Thriving during “The Great Mismatch”
By now, we’ve all heard about “The Great Resignation.” It’s nothing new that it’s impacting today’s workforce at an alarming rate. More so, it has revealed a variety of problems, including dissatisfied employees and an increase in job-hopping.
But it does require a much deeper explanation. There isn’t one single problem that’s leading to this, but many. Part of what’s driving “The Great Resignation” is “The Great Mismatch.”
With the workforce changing, how are businesses supposed to recognize these changing shifts? Are there clear solutions to combat these recent phenomena? Let’s take a look at the potential cause, its impact on you, and ultimately how you can thrive.
The potential cause
People don’t feel valued in their workplace today. According to the U.S. Department of Labor, a record 4.3 million people quit their jobs in August of this year alone. Whether it’s consistently high workloads, mounting pressures and even a sense of belonging, people are willing to pick up and leave for other opportunities.
But that’s not the whole story. There’s also the “Great Mismatch.” What this trend reveals is a lack of focus on mutually beneficial employment. As a result, these recent phenomena are working hand-in-hand to turn the job market upside down. While employees find their worth, employers are simply “holding on to the remnants of the past,” according to a recent article from ZDNet.
These trends reveal a disconnect between employer and employee preferences as well. What executives prefer, employees don’t prefer, and vice versa. For example, 44% of executives said they wanted to work from the office every day, compared to just 17% of employees. And with some available jobs, people don’t have the right skills, or at least the skills employers say they’re looking for. Other jobs are undesirable because they offer bad pay, an unpredictable schedule or lackluster benefits.
ZDNet also confirmed that 56% of executives have “already finalized their plans on how employees can work in the future” with little input from their employees. This means that organizations potentially risk losing talent if they fail to recognize “an inflection point in the workforce.” So, what does this mean for you?
Its impact on you
Your team members could follow suit. Often when one person leaves the team, others may see the path to do the same. Negative employee conversations can brew a poor reputation, thus making it even more difficult for you to recover. Worst case scenario is a drop in the success of your department.
This, in turn, leads to more work for the hiring manager. Time and effort must be spent on refilling and training each role that’s left vacant. It can lead to a long and difficult domino effect. The repetition of hiring and training can lead to the hiring manager departing, or even worse, a tenured employee. Overall, things don’t look good.
Further complications come from the combination of both trends. People are leaving and employers are not connecting. This brings forth many issues, including the loss of your staff, difficulty filling roles, loss of productivity and continual damage to your reputation. But there’s no need to dwell on what could happen, rather what you can do about it.
How you can thrive
Enough with the negativity, let’s talk about thriving. You’ll be happy to know that the odds are not completely against you. The best starting solution is to simply conduct a self-analysis.
Doing a thorough analysis can lead to a variety of benefits. The most important of these include keeping your existing team and avoiding the risk of having to hire someone else. Let’s take a look at where you can start.
Does your team know they are valued? If not, they will lose the vision of your organization. Better yet, give them a little positive reinforcement from time to time. They need vision, positive validation, and a simple “job well done.” And most importantly, they need to know their path to success within your organization. If you are unsure about any of these, that’s a good place to start on your self-analysis.
But that’s not everything. You also must brush aside any pride you may have about your organization. Your team, or even others, may not buy into your brand. No matter how long you’ve existed or the extent of your brand recognition, do not overestimate the power of your brand.
And you can’t forget about future talent either. Prospective talent may not buy into who you are, but what you can provide for them. What kind of benefits do you offer? Do you offer hybrid or remote flexibility? Can you respect their work-life balance? If you don’t take care of your existing staff, you cannot attract new employees either.
No one can deny the existence of “The Great Resignation” and “The Great Mismatch.” Most importantly, there can be no denying the consequences they bring. When there’s no shift towards change, problems start to arise. But you can get through it. Identifying what could happen to your business enables you to avoid it. And completing a self-analysis highlights areas that need attention. This leads to better staff retention while simultaneously attracting new talent. In the end, thriving despite these phenomena is achievable, and simply better than just surviving. Contact us if you need help with your hiring strategy.
About the author
As Executive Vice President, Strategy, Tracey Klein is responsible for the overall growth strategy of the company and planning for the future of its workforce solutions. She has 30 years of experience creating strategic roadmaps for talent acquisition, innovating for next-generation service and product development, managing global partnerships and implementing workforce management process improvement strategies. Her distinguished career also includes being named to the Staffing Industry Analysts (SIA) 2017 Global Power 100 Women in Staffing list. In her spare time, Tracey enjoys attending her son’s Lacrosse games, traveling, book club and, of course, spending time with her husband and teenage son.