Keynote/TEDx Speaker, CEO of Qualigence International, entrepreneur and investor. Helping companies identify, select and develop talent.
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We’ve all heard about the "Great Resignation," but what about the Great Regret?
For many job seekers, the reality is setting in—and they’re not happy with their new jobs. According to Joblist, one in four workers who quit their previous job say they regret the decision. Of these people, 42% said their new job hasn’t lived up to their expectations, and 59% ruled out the option of returning to their old employer.
While it’s causing a lot of pain for these individuals, it’s also a headache for the organizations that are now dealing with unengaged employees who pose a flight risk.
Companies Share Some Blame
For many people, the blame lies squarely with the employees in question. Many business and HR leaders were quite frustrated with the Great Resignation and would argue that these individuals made a rash decision and now must deal with the consequences. For many, this is true.
But what about all of the companies that took advantage of the Great Resignation as a chance to scoop up talent?
Everyone was feeling the effects of the talent shortage, so I understand why people were so keen to hire. But when companies went so far as to offer candidates anything and everything they wanted, including inflated salaries, the reality is they share some blame.
There’s a saying in sales: "If you live by price, you’ll die by price." It means that if you only win sales because of your price, you’ll also lose sales as soon as a lower bidder comes along.
Employers need to heed the same advice. If the only reason candidates join your company is because of high salaries and perks, they will quit as soon as someone offers them more. We saw this happen time and time again during the Great Resignation.
But Candidates Are Also To Blame
On the flip side, there’s no doubt that candidates bear significant responsibility as well. Employees have to remember that money isn’t everything in work or in life. We all want to earn more money, but deep down, most people want a healthy work-life balance and a great relationship with a supportive leader to boot. Furthermore, most people also want to work with a team whose values and mission align with their own.
The problem is that candidates seem to have been influenced by the media craze that surrounded the Great Resignation. They saw post after post about how this was their chance to get a huge pay bump by leaving, which was all the rage before the current economic slump. Unfortunately, candidates are ultimately the ones who made the decision to jump ship and must share some blame.
Candidates need to understand that money isn’t everything and that making more money isn’t always worth it in the long run if you don’t mesh with the company, culture, leader, etc.
Companies and candidates alike must ask themselves one question when hiring or accepting a position: Is this really a good long-term fit for everyone involved?
How Companies Can Avoid Getting Burned Again
One of the biggest mistakes companies made with the Great Resignation was treating the symptoms of the problem, not the root cause. Companies threw money at candidates to fill open seats rather than investigating why so many people were leaving in the first place. They offered financial perks when they should have been looking into more meaningful ways to attract and engage candidates.
Now is the time to ask hard questions about how our leadership and culture affect talent engagement, retention and attraction. It's time for businesses and leaders to change course. Build a business where people are supported, where leadership inspires people to thrive and stick around and where employees can grow toward their personal and professional goals. Support leaders who actually care about each of their team members and what’s important to them.
Don’t Put A Bandage On A Bullet Wound
It’s very harmful to your organization to lose great people. But rushing to replace them with people who aren’t right for your team only makes things worse. This creates a vicious cycle.
If you’re serious about building a team of highly engaged, loyal individuals who drive amazing results, now is your opportunity to ask the tough questions. Investigate why turnover is occurring and what you can do to draw in the right talent. Remember, nobody can steal your culture or your leadership!
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