Camille Fetter, founder & CEO of digital business executive search firm Talentfoot, is on a mission to change lives for the better.
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The phrase "the Great Resignation" has become a part of our workforce's vernacular. In 2021, roughly 47 million Americans voluntarily quit their jobs, the highest rate on record. Workers, tired of being underpaid and unfulfilled, left their jobs in search of higher wages, better benefits and more flexible work options.
While the job market is still holding strong—employers added 372,000 jobs in June 2022 and the unemployment rate is currently at 3.6%—a different second half of the year may be on the horizon. Inflation, Federal Reserve rate hikes and a volatile stock market are merging to create the perfect storm that often precedes a recession. While we’re not there yet, the general sentiment is that we’re on our way: More than half of Americans believe the U.S. is currently in a recession.
As talks of a recession loom, employees who job-hopped during the pandemic are now questioning whether they made the right move. About one in five people who resigned during the pandemic later regretted it, according to a recent Harris Poll survey for USA Today, leading to the newest term to enter the scene, “the Great Regret.”
These workers, who were courted with higher pay and more flexible work conditions, are now concerned they’ll be “the last one in and the first to go.” And while many welcomed the additional responsibility that came with higher compensation, some soon found this new opportunity wasn't what they expected.
As a result, the job market is now wavering between two worlds—the Great Resignation and the "Great Regret"—and with that, the shift from an employee-driven to an employer-driven job market has begun. With this in mind, employers need to ensure a confident and fulfilled workforce while also doing what’s best for business. Here’s how.
(Re)Align Expectations
As workers settled into their new jobs, many of them realized the role promised was not the role delivered. A Muse study of more than 2,500 workers found that 72% experienced either "surprise or regret" that the new position or new company they quit their job for turned out to be "very different from what they were led to believe." Not only is this unsettling for workers, but it’s also concerning for employers who are still reeling from the revolving door of the past year-plus.
To curb this “shift shock,” employers should encourage managers to have level-setting conversations with their teams to realign on job expectations. Working together, they can identify any role-related discrepancies and develop a solution that makes the employee feel more settled and fulfilled while still achieving the organization’s goals.
Meet In The Middle
During the pandemic, workers became accustomed to a certain work-life balance. Many enjoyed the flexibility of working from home, which enabled them to take care of personal needs while also completing work obligations. With the job market pendulum swinging back to employer-driven, some companies are taking a hardline stance on returning to the office, which may lead to resignations. However, this could backfire, considering the time and resources spent hiring pandemic-era candidates and the additional investment needed to replace these roles.
Instead, employers should consider meeting employees in the middle by offering a hybrid approach, which is proven to be effective. This allows both parties peace of mind while still adjusting to meet the needs of a post-pandemic workplace.
Get Creative With Staffing
While mass layoffs remain the exception rather than the norm, market headwinds are causing some companies to review headcount and create contingency plans if future staffing adjustments are required. As a result, some employers are taking a “heads down” approach of building in-house skills with the people already on their payroll, which is beneficial to current employees but not to candidates seeking jobs.
That’s why, when staffing needs arise, employers can benefit from employing temporary workers or hiring freelancers on a project-to-project basis as well as interim executive leaders. This gives employers the flexibility to scale staffing up or down based on business demands. At the same time, it gives candidates the opportunity to gain new skills while potentially securing a permanent role at an organization should the need arise down the road.
Reimagine The Meaning Of Fulfillment
According to a Gartner study, 65% of employees said the pandemic has "made them rethink the place that work should have in their life," and 56% said "it made them want to contribute more to society." Workers are no longer living to work; they’re working so they can lead a life of fulfillment and purpose.
But why can’t they get the best of both worlds, with work being the source of their fulfillment? In this post-pandemic era, there remains a strong opportunity for employees to reinvent how interaction, collaboration and fulfillment occur. The “Great In-Between” is just that: an opportunity to rethink, refocus and decide how they want the next phase of their careers to play out.
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