Why are you really working with us?
In September 2021, 3% of all staff in the US quit their jobs. This set a new record and has come to be known as the Great Resignation. In many parts of the world, the data shows similar levels of people leaving their jobs. What is going on here?
Some of the reasons behind this Great Resignation are easy to understand. When economies were in free fall just after Covid hit, many employees waited it out until things got better. And now that most economies have recovered, there is a catch-up effect. Secondly, since we got much more used to working remotely, this has presented new possibilities for white-collar workers. They can now work further from their employer’s office, and it’s more accepted!
Purpose
Question is, will this resignation trend be around for longer? I suspect it will. More and more people are becoming more deliberate about the companies they want to work for. Especially the younger generations. They ask: what is the purpose of this company? Is this something I want to identify myself with? Look around you, you can see it everywhere! There’s so much more awareness of how companies are impacting society. Concern for our climate has become a top priority. The question now is: is this company sincere about their green ambitions, or are they just greenwashing? The Internet enables us to access information quickly and easily to verify things. At the same time, I suspect that when someone chooses an employer, they will make a better choice and probably stay longer.
As a result, companies must rethink their retention strategies. Exit interviews are a nice thing to do, but then it’s too late! And often you don’t get the real reasons anyway. It’s more effective if you work closely with your people. Make sure your leaders have an ongoing discussion with their people about why they are really working with you. Only when you know what really drives them can you start to influence it.
At the end of the day, it’s straightforward. People either want to go somewhere or try to avoid something. It’s one or the other. Knowing what really motivates your people gives you the information that you can start to work with.
Healthy churn
You don’t want everyone to stay around forever. You need a healthy churn of your people to get fresh ideas. But the classic approach of retaining your highest performers with some extra cash will be less effective in the next few years. It’s time to rethink your retention strategy now!
Hope this inspires.
Paul Donkers
Paul P.J. Donkers is a sought-after global business coach and serial entrepreneur. More about his work and projects can be found via www.tencompany.org and via www.ikigaicoachinginstitute.com
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