In today’s shifting environment -- a year and a half into the global pandemic with near constant uncertainty for business leaders and employees alike – C-suite leaders are navigating a complex workforce landscape. Work and personal lives are intertwined, personal priorities and views on work have changed, and the hybrid model of work is yet another transition for everyone.
Record numbers of workers are leaving their current jobs in 2021. Is it a temporary shift or something bigger? This is what 900 C-suite leaders are saying about the “Great Resignation” and how it is impacting their outlook for 2022 and beyond.
The Impact of Attrition
When asked if they are experiencing greater than normal attrition at their organization this year, 89% said yes or about the same as in years past.
For the 11% of executives who said that they are not experiencing higher rates of attrition, here were some of their responses as to why:
Business is very healthy, and employees are still working remotely.”
Culture and allowance for remote work in the future.”
It’s coming… but hasn’t quite come yet!”
Commitment to safety, diversity, employment development opportunities.”
Why Employees Are Leaving
When asked what they think is causing employee turnover, 68% of executives said the competition or other companies actively recruiting employees.
Relative Importance of Retention
When asked how much of a priority employee attrition is for C-level executives right now, 78% responded that it’s a 4 or 5 on a scale of 1 to 5, with 5 being their top priority.
Employee Retention Tactics
71% of C-level respondents said that they are offering more flexibility to try to engage and retain employees right now with improving company culture (66%) and reviewing compensation (65%) a close second and third, respectively.
Recruiting New Employees
The responses changed slightly when asked about specific ways they are trying to attract new employees with promoting company culture as the most common strategy (69%), followed by flexible working arrangements (67%) and competitive compensation (59%).
A Trend or an Ongoing Challenge?
The highest number of C-level respondents indicate that they think the “Great Resignation” will last for the next 6 to 12 months (34%), followed by 12 months or more (32%). Interestingly, only a small percentage (4%) believe that it’s a near-term phenomenon, lasting 0-6 months from now.
Planning for 2022
How are C-level leaders managing and planning for 2022 in this current environment? Here is a sample of what they are saying:
Aggressive hiring and reevaluating organization priorities.”
Beginning to acknowledge reality that it could impact results.”
Building bench strength and a flexible, hybrid future of work.”
Continued focus on critical roles and key talent.”
Recruiting worldwide, not in specific locations.”
Focusing on retaining current talent.”
If you are a C-level leader trying to navigate employee engagement and retention, explore an opportunity to collaborate with your peers or join a community at Evanta.com.
Based on 900 responses to Evanta’s Community Pulse Survey, October 2021.