Businesses Are Dealing with Record Levels of Turnover

There are some periods in history referred to as “great,” many of which were devastating in scope. We are currently living through a period that is becoming known as The Great Resignation. People are leaving their jobs in droves without having other employment opportunities lined up. As you can imagine, this is creating significant challenges for many businesses. Let’s take a closer look at what The Great Resignation really is and why it’s important to understand for a small business.

What’s Causing the Great Resignation?

Burnout is the main culprit for this phenomenon, and it’s no surprise considering the current circumstances surrounding the pandemic. People are working a lot even when they are not in the office, and it’s starting to take its toll. Even the hybrid workplace has increased anxiety for workers, with some of the topics creating the most anxiety including missed opportunities, being left out of conversations, and scrutiny about slacking off. All of this combines to create overwhelming circumstances for any worker.

Here are some statistics from Limeade’s research. These numbers come from a study that examined 1,000 workers who started a new job in 2021.

• 28% left jobs without having another lined up.
• 40% chose new jobs that offered remote work.
• 24% left because their new job offered more flexible hours.
• 22% felt more comfortable disclosing mental health issues with their new employers.
• 29% of workers earned a 10-19% pay increase when leaving their old jobs.
• 23% took a 13% pay cut at their new job.

Other major trends also show that workers feel underappreciated and that they are growing mentally exhausted, something that is understandable given the circumstances.

What Do You Do Without Talent?

The Great Resignation implies that businesses will have trouble finding talent, something that small businesses already have issues with due to geographic and budgeting challenges. The Internet has made it easier than ever to outsource work, however, so there may be an opportunity for you to use all of those practices established during the pandemic and put them into practice (after all, most knowledge-based jobs can be done remotely, at least in some capacity). We know you would rather have someone in-house, but let’s face it; sometimes you don’t have a choice in the matter.

One part of running a business that is helped along significantly by smart outsourcing is technology management and maintenance. Technicians and other positions like this that require intensive knowledge can be challenging to fill, especially if there is a gap in talent in your geographic location. Through outsourcing, you can bridge that gap and find the help you need to keep your business operating in a successful manner. In fact, XFER can help your business in just this way! To learn more about what we can do for your company, get a hold of us at 734-927-6666 / 800-GET-XFER.