The U.S. Department of Labor reported that 2.9% of the population – or 4.3 million people – voluntarily quit their jobs in August 2021.
Voluntary turnover will continue to be the highest cost and challenge employers face with projected expenses in the billions of dollars.
According to Workhuman, employers should expect 20% of their employees to leave in 2022. The expected costs could go as high as 200% for a rehire, while currently, 2 out of every 5 employees have one foot out the door, lowering engagement and company performance.
Why are statistics continuing to worsen?
The No. 1 issue? Employees don’t feel valued for their ideas and opinions, and they need more recognition for their work. Here’s the bottom line: The old, antiquated rules for management will create a mass exodus. CEO and managers must think differently to lead differently, or the employees will leave you.
You see, employees want to feel they can trust their employer, and they’re looking for alignment between actions and words. Employees are searching for company leaders that won’t micromanage but inspire them for the needed change.
In other words, company culture is driving the “Great Resignation.” The real epidemic is silence. Employees don’t feel heard, valued or acknowledged for what they need, and they fear speaking up. Employees don’t want to be judged, blamed or fixed; they want a place they find opportunity, recognition and development opportunities. The numbers tell us they may not feel safe sharing their workplace needs, but they will share their resignations.
As business leaders, we must address this silent epidemic. Here are five key strategies:
It’s time to address the silence. Leaders who fearlessly begin asking the tough questions will find opportunities for investing in their talent. Employees who feel safe for sharing ideas and recognized for the value they bring to the company will have more reason to stay.
Dina Readinger is CEO of Diagnostic Thinking and creator of a leadership system to develop executives, particularly in employee retention and diversity, equity and inclusion. She can be reached at firstname.lastname@example.org.
Austin, Texas-based Kendra Scott LLC made its Springfield debut; Lost Boys Barber Co. LLC relocated; and Wilson Logistics Inc. opened its corporate headquarters in Strafford.