WHAT STARTED AS THE ‘GREAT RESIGNATION,’ WHERE THE LOCKDOWNS DROVE PEOPLE WORLDWIDE TO QUIT THEIR JOBS, IS NOW KNOWN AS THE ‘GREAT RESHUFFLE.’
This societal shift has led to a fundamental change in what workers are willing to give in return for their work. Many people are now prioritising a better work-life balance and a workplace more aligned with their values.
Research from the MIT Sloan Management Review found that workers quit because of issues related to company culture, management decision-making and the unpredictability of worker schedules.
The high vacancy rates resulting from the Great Reshuffle have meant pay, benefits, flexibility and training have become vital differentiating factors for employers. Offering what workers want is critical to maintaining or improving retention rates during this period.
How has the Great Reshuffle impacted employers?
With the pandemic and subsequent lockdowns creating many obstacles for employers, such as budgeting and staff shortages, the Great Reshuffle can seem like yet another challenge to overcome.
While many may be reluctant, employers now have to consider their offering and discover how they can provide the working life to best retain their workforce. This means refreshing their business strategies, workforce models, values and culture.
The Great Reshuffle can be a valuable opportunity for employers to strengthen their workforce by helping to improve their employees’ skills and experience. Employers can identify areas where employees may need additional training or resources to succeed.
Doing so can unlock opportunities for employees to tackle more challenging tasks and become more engaged in their roles, leading to increased innovation and creativity. Ultimately, this can result in efficient and effective operations in the long term, achieving greater profitability and sustainability for the business.
An excellent illustration of this is when Casey’s General Store, a US-based convenience store, observed a significant decline in fuel and store traffic. To adapt to customer demand, they swiftly developed a mobile app that allowed for home delivery and curbside pickup. They also implemented a loyalty program and tools that personalized offers through customer recognition. As a result, the app generated over 60% of their sales during the pandemic in a short amount of time.
Research from a findcourses.com Learning and Development Report shows that fostering a culture of innovation through training has been a proven core strategy to succeed. To do this, employers must provide their staff with a safe space to pitch new ideas.
The Great Reshuffle has allowed employers to double down on training investments as a retention strategy, making training and internal mobility readily available for employees.
Supporting internal mobility with initiatives such as development classes and personal coaching has proven to retain employees better for an average of 5.4 years compared to 2.9 years for other companies.
In fact, according to a LinkedIn report, 94% of employees said they would stay longer at a company if there’s an investment in their learning and development.
By embracing career changes and aligning ambitions and skills with roles within the company, businesses can foster a growth-focused culture that will ultimately drive future business success.
How has the Great Reshuffle impacted employees?
The Great Reshuffle has given employees the opportunity and motivation to gain insight into the job market. Employers now have a chance to understand their employees’ needs better.
It’s enabled employees to explore options, ask questions and start conversations, leading to a more tailored and practical work experience. Employees can create opportunities with greater control of their career paths.
Jennifer Shappley, Global Head of Talent Acquisition at LinkedIn, said: “The contract between employees and employers is being rewritten. What employees used to accept is no longer acceptable to them. When they aren’t feeling care and love from their employers, they are leaving.”
While many have focused on the possibilities of hybrid and remote working, one area that employees have begun to value is the opportunity for learning to enable career growth.
Professional development opportunities, such as access to online learning platforms, virtual workshops and seminars are becoming essential for employees to stay competitive in the labour market and advance their careers.
Recruiting insider and career strategist Bernadette Pawlik wrote: “The Great Reshuffle is an outstanding opportunity to think about: Where can I go in this company and what do I need to get there? Perhaps it is tuition reimbursement for another degree or certification. Perhaps an opportunity to shadow someone in another department in which you are interested.”
As many as 70% of workers would be willing to leave their current job for a company investing more in their training and education.
Employee training is also a great way to make employees feel valued. Training shows employees that their employer is investing in their success and is willing to provide them with the necessary tools and resources to do their job correctly.
There are many recruitment and retention factors that the Great Reshuffle has pulled into focus, the main ones being pay and flexibility. While some businesses may struggle to offer more pay or benefits, one effective investment is employee training.
The Great Reshuffle has put the power into the hands of job-seekers. With an increasing focus on career development, employees want to work somewhere that provides access to the tools and motivation to excel. If a company offers this, they’re more likely to retain its staff and find new talent to improve its workforce.