The ‘Great Resignation’ shook up the job market in 2021, and it’s not over yet. As we prepare to face the ‘Great Resignation 2.0’, we look at what dealers can do to attract and retain the best talent for their businesses
Read the full article below or on page 14in our March magazine
In what has become known as the ‘Great Resignation,’ workers around the world quit their jobs in droves during and after the pandemic. Driven by a realisation that there must be a better way, and inspired by the freedom felt during lockdowns, people began seeking more from their lives – and their employers – than just a monthly salary.
In the UK, between July and September 2021, more than 400,000 workers left their jobs; by December that year vacancies were at a record high, with some 1.3 million jobs on the market. While some of these resignations can be explained as being the result of older people taking early retirement, the number of economically inactive people aged 16-to-64 was also at an all-time high.
That was two years ago; are we out of the dark days of a mass employee exodus? Research by the Office for National Statistics (ONS) suggests not. It predicts that up to one fifth of the UK workforce will look for another job this year. This is echoed by research by Unum UK which found that 19% of workers plan to look for a new position in 2023.
The rising cost of living, coupled with a new impetus to find a better work-life balance, is heralding a ‘Great Resignation’ 2.0 which is predicted to hit hardest in the fourth quarter of this year.
Retaining talent
Keeping hold of the best workers is key to any business, regardless of size or shape. Employee retention has, traditionall,y focused on salary increments – something which might seem out of reach given the tough economic climate right now. However, it seems that salary may not be the top priority for today’s employees.
The 2023 Net Positive Employee Barometer showed that, although a third of workers are worried about paying their bills, a much greater proportion (69%) are anxious about the future of the planet and society. This suggests that being a socially and environmentally responsible business could pay dividends in terms of keeping employees happy – and still on your payroll.
“Blame the pandemic, blame Brexit or blame the government, but there has been a significant swing towards employee power since the pandemic,” says Tim Beaumont, managing director of Nemo Office Club, “Attitudes have changed; it is no longer just about the money. Gen Z workers seek flexibility, development opportunities and commitment to wellbeing.”
‘Flexibility’ has become the buzzword of the decade, whether it’s about allowing people to work from home for part of the week or being able to consider part-time working if it suits their lifestyles better. ONS data shows that eight million people are now working part-time, compared with just 5.8 million in 2018.
Tim believes this shift in expectations – if embraced by employers – could unlock greater satisfaction in the workforce. “A modern day work package needs to consider the wellbeing impact and whether the job is still 9-5pm, or if there is flexibility that will enable employees to manage their own time around their personal strengths and weaknesses.”
Rewarding exceptional work remains as important today as it has ever been. For example, Appreciate Business Services’ Employee Value Report showed that three quarters of employees believe businesses which regularly reward staff were more likely to attract and retain key talent. This doesn’t always have to be expensive either; think job titles, dougnut days and low-key celebrations.
Whatever their current job role, workers need to see a clear path to progression to avoid that ‘dead end’ feeling. Employers can use performance reviews to identify areas where staff need more help, and things they are particularly interested in; give people the opportunity to flourish and grow, and the business will be rewarded with loyalty and commitment.
Attracting talent
Given the economic unpredictability in the UK right now, employees are looking for proven, stable businesses to commit to. Today’s successful dealers have come through the pandemic in one piece and have a lot to offer. Consider these tips to help you discover what your people need – and are hoping for – from their jobs, and lock-in the team your business needs for further growth.
Showcase the opportunities: talented people want to know there is a pathway laid out for progression. Make this clear as early as possible so they can see they can learn and develop in this role.
Walk the walk: employees want to work for a company they feel ethically aligned with – but beware; they will see greenwash a mile away. Make your environmental and social governance goals not only aspirational, but achievable, and shout about the good work being done.
Think multi-generational: many retirees are looking to come back to work on a part time basis, while Generation Z employees are just establishing themselves in the workplace. Consider the priorities of the various generations you need to manage and keep happy, and align these with the needs of the business.
Flexibility remains key: consider whether new or different talent could be attracted with a part-time or remote offering. The fantastic collaboration tools available today mean that time in the office can be limited or even scrapped entirely.
“The hybrid model certainly looks set to stay – which means geographical location is less important when recruiting,” Tim points out. “For many employees, one relatively long commute a week is preferable to travelling everyday. For the right person, the mental and physical relief of not having to travel improves overall time-management and strengthens commitment to the job.”
When preparing to hire new talent, don’t be afraid to step out of your comfort zone – LinkedIn and ‘insert name of favourite job board’ are all well and good, but consider the opportunities yet unexplored. University careers fairs, personal referrals, niche-specific social networking groups…an open mind can uncover the best people for the job.
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