The Solution to the Great Resignation
The “Great Resignation” has been occurring for many months now and is still very much a problem for employers. The national average annual turnover rate peaked in 2020 at 57.3%. Then, the number of people who voluntarily left their job increased to roughly 6 million people per month in 2021. While 2022 has seen some improvements in turnover rates, still an estimated 4 million people have quit their jobs each month. As we head in to 2023, many employers are wondering what the solution may be.
As we discussed in one of our blogs earlier this year, employees are desperately searching for a sense of purpose with their work. According to a study by BlackRock, an American global investment management corporation based in New York City, employees are more engaged and satisfied when they can clearly define their purpose at work. With that being said, helping your employees find purpose in their work is a necessary step to successfully attract and retain top talent next year.
The Link Between Learning & Purpose
Shopify, a multinational e-commerce company headquartered in Ottawa, Ontario, lives by the motto: “Build for the long-term. Thrive on change. Be a constant learner.” This motto couldn’t be more perfect for your employees and the benefit of continuously learning new skills. Every employee wants to feel that they are making progress and improving. In fact, it is essential for their motivation and job satisfaction. When employees are learning, constantly, and contributing to their workplace they not only want to stay with the organization longer, but they are also ensuring they stay relevant in today’s rapidly changing workplaces. There are numerous ways to incorporate professional development and learning opportunities, but here are a few suggestions:
- Certifications in their current field or new desired field.
- Free online learning courses through Coursera, edX, Open Culture, and Khan Academy.
- Credit towards online courses through universities.
- Paid subscriptions for learning platforms such as Skillshare.
- Offer flexible scheduling for an internship or allow employees to do rotations throughout the organization.
- Offer opportunities for stretch assignments from different departments of the organization.
- Provide opportunities for mentorship.
For more ideas on learning new skills, visit Harvard Business Review!