they can to invest in their employees and create a positive and empowering workplace culture. Employees want flexibility, a supportive company culture, a shared identity, and a career with purpose and prospects. And if employers aren’t sensitive enough to these needs, there’s still a high chance that employees will move on.
Adopting a more human-centric approach
Today’s business leaders need to adopt organizational changes to help avoid employee burnout, improve employee engagement, and minimize turnover. They can do this by cultivating an environment of alignment and purpose that connects employees to business goals and objectives. It’s also important for employees to feel valued and trusted.
Having been in the L&D industry for more than two decades, we know that most employees want to grow and evolve along their career paths, opening opportunities to expand their skill sets and earn more, too. Providing opportunities for training and development not only shows a people-centered approach to employees, but also equips leaders and employees with the skills they need to improve business performance. And it’s more cost-effective to reskill and redeploy existing talent rather than finding and onboarding new employees, which is especially important as we teeter on the brink of a recession.
Blueline’s training and communication tools can help your organization become a preferred employer by providing meaningful opportunities for personal development and business transformation. Contact us to find out more about our learning solutions and ways to enhance employee engagement.