The GREAT Resignation: Do I Have Enough and Have I Had Enough?
I speak on employment and economic topics with some frequency. The start of the year often finds me addressing the economy and business trends with varying professional groups. I speak on employment topics throughout the year. The job market we are in today is generating lots of questions. The GREAT Resignation has resulted in multiple inquiries and requests for presentations or comments.
Do I Have Enough and Have I Had Enough?
I have to credit my friend Gary for these questions. I ran into Gary at an outside non-profit picnic late last summer. I asked how he was doing and he told me that he had recently retired. He saw my shocked look and told me that, for the first time in his life, he was able to answer two questions in the same direction:
- Do I have enough?
- Have I had enough?
The Pandemic moved his answer to that second question from a no to a YES!
Recruiting and Retention
This past December, I spoke with a Family Business Group through the University of St. Thomas Family Business Center. The topic was Finding & Keeping Key Non-Family Employees. Most people assumed I would speak on ‘Finding’. I chose to focus on ‘Keeping’ (Retention). In my ‘humble’ opinion, the order was wrong. Retention should be the priority in today’s market.
War For Talent
McKinsey & Company did groundbreaking research work on the topic of War For Talent. Their original work, based on the premise that there would be worker shortages in multiple areas, was completed in the 1996/1997 timeframe. They have updated their work since that time. They did identify numerous Talent Imperatives that should be considered (and implemented) to address the pending worker shortage. Here are four of their imperatives for consideration:
- Instill a talent mindset (it starts with the President/owner)
- Create an “extreme” employee value proposition: Why do I want to work here?
- Recruit talent – continuously!
- That includes referral programs (for current employees)
- Develop talent (create a plan – 2, 5 and 10-year ideas)
Employees and Candidates Have Choices
The Great Resignation is continuing. Employers are recognizing this. And (we) baby-boomers are retiring at alarming rates. The best advice I can give - don’t give candidates an excuse to answer the second question with a yes.