Is “The Great Resignation” Over? CEO Survey Says…

I write about “The Great Resignation”…TGR for short…often because it is crushing to all efforts regarding recruiting and retention. And as said previously, our best economic thinkers believe that TGR is here to stay, some for a long time and others for forever. Quotes from past-noted studies include…

• Of 52 economists surveyed, 22 predicted that participation would never return to its pre-pandemic level.”  

• “Economists predict that the Great Resignation is only getting started, especially for Gen Z and millennial workers.”

•  “If immigration does not improve, I’m not sure how we get back to growth.” 

The Predictive Index CEO Survey on “The Great Resignation”

Yet now comes this you-gotta-be-kidding study from The Predictive Index that asked over 200 CEOs “Do you believe “The Great Resignation” is over?” and here are their responses:[i]

The authors indicate these opinions might be influenced by the current economy, that a slowdown or recession would end our worker shortage. Yet those opinions conflict mightily with the conclusions of respected economists that are listed above.

But the study contains other controversial data as well. When asked “What have you done to prevent or reduce voluntary turnover?”, this response stunned me:  “Provided new or more generous benefits.” Other choices were about flexible work options, changes to roles or job requirements, and more days off.

Focusing on benefits reinforces the forever trend that executives, including HR executives, believe employee retention is about a thing, about a magic button that distinguishes your company to such a large degree that every employee will embrace you and stay.

Employees Do Believe in “The Great Resignation”

Last week’s Targeting Turnover blog made clear that employees are leaving for a long list of reasons, many of them personal as the pandemic created a one-year time-out period for all of us to rethink our life’s priorities…including how our life choices impact those we love.

And let’s be truthful about the difference between solving retention with one-on-one, customized solutions versus pushing a perceived magic button. Doing the button thing is easier and requires less intellectual power. Anyone can say they believe pet insurance is the answer.

Looking Outside Organizations for “The Great Resignation” Solution

Here is some good news. Ninety percent of the CEOs indicated they need outside consulting help to solve these problems. Another 50% said they have hired outside help in the past year to assist with their talent strategy. And the subject where they need the most help? Employee retention.

But if half of these companies have used consultants in the past year to help with retention, did those consulting companies provide the best advice? Absolutely not if they recommended improving employee benefits.  

What most fail to see is employee retention is about first-line leaders building one-on-one relationships where they identify the most important issues for each employee and solve them. This was true ten years ago when I invented Stay Interviews and it is even more true today. And if consultants’ advice just leads to better benefits, then few of the consulting companies we are trusting to help us seem to understand this either. Think of this as a mathematical formula:

Pandemic-changing priorities + 3.5% unemployment + 10 million open jobs = employees have the extreme upper hand to choose their best employer

And to choose their best boss who is the singular person who drives each employee’s level of joy with their jobs.

The solution formula then becomes easy to see. One must first bite the apple to believe that the #1 reason employees stay or leave is how much they trust their boss. This means each first-line supervisor becomes your magic button to solve retention.

Not All Solutions for “The Great Resignation” are Equal

I invented Stay Interviews as the main tool supervisors use to build trust, that we needed an interactive mechanism, a way for supervisors to identify each employee’s greatest needs…and wishes…and address them.

Our client companies consistently cut turnover by 20% and more. So if you are one of the 90% of CEOs who believe you need outside help to improve retention, call me. Because “The Great Resignation” isn’t going away soon…and all consulting advice isn’t equal.

You Can Cut Turnover by 20% or More, Even During The Great Resignation

Schedule a conversation with me at DFinnegan@C-SuiteAnalytics.com to discuss your employee retention roadblocks and I’ll share ideas for how you can move forward and what is working for other companies to cut turnover by 20% and more, even during The Great Resignation that may benefit you.

[i] https://www.predictiveindex.com/blog/is-the-great-resignation-over-heres-what-executives-think/