HBR The Great Resignation
Recently, Harvard Business Review published an article that may define the pandemic era more than any about vaccines or social safety measures. The Great Resignation is keeping CEOs awake at night with good reason – the pillars of their companies are transitioning out, often leaving their industry altogether. Companies are losing their cores. As complicated as hiring and recruiting has become, BCT can help.
According to the article, resignations among mid-level employees between 30-45 years old increased 20% between 2020 and 2021. Although turnover is typically highest for the 20-25 age group, this group and the 60-70 group saw decreased transitions. “While resignations actually decreased slightly in industries such as manufacturing and finance, 3.6% more health care employees quit their jobs than in the previous year, and in tech, resignations increased by 4.5%.”
Why They’re Leaving
Although pandemic factors like increased demand for mid-level employees and delayed resignations during the peak of covid may be causing the surge, another reason lurks below the surface; “…many of these workers may have simply reached a breaking point after months and months of high workloads, hiring freezes, and other pressures, causing them to rethink their work and life goals.”
How to Keep Them
Companies across industries, but especially IT, need to rethink their compensation and benefits. Collecting relevant data can uncover the actual costs of losing employees and how best to retain them. “Exploring metrics such as compensation, time between promotions, size of pay increases, tenure, performance, and training opportunities can help to identify trends and blind spots within your organization.”
Surviving The Great Resignation with your core business competencies intact won’t be easy. So don’t go it alone. Instead, consult the experts at BCT for the recruiting and retention advice you need to succeed.
If you are interested in learning more about getting the best IT talent in the Dallas metroplex, BCT specializes in recruiting IT talent in Dallas, Ft. Worth, and North Texas. So if you are looking for a rewarding career, contact us today.