How to Combat the Continued “Great Resignation”
The “Great Resignation” will likely continue through 2022, with an estimated one in five workers worldwide planning to quit their jobs this year, according to a recent PwC survey cited by the World Economic Forum.
- Another important finding: Worker priorities seem to have shifted since the beginning of the pandemic.
What’s happening: The survey found that most people are looking for higher salaries when they seek to change jobs—but they are also seeking various “intangible factors” at new jobs, according to the WEF.
- After salary, “[jo]b fulfilment and the ability to be one’s true self at work were ranked second and third among employees considering a job change,” the WEF reported.
What to do about it: The Manufacturing Institute—the workforce development and education partner of the NAM—is working to help manufacturers retain workers amid this labor market upheaval.
- According to a recent MI/American Psychological Association study, successful retention strategies include “actively involving employees, ensuring that every individual understands how their efforts are linked to overall company success and equipping frontline managers to support workers.”
- Also useful are “formal employee development plans and clear career paths, cross-training with opportunities for broad and challenging assignments, comprehensive employee recognition, a supportive organizational culture with close ties to the community and competitive pay and benefits.”
Learn more about boosting retention and solving other key workforce challenges at the MI’s 2022 Workforce Summit, Oct. 18–20, in Cincinnati, Ohio. Register here.