Want To Get Through The ‘Great Resignation’? Lean Into Purpose.

A focus on human-centered hiring is a good place to start

The pandemic has changed nearly everything about the way we live, but perhaps one of the biggest impacts has been on our jobs. From where we work, how we work and perhaps the biggest question of all, why we work — the pandemic has made us question what is truly important to us in terms of our careers. 
 

This desire to leave our current jobs for something new and improved is leading to what experts are calling the "Great Resignation". We have entered a period where a large percentage of the U.S. workforce is considering leaving their roles and searching for a new job. Job seekers aren’t just seeking out roles with higher salary or pay, but are also looking for positions that lead to increased happiness, better benefits, room for growth personally and professionally, and a sense of purpose in work. 

The U.S. Bureau of Labor and Statistics announced that 4.3 million Americans quit their jobs in August. Different from being laid off or fired, these workers are not unemployed, they are either moving into different roles or actively seeking a position with better pay and benefits. And this is just the beginning. Around the same time, Bankrate’s August 2021 Job Seeker Survey, found that 55% of the American workforce say they are likely to look for a new job in the next year.

So how can companies gain a competitive edge when it comes to both retaining and finding the right new talent? A focus on human-centered hiring is a good place to start. Finding the right way to tell your company’s story leading with value and mission, highlighting employee-led benefits and inclusivity are key to providing current employees and prospective job seekers with reasons “why” in a new era where sense of purpose matters.

Focus on storytelling and company value and mission

According to LinkedIn, 67% of job seekers say that having a sense of purpose in their job is more important now than before the pandemic. The results also found that 79% of employed Americans would rather enjoy their job than work for a trendy, well-known company.

The importance of branding when it comes to recruitment has never been more important than now. Consider writing job descriptions that include company values so prospective employees can see first thing what a company stands for and what they expect from their employees as far as cultural fit and sense of purpose. Calling out specific pain points the company is solving and how job candidates will be able to directly contribute to a company’s mission and/or vision gives visibility and insight into what they’ll be working towards day-to-day. 

Purpose Jobs found that 93% of the candidates on their platform have a retention rate of more than 2 years, a higher-than-average number compared to the job-hopping the tech industry is well-known for. Jobseekers in Purpose’s community are often moving into new phases of their lives, where they are looking for more stability, a sense of purpose and a passion for investing in their community and work. 

A written job description is also a natural place to tout a company’s benefits and growth, an integral part of branding that will help to attract top talent. In this mid-/post-covid world where many have realized that work is just part of the wheel of life (and not the entire thing), if your company offers anything unique as far as benefits, sometimes this can even outweigh a higher salary. 

Diversity, Equity, Inclusion and Belonging 

The murder of George Floyd last year kick-started and accelerated a focus for many companies on diversity and inclusion, both internally and when it comes to recruitment and retention. And while progress has been slow, it has been made. A new report from Marsh and RIMS found that even though there are still substantial shortcomings, 71% of organizations surveyed have increased their focus on DE&I over the past five years.

Diversity in the workforce is an integral part of running a business. Studies have shown that more diverse workplaces not only offer opportunities for historically marginalized and oppressed people but also improve company financial performance. Companies that want to create products and services that match a growing diverse population need to hire and retain a variety of people. It’s important to recognize that diversity does not just mean race, it can range from anything from a mother starting fresh from years of raising children to someone with cerebral palsy. In fact, an Accenture report titled, “The Disability Inclusion Advantage,” showed that if just 1% more people with disabilities were hired, GDP would increase by $25 billion. 

The pandemic has also offered many companies the opportunity to recruit from outside their headquarters cities for the first time. For example, tech companies typically love to recruit talent from certain hub cities or universities known for talent, but many of those locations are not accessible or affordable to people of certain socioeconomic status. Recruiting from diverse incubators, coding boot camps, or cities where people have equal access to tech networks can create an entirely new, diverse talent pool. 

When it comes to retaining talent, it’s important to keep your employees updated with DEI plans, strategies and successes and offer opportunities for them to be actively involved. It’s okay if progress is slow and you don’t always have to have the answers, but if the effort and activity are there it can go a long way in regard to retention. During a time when many are considering seeking work elsewhere, it’s more important than ever to make sure you actively engage employees with activities, which can include a monthly newsletter on efforts or forming a safe space within the company to share their thoughts and ideas. 

Employee-led Benefits

Once the allure of in-office “work perks” like an office air hockey table and free lunch on Fridays were stripped away, many people realized their jobs were missing real benefits like flexible hours, family leave, and remote work options. The pandemic’s lack of childcare, working and schooling from home, compounded with the daily grind of work made many workers realize that they really weren’t quite as happy at work as they once thought.

Purpose Jobs’ found that the best benefits that attracted talent this year were: work from home flexibility, flexible schedule, wellness, and mental health benefits to combat the years’ stress, and autonomy over career track. A recent report by McKinsey showed that remote work can be done without losing productivity, so it makes sense that companies can and should offer employees the opportunity to work remotely and/or have more flexible hours when a business allows. 

Mental health and wellness benefits are just as important these days as physical health benefits/insurance. Promoting a company culture that supports and recognizes mental health creates an environment, where employees are comfortable asking for help. 

A survey by Harvard Business Review found that employees between 30 and 45 years old have had the greatest increase in resignation rates, with an average increase of more than 20% between 2020 and 2021. It makes sense that parents with young families and those in middle-management are the most likely to fall into this category. Since the pandemic, the brunt of caring for young children and ailing family members has fallen on the shoulders of working women resulting in millions of women leaving the workforce. Leading with employee-led benefits like remote work and more flexible hours can help retain top female talent and more women re-enter the workforce.  

The pandemic pressures of closed schools, the closing and opening of businesses and job seekers’ reevaluation of what is important to them has opened a new era of retaining and hiring talent. The Great Resignation movement doesn’t need to be a scary thing for employers — in fact, think of it as an opportunity. 

While it may feel frustrating that the competition for talent is so tight right now, we’re in an age where talent is being selective about opportunities and looking for companies where they can stay long-term and have a real impact. Companies that use storytelling, offer progressive benefits, focus on their purpose and DEIB initiatives will find talent that’s not just great but ready to build something great with you. Take a long, hard look at how your company can focus on human-centered hiring including designing an employee-led benefits program and expanding your talent pool to include more diverse candidates wrapped up into improved employee branding, and you’re on your way to taking advantage of this new hiring movement.  

Ryan Landau is CEO of Purpose Jobs. Visit www.purpose.jobs Connect Ryan Landau