What the New Data Says About the Great Resignation in the New Year, and How it Will Effect Your Business

A new federal report just released, shows a record number of people quit their jobs in the month of November, and businesses need to be ready for this trend to continue into 2022.

Over the past year, we have seen a dramatic shift in the job market. The concern over the unemployment rate is now turning to concern for the quit rate.

According to the U.S. Bureau of Labor and Statistics, nearly 38 million people quit their jobs between January and November of 2021. This does not include layoffs or downsizing.

Just last week, the latest Labor report came out, showing a disturbing trend. Around 4.5 million people quit their jobs in November alone. This is the highest monthly total in two decades.

This so-called Great Resignation is partially caused by the ever-changing labor market. As the Pandemic creates uncertainty, many people are choosing to quit and start new careers, or simply wait it out.

Another major factor causing this Great Resignation is stress or burnout.

Many workers are feeling the effects of the changing marketplace. As more people get let go or quit, those left behind are being asked to do more.

So, what you can do to combat this growing trend?

Recognize and track the problem. Make sure you are watching the trends in the job market. You don’t have to be an expert, but you can record what you see within your company so you can adjust.

With the data in place, start to create a new plan.

One of the biggest mistakes businesses are making right now is to try and replace those who have left.

The problem with this is that there are not a lot of candidates out there right now. The trend in the labor force shows people are taking a break from work, and jobs are not being filled fast as a result.

So, if you can’t find replacements, create a new plan with the workers you have.

Make sure you are giving employees the tools they need to succeed and reduce stress.

Set up an automated system, like a texting platform, that will cut down on wasted time, and increase productivity.

We’ve found that texting is the way to go when it comes to talking with customers. Around 89% of consumers say they would rather get a text than a call from a business.

People also open text faster, with 95% of texts read within three minutes of it being sent. This means what may have taken employees hours or days on the phone, will now just take minutes.

If you ask your employee to contact customers about coming into your service department, they may spend hours on the phone trying to get responses, and then a few more hours waiting for them to respond to a voicemail.

With a texting platform in place, they can set up an automated text in minutes, that goes out to customers, and then they can respond to each text as it comes in. No waiting by the phone, and less time spent communicating.

This may seem like a small change, but it can certainly add up for an employee who is now dealing with many small tasks.

Reducing time spent on one thing, will reduce the stress they are feeling about the job as a whole.

As the stress level rises, you want to make sure your employees are happy with the systems you have in place. You want to also show them you understand their concerns and are willing to adopt better solutions.

The job market is still uncertain, but there is no need to panic. There are solutions out there.

Make sure you are creating and sticking to a plan in the new year, and make sure you are listening to your employees about their concerns.

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