Quit Your Job Often...
A long time friend from the furniture industry wrote a book titled, “Quit Your Job Often and Get Big Raises!”, by Gordon Miller. Unfortunately, this is so often what is happening in today’s employment world, and what employees feel that they must do to get ahead; and sometimes it is.
After 25 years of filling positions specific to the interior furnishing industry, we experience, first hand, the trends and cycles in company hiring weighed against candidate demands and expectations. Coming out of “The Great Resignation”, today’s job market is as unpredictable as ever.
Astute candidates are aware of the talent shortage that we are facing in the interiors industry. Many reach out to us with a desire to explore other options to broaden their experience, better balance time or, in some cases, to simply “get big raises”. However, it’s more complex than that in the current environment. While there are a variety of reasons that employees are seeking a career transition, and we will explore more of those reasons in future articles, here are the top 5 that we have been hearing on a consistent basis:
- More money
- Career advancement opportunities
- More flexibility
- Purpose of work
- Diversity and Inclusion
Resignation is Contagious. How to stop the Bleeding.
Develop a Retention Strategy:
- Competitive Compensation Research & Analysis – Compensation shows how much a company values an employee and rewards for performance. Ensure that your company is competitive in incentives and benefits packages as well as base compensation.
- Support career development and learning opportunities - Invest in leadership development to build inclusive leaders. Everyone wants to work for a company that promotes from within whenever possible. Know your employee’s career goals and strengths and seriously consider “growing your own”. Provide mentors to help coach and lead your positive contributors to grow with the company so they don’t feel compelled to look elsewhere.
- Promote work-life balance and flexibility and show employees that you trust them – With the talent shortage following the pandemic, and companies having to tighten their belts as a result of the dip in sales and profits, we are hearing more and more reports of burnout. The churn and grind are not sustainable. Allow employees to have a voice in how they accomplish their mutually agreed upon goals. Trust them to get their work done and when and even where they do it.
- Purpose of Work – In a report from Garnter research shows that there is a shift in perspective about the purpose of work. Some 65% of those who participated stated that the pandemic made them rethink the place work should have in their lives. Further, 56% of employees reported wanting to contribute more to society. Employees are unlikely to leave when they have purpose and are contributing to making a difference. According to Gallup research, employers saw a 10% improvement in employee’s connection with the company mission or purpose of their organization when their work had purpose. The result of connecting the purpose of work . . . an 8.1% decrease in turnover and 4.4% increase in profitability.
- Develop, articulate and promote a diversity and inclusion strategy – Clients and employees want to work with companies who have people with similarities to themselves, who understand their culture and can be assured of a company who does not discriminate in any way. In today’s environment, it’s highly important to have a sincere commitment and message of your plan to be fully inclusive.
While economists are predicting slower hiring and more unemployment in 2023, a recent article from Forbes states, “With a healthy but unpredictable labor market, workers are eager to make their moves before the economy takes a more definite downturn. For unsatisfied employees, it’s better to switch jobs now than to be stuck in unfulfilling jobs indefinitely.”
Both employers and employee will need to be more strategic to come out on top. While there are many factors to consider when evaluating one’s career, and even more to consider if you are the employer, those focusing on the five points will get you off to a great start for the new year.
For unsatisfied employees, it’s better to switch jobs now than to be stuck in unfulfilling jobs indefinitely