If you are an HR leader in 2022, the so-called Great Resignation feels real. And it is.
You know it because you have, for months, been focused on the herculean mission of replacing top talent, many of whom left during the pandemic, confirming the perverse truth that the best of them are often the first ones to get poached, despite your best efforts.
According to data released by the Pew Research Center in March of this year, in 2021, in the US alone, one in every five non-retired adults quit their jobs. Considering this reality, in a moment of frustration, one might be tempted to believe that investing in L&D may be a waste of money.
I beg to differ. In fact, I believe that the right investment in effective L&D may just be what the doctor ordered for organizations in 2022. The emphasis on “effective” should not go unnoticed.
But before I share with you what I mean by “effective,” let’s look at the profile of most quitters and the reasons behind their decisions to quit.
A recent Harvard Business Review article published the results of research conducted by People Analytics Expert Ian Cook. Along with his team, he conducted an in-depth analysis of more than 9 million employee records from more than 4,000 companies, including employees from a wide variety of industries, functions, and levels of experience, in which two key trends were revealed:
1. Resignation has been higher in midcareer, among employees between 30 and 45 years old, and
2. Fields that experienced extreme increases in demand during the pandemic, such as health and technology, had higher resignation rates due to increased workloads and burnout.
The Pew Research Center study, on the other hand, uncovered three major reasons why employees quit:
- Low pay (63%)
- No opportunities for advancement (63%)
- Feeling disrespected at work (57%)
Now, regardless of how deep your organization’s pocket is, you know getting into a compensation bidding war is rarely an ideal solution. Therefore, we are left with the last two reasons.
Which effective L&D strategies do we at Collective Brains truly believe have the power to revert the two major reasons why people quit?
Here are some ideas:
- Develop an innovative system to curate and deliver Personal Development Plans at scale.
- Make direct managers accountable for PDP completion.
- Transform your leaders in Executive Mentors who can deliver powerful mentoring sessions.
- Implement a system to continually manage and monitor team health by developing key soft skills in people managers.
- Seek the support of an Executive Mentor who has been there and done, to be your sounding board during this tough time in your HR career.
- Take care of yourself, always good advice!
Let us know if these ideas resonate with you. If you need any support, we at Collective Brains are always here to help you. Ready when you are!