OUR NEXT GREATEST GENERATION Some journalists have begun referring to this job market trend
as the “Forever Resignation,” as evidence may suggest these res- ignation levels are here to stay. With the Bureau of Labor Statis- tics reporting that 4.5 million Americans quit their job in March of 2022, employers must quickly adapt and understand this new landscape where employees have more power and flexibility than ever before. But before you hit the panic button, there is good news. While
resignations are at an all-time high, it doesn’t necessarily have to mean doom and gloom for employers. With so much changing, there are endless opportunities to refresh and reshuffle your staff and make the internal organizational changes that have been a long time coming anyway. Some companies are taking the opportunity to capitalize on
the current labor challenges to reimagine and recharge how work gets done. With employees more willing than ever to leave for new opportunities, and companies struggling to resume pre-pandemic operations with fewer people, leaders have an opportunity to rein- vent the workforce, the workplace, and work itself. This is an opportunity for companies to really take a deep dive
to understand why workers are leaving – and how to rearchitect work, recharge the workforce, and reimagine the workplace. These insights can help your company to better harness and leverage technology, empower people, and create a better experience for all employees while delivering superior outcomes for residents and stakeholders.
WHAT IS THE REAL REASON BEHIND THE MASS EXODUS?
Whether driven by a wave of restlessness, fresh opportunities, or ordinary employment churn, workers are leaving – or considering leaving their current position – or the workforce altogether. So, what are some reasons why employees are choosing to leave? And more importantly, what can you do to change the tide?
MONEY, MONEY, MONEY
For millennials in particular, the primary motivation to choose one employer over another may be as simple as an increase in salary. Even before the pandemic, nearly half of millennials glob- ally cited pay dissatisfaction as a major reason for leaving their current employer. The Deloitte 2022 Millennial Survey shows pay as the #1 rea-
son millennials left their employers within the last two years. The survey continued to say that the tight labor market has created opportunities for workers to move for higher paying roles. Leaders should recognize that money comes in many different forms be- yond salary – incentives and rewards like hybrid working stipends, commute reimbursement, and well-being incentives help retain or attract good people.
CULTURE AND SOCIETAL IMPACT MATTER
Younger workers have long told pollsters that money is only one of several key factors in their employment decisions. This tight job market offers the chance for younger workers to follow through on their convictions. Deloitte’s Global Millennial Survey suggests that dissatisfaction with workplace culture and an employer’s social com- mitment are equally important reasons to consider leaving a job.
CAREER PATHS DRIVE CHOICE
It should come as no surprise that the ability to work remotely from the comfort of home without long commutes, expensive lunches out, and added childcare costs have forever changed the collective labor market’s mindset. Now that more and more stud- ies are coming out saying that working from home actually leads to better productivity, employers can no longer claim risk to the bottom line if workers aren’t in the office. When polled for the Harvard Business Review survey, employ-
ees made it very clear what they’re most concerned about when it comes to deciding whether or not to resign: • 80% of employees are concerned about their career advancement
• 72% are thinking of learning a new skill set and trying some- thing new altogether
To address this, companies can broaden the variety of opportuni- ties they offer. This could not only create individual opportunities for advancement and will also encourage and celebrate internal mobility. Offering flexibility in work scheduling is also appealing to workers who may be wanting to slow down and those yearning to be busier with some organizations offering workers additional workplace autonomy.
IS THERE SUCH A THING AS WORK-LIFE BALANCE? OF COURSE, THERE IS!
The pandemic, and the accompanying periods of isolation, gave many people an opportunity to slow down and re-evaluate how they were spending their time. The 2022 Deloitte Global Millennial Survey asked respondents
to choose the areas they think leaders should prioritize beyond generating revenue and profit. They selected ensuring better work- life balance, supporting physical and mental health of employ- ees, and supporting development through training, mentors as top choices. Research now suggests that this is a request that is being made
around the world. In India, more than half of employees are more likely to prioritize health and well-being over work than before the pandemic. In the United States, high earners are more likely (52%) to want to reduce work hours and commitment than low- income workers (34%). In Singapore, millennials are job-hopping more frequently, with 46% of Gen Z workers are choosing non- traditional employment paths.
16 SENIOR LIVING EXECUTIVE SEPTEMBER/OCTOBER 2022
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