The Great Resignation, is this a warning sign or a fad? You be the the judge. This article is talking about the great resignation and how it affects Australia Recruiters today.
If this trend continues, it will challenge Corporates & HR to the end of their tether.
Key points to consider as Australia Recruiters:
* Resignation rates are highest among mid-career employees in the age range of 30-45
* 4million employees resigned in the US in July 2021 alone with a record-breaking 11 million open jobs at the end of that month.
* Tech and Health sectors hardest hit, but predicting a cross sector fallout to follow.
WHY IS THIS HAPPENING?
* The pandemic has caused many employees, in the US, to consider their work and lifestyle choices.
* Many are choosing lifestyle over career or creating their own jobs through more creative means, investing in start-ups with more at risk or seeking jobs that offer remote working so as to create flexibility and avoid the long commutes.
* This has created a brain-drain on Corporates and this trend is escalating.
WHAT CAN HR AND ORGANISATIONS DO TO GET AHEAD OF THIS TREND?
Take a data-driven approach to:
1. Quantify the problem:
Calculate your retention rate with this formula: # of Separations per Year ÷ Average Total Number of Employees = Turnover Rate AND compare it to voluntary resignations vs layoff and firings.
2. Assess the Root cause:
After identifying the scope of the problem, it’s important to dive deeper into whats driving it so you can develop customised programs aimed at mitigating the issues identified.
3. Develop Customised Retention Strategies.
Here at Oaktree Talent Group, we’re constantly monitoring the employment landscape and can help our clients think through some of these emerging issues and work collaboratively to solve their most difficult talent problems. If you are also interested, check out our posted jobs here.
Please reach out if you’d you’d like to discuss how to adapt your talent approach and talent pipelining activities and get ahead of the curve to attract the best in the market. Please email ilan@oaktreetalent.com if interested