We have all heard about the Great Resignation in this country affecting every type of organization. Some report it is expected to be as high as 1 in 4 employees, and others report this being as high as 55% leaving their jobs, with the most significant impact from mid-career professionals. According to the Society for Human Resource Management, 52% of workers said their company is going through change beyond the pandemic.
Although the Great Resignation will not affect the Rail Industry like some sectors, it is essential to take measures such as strengthening communication and transparency, culture, branding, and morale to remain competitive to avoid the Great Resignation and the associated costs. As mentioned in week one of this four-part series, organizations must reach out and communicate with each employee, whether through internal interviews, reinterviewing, or check-ins, to understand every employee at every level and listen to their current work experience and future expectations.
Ways to address workforce concerns include communicating your organization's future, increase wages (at or above market) where needed, make pay equity a priority, and offer additional incentives. Invest internally in professional training (including DEI) and well-being, coach, advance, support, mentor, and develop skills, upskill, consider flexibility in schedules or locations, reevaluate onboarding, hiring processes, pre-employment screening & tests, and making sure you are providing a great candidate experience. Every measure will be necessary for your organization.
As we move toward 2022, one of the strongest hiring outlooks in America in years is predicted. Not losing sight of the proactive measures necessary to retain current talent will help mitigate the effects of the Great Resignation and substantial turnover costs that can now be as high as six to nine months of an annual salary.
