The Great Resignation of 2021 and How Businesses Should Prepare?

Shefali Vasave | December 10, 2021 | 75 views

hr News

Introduction to the Big Quit of 2021

The COVID-19 pandemic was an unprecedented event for businesses worldwide. Millions of lives were lost and economies were destroyed. The pandemic dealt a dual blow to the job market. By April 2021, over 19 million U.S. workers had quit their jobs. Further, lockdown restrictions  worldwide took a toll on many businesses, causing massive layoffs and millions of jobs were lost.

On the other hand,  millions of employees resigned from their jobs, which fluctuated the attrition rates. Looking at the rising level of resignations, industry experts noticed it as a burgeoning trend. And they call it the Big Quit or the Great Resignation of 2021.

- Anthony Klutz, a business management professor, coined the term and used it extensively in interviews and articles.

So, what does the future hold for the job market?


Two Reasons Employers Should Be Worried About the Big Quit of 2021

The post-pandemic unemployment rates have been a significant concern for employers. The unemployment rate has gone up from 1.5% to 3.5%. This wasn’t only a significant blow to many people’s careers, but it also highlighted how employee priorities are shifting. Employees no longer want to have a job. Instead, today, they  seek fulfillment, job satisfaction, health benefits, and a work-life balance.

Employee attrition is never a good thing. Attrition, especially during a significant health crisis? It’s a ticking time bomb for businesses. Organizations can no longer afford to ignore the human aspect of their workforce. Moreover, the mass uncertainty and anxiety have led workers to demand better working conditions across industries. As a result, there is a need for employers to have a post-pandemic action plan. And that’s one of the  most essential concerns businesses will need to deal with in the post-pandemic resignation boom.

There’s also an emerging problem of "disengagement," where employees don’t feel it’s their right to solve the world’s problems and think their work doesn't make a difference. So, in 2022, engaging employees on a deeper level will be another challenge that every organization must face.  Apart from providing better benefits, organizations must create an employee engagement  framework that focuses on employee wellness and provides a safe space for career growth.  By focusing on these activities, organizations can manage post-pandemic anxieties and the dip in engagement.


How Can Businesses Prepare for the Big Quit of 2021?

In 2021, the Big Quit gave employers a glimpse of the job market. Employees are resigning en masse to take time off and focus on themselves instead of working. This demonstrated a new found perspective on the quality of jobs. Hence, it looks like businesses will continue to face the issue of mass job losses in 2022.

So, to overcome the problem, businesses need to plan smartly to stay competitive. Here are some ways you can prepare for the impact:

  • Develop an effective management team
Often, people quit jobs  not because of the company but  because of their bosses. Revisit the roles your senior leaders and managers play. Are they making employees’ lives better or worse? Are they getting results but also causing high turnover rates? These are some questions you can start asking before  reviewing management performance.

“It may sound simple, but we need to listen to our employees in order to be a force for change.”

- Brandy (Rosner) Zimmerman, Vice President of People Operations at TaskUs
  • Bring flexibility
In a the current scenario, flexibility has become an essential topic of discussion. It ushered in a remote work revolution that led to tech players developing new tools and technologies to support the shift to working from home. Human resources management had to be overhauled to allow employees to go location agnostic and maintain a cohesive company culture. The key will be to continue to provide more and more flexibility. Hybrid working or remote work options are going to be a great leveler. Organizations must become proactive in designing a remote work-ready policy to integrate their workforce.

  • Engage employees with your organization’s mission, vision, and values
Employee engagement has been a hot topic for a while, and there is no better time to start implementing it into your HR management blueprint. A clear mission, transparency in how your organization makes a difference, and the big picture of what lies ahead are essential factors that will help align employees with your company culture.


Conclusion: Why Uncertainty Will Drive the Future Market

Remote work jobs are already booming. They will become a mainstay of the mainstream job market. With that, organizations will face concerns about being unable to have tangible control over the workplace. However, a meaningful and future-ready work policy will help bind a hybrid workforce.  It will also help  provide a balanced, efficient, distraction-free, and engaging work environment for employees. Undoubtedly, the job market is changing, and uncertainty will loom large in the future for some time. However, this doesn’t mean organizations cannot prepare better. The onus will be on employers to retain the sense of fulfillment and leverage things like job security, health benefits, and wellness to attract and hire new talent and keep existing employees happy.


Frequently Asked Questions


What are the reasons for the post pandemic resignation boom?

Some of the reasons for the post-pandemic resignation boom are an increased focus on wellness, poor treatment of workers, and heightened stress and anxiety.


What are the challenges people may face during the post pandemic resignation boom?

Organizations will find it hard to develop an approach towards the rising demand for better treatment and work conditions in the light of changing work dynamics.

