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The Great Resignation

"NO ONE HERE GETS OUT ALIVE" - JIM MORRISON


11/08/2021


It’s common for people at various times in their life to embrace their mortality. The classic midlife crisis is when the 50-year-old conservative accountant uncle trades in his beige sedan and suddenly pulls up for family Thanksgiving in his new Corvette and new young girlfriend. Usually, an entertaining event to watch but has little impact on the broader society. However, when the entire US population goes through a midlife crisis, embracing their mortality at once, the shock waves are inescapable.


COVID has made its impact on everyone.  In the beginning, the question was how much spam and toilet paper would fit in the storage room?  The pandemic’s effect from attending funerals of family and friends who have died from the virus, baring the question: How many hours, days of life do I have left?  Covid is now equal to cancer as the #2 leading cause of death. https://apnews.com/article/coronavirus-pandemic-600k-deaths-us-1ef14a0b998e6ce99281edf6e996dfbe


The entire US workforce is asking: Why am I doing this? The Great Resignation is about people taking action to find the desired work-life balance.


There are two pulls allowing people to leap:


1)      Companies with a long-established culture of protecting people’s work-life balance are hiring a lot of people.  


2)      The increased volume of the gig, project-based, work-from-home jobs is in high supply. https://www.entrepreneur.com/article/381850


What are the best steps leaders can take to thwart “The Great Resignation” from damaging their business?


Provide Freedom and Empowerment to the people:


  • Be curious and embrace the rigor of creating a unique talent value proposition

  • Implement root cause and corrective action process around your specific turnover challenges

  • Measure turnover per leader/manager, remove the leaders with the highest turnover

  • Measure the number of people developed and promoted per leader/manager, promote these leaders and fire those who are not

  • Implement metrics measurements and incentive compensation for every position  

  • Be innovative and creative with technology to embrace temporary working from home opportunities

  • Make sure everyone understands their career path growth opportunities

  • Invest in the individual’s career resilience

  • Transparency with the P&L to everyone on the team (anything less creates a culture of mistrust)

  • Create a wealth-building long-term incentive plan for the people


The best companies have been utilizing these tactics with great success. Pareto’s Law applies to all positions - the top 20% of workers deliver 80% of the productivity. Create a workplace where the top 20% want to work, and their higher levels of productivity will cost you less in labor, improve your quality, and reduce re-work issues.


If your company is not actioning these items, please give the Misura Group team a call - there is a much better place to live your life out there.


Hire Smarter™ - Tony

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