People are quitting their jobs at a higher than usual rate. What can businesses do to keep their workers?
The Great Resignation Is Here, and It's Real (Inc)
The Great Resignation, a term first coined in 2019 by Texas A&M's Anthony Klotz to predict a mass, voluntary exodus from the workforce, is here, and it's quite real.
According to the U.S. Department of Labor, during the months of April, May, and June 2021, a total of 11.5 million workers quit their jobs. Recent studies indicate that it's likely not over. A survey of over 30,000 workers conducted by Microsoft found that 41 percent are considering quitting; that number jumps to 54 percent when Gen-Z is considered alone. Gallup found that 48 percent of employees are actively searching for new opportunities. And Persio reported that 38 percent of those they surveyed planned to make a change in the next six months.
These are alarming figures. The cost of any turnover is expensive. For any organization to lose even a third of its workforce would be downright devastating. The impact on small and medium enterprises, where finding departments of one is not unusual, will be espec...