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Identify, Attract, and Hire Top Talent Faster with AspireHR Recruiting

AspireHR | September 19, 2022

AspireHR, an SAP Gold Partner and one of the largest North American HCM implementation, software, and managed services firms, announced its launch of AspireHR Recruiting™, a scalable AI and automation-powered recruiting and onboarding solution with video interviewing, advanced scheduling, and enhanced mobile capabilities designed to accelerate the hiring of top talent.  As a leader in HCM innovation, AspireHR launched its new recruiting product in Vegas this week at prominent HR technology events, HR Tech and SuccessConnect. AspireHR Recruiting’s intuitive and full-featured design leverages AI, automation, and video to drive business efficiency and create amazing recruiting and candidate experiences. With increasing competition amongst companies to hire standout talent, recruiters are tasked with finding and hiring candidates with specific skillsets and experience in the fastest time possible. In a single platform, AspireHR Recruiting™ leverages AI and automation to help recruiters source, interview, and place the right talent in the right role, faster. It also eliminates potential bias during the recruiting process, supporting diversity, and ensuring corporate DEI objectives are met. “Rather than passively responding to an ever-shifting workforce, businesses now have a way to fiercely compete in the battle for new talent. With AspireHR’s configurable workflows and powerful suite of innovative features, recruiters can dramatically enhance candidate experiences while also transforming business with technology that tips the scale towards a successful hire,” - Kevin Chase, President and CEO of AspireHR AspireHR Recruiting sets itself apart from traditional recruiting and applicant tracking systems in the market, bringing a unique feature set that allows recruiters to: Create engaging experiences with trailblazing video and enhanced mobile features: Create exceptional recruiter and candidate experiences, including enhanced video interviewing capabilities, plus full functionality across desktop and mobile devices. Leverage automation and AI to identify and hire top talent: Attract, identify, and engage top talent faster with AspireHR’s artificial intelligence recruiting engine, automated processes, and optimized workflows. Get powerful interview screening and scheduling capabilities: Eliminate manual efforts and reduce administrative tasks with automated interview scheduling, freeing up time for recruiters to build relationships with candidates Ensure compliance and achieve DEI goals: Remove potential bias throughout the entire recruiting process, supporting diversity and ensuring corporate DEI objectives, compliance audit, and reporting Gain valuable insights with real-time dashboards and analytics: Make faster hiring decisions and identify recruiting trends using data-driven insights from AspireHR’s mobile-friendly integrated dashboards and analytics. AboutAspireHR AspireHR Recruiting easily integrates with HCM platforms like SAP SuccessFactors, as well as career sites and job boards. It offers mobile-friendly, visually compelling dashboards with real-time analytics to make actionable insights and effective hiring decisions even while on-the-go. AspireHR Recruiting’s configurable design also offers businesses an amazing set of customizable features like AI job searching, resume-to-profile uploading and parsing, quality candidate matching, automated scheduling (and rescheduling of interviews), in-app video interviewing and interview bots, blind screening and transcription, candidate sentiment analysis, onboarding capabilities, questionnaire engines, background checks, and career site design and hosting.

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WORKFORCE MANAGEMENT,HR PRACTICE

BHG was Named One of the Nation's Best Workplaces for Women by 'Fortune' Magazine and Great Place to Work®

BHG Financial | September 30, 2022

Today, BHG Financial (BHG) has been honored as one of the 2022 Best Workplaces for Women by Great Place to Work® (GPTW) and Fortune magazine. This is the second subsequent year BHG has made this prestigious list. The women leaders of BHG drive a great deal of the success and this representation is integral to how BHG operates. BHG's persistence towards equality is one of the reasons the leadership team comprises over 40% women, compared to the national average of 21%. The recognition on this list is meaningful because it's the only company culture award in America that selects winners based on how fairly women say they're treated at work. At BHG, 98% of women agree that people here are treated fairly regardless of gender. "Since BHG's inception, we have always focused on nurturing a diverse and inclusive workplace, Even as our company has grown geographically and in employee count, we've committed to providing personalized development programs that ensure women have equal opportunities. Our placement on this list emphasizes our dedication to offering a safe and fair workplace." -Katie Barnes, Chief Human Resources Officer at BHG Financial To determine the Best Workplaces for Women, Great Place to Work analyzed the survey responses of over 640,000 women who work for Great Place to Work-Certified™ companies that employ at least 50 women. Companies must also have at least 20% of non-executive managers who are women, and at least one executive who's a woman. In the Great Place to Work survey, 96% of BHG's women said BHG is a great place to work. This can be compared to the average US company, where only 57% of employees would say the same thing, according to Great Place to Work. BHG Financial has been certified as a Great Place to Work® since 2016 and has been recognized among Fortune and GPTW 24 times on numerous reputable lists. About BHG Financial BHG Financial is transforming the financial industry, leveraging the power of data, analytics, and cutting-edge technology to become one of the best sources for high-performing loans, and the creator of one of the largest community bank loan and product networks in the country. Since 2001, BHG has originated more than $12 billion in loan solutions to top-quality borrowers, which community and midsize banks can access via a state-of-the-art loan delivery platform. BHG Financials' dedication to providing services that meet the needs of its clients has led to the creation of a full family of brands that range from business, consumer, and SBA 7(a) loans to credit cards, collection services, risk management services, and point-of-sale financing. With record growth year after year, BHG continues to be recognized regionally and nationally, earning a spot on the Inc. 5000 for 15 years running and receiving accolades from Great Place to Work® and Fortune magazine, among others. BHG Financial is partially owned by Pinnacle Bank (PNFP) and has headquarters in Davie, FL and Syracuse, NY. To represent the company's growth and dedication to continuously expanding their services, Bankers Healthcare Group became BHG Financial in 2021.

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