March 2022 Resignations

March 2022 was another month of record quits with nearly 3% of the workforce resigning for a better opportunity. Resignations were particularly high in Hospitality, Retail, Construction and Manufacturing. Employers are reacting with higher pay, better benefits, more vacation or unlimited vacation, work from home and hybrid work environments but these are quickly becoming commoditized in the talent market. Companies that will win in this talent starved market are creating a long term strategy with several components: -A strong talent brand that is broadcast throughout the market; digitally through websites, associations and social media.

-Focus on bench building rather than reacting. Develop a process that identifies future talent needs and build an employer brand messaging campaign directed toward that market. -Strategy relieving total reliance on HR. The C suite and all leaders need to be more proactive in the talent acquisition process. Leaders need to understand that calling HR with job descriptions and waiting for results won’t yield the best results. HR, department leaders and the C Suite all need to collaborate on where to source, how to source and the messaging to inspire candidates to consider your company. -Streamlined recruiting processes that takes the candidate experience into account as much as evaluating for fit. These processes should minimize the number of steps and the people involved in the process be relevant to the role. In addition, build a process to deliver feedback to the people who are in consideration. Too many companies accept resumes, interview people and then never provide feedback. Lack of feedback is the prominent complaint of job seekers. -Building and fostering relationships with Search Firms that have market credibility and a track record of successfully matching and delivering talent. -Develop a proactive leadership culture that open lines of communication with your employees so that they feel “heard” with respect to personal and job challenges and career aspirations; then build processes to facilitate that culture. Too many firms learn about their people during the exit interview and that is too late.