Business
Spend any time looking at career and business magazines you’re probably familiar with this term: The Great Resignation. Or as I like to call it, And we thought we were in trouble before. The Great Resignation is the tide of employees leaving their companies — a massive, unprecedented disruption in the labor market. What caused it? Upheavals in the workplace, a revelation among workers that they can work remotely and prefer to, a new wave of retirements that opened up new opportunities. Add a general tide of burnout and disengagement as companies undergo rocky digital transformations, and push production to gain traction in crowded marketplaces. And there’s the pandemic’s pressures, bearing down on already stressful roles. Recent research from Microsoft found that 41% of employees are considering resigning from their jobs in 2021—compared to 15% voluntary turnover rates pre-pandemic (as reported by Mercer). The Wall Street Journal notes that the actual “quit rate” is four million people per month, the highest we’ve ever seen. Today Meghan M. Biro talks to Morgan Chaney, Senior Director of Marketing at Blueboard, about how new approaches to recognition can help employers overcome this wave of departures, catalyze engagement, and turn this resignation ship around.