According to the US Department of Labor, September posted a record-high level of voluntary job resignations: 4.4 million. Since April, that brings the total to more than 20 million people who’ve quit. Most employers are anxious about the mass exodus happening from today’s workplaces. Microsoft’s recent research suggests that 41% of workers across the world are thinking about quitting their jobs. Widespread conjecture about what’s behind “the great resignation” ranges from people wanting more work flexibility, higher paying jobs, or simply utter exhaustion from pandemic burnout.
But that means 59% of workers aren’t thinking about quitting. I wanted to find out why.
I recently spoke with executives from companies reporting that their organizations are not experiencing higher-than-normal attrition. I wanted to find out if there were any patterns among such organizations that shed light on what it really takes to retain talent in such a volatile time. Among the many insightful perspectives I heard, three practices appeared to be universal across these organizations.
Leaders determined to stem the tide of talent defections could be surprised to learn they’re barking up the wrong tree by simply throwing money or perks at the problem. If you’re genuinely committed to retaining your talent, you’re going to have to dig a bit deeper.
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