The “Great Resignation” is afoot. I have been calling it the “Grand Reshuffling.” Whatever. The term is unimportant. What is important is the fallout.
The Bureau of Labor Statistics reported that the “quits” rate has reached a 20+ year high in April. A “series high.” Meaning, more people are voluntarily choosing to leave their jobs now than at any other time in this century! That is bananas. To compound the drama, how many open jobs do you think we have right now? Over 9 million. Nine million!
Said one person in a Wall Street Journal article on the topic, “The job market in Kentucky has just been taking off.” White hot job market in Kentucky? Yes! The Grand Reshuffling will leave no state behind.
Here’s why any of this matters. Employers are entering another period of instability. Covid created instability on the demand side of the equation. Now, firms will face an instability in the supply of labor.
Remember the agility employers needed to respond to the demand-side instability? Employers were screaming pivot louder than Ross Geller in that one episode of Friends. We will be screaming just as loud in this next period of instability.
Let me burst your bubble. You won’t be able to solve this problem with salary and benefits alone. That is but one lever. The actual solution requires we pivot like never before in our Total Workplace Experience.
“Pivot!”