Over the previous two years, the job market has had some big ups and downs. Think back to April 2020, the unemployment rate surpassed 14%. But now, employees are pushing back and leaving their jobs in droves in what’s being called “The Great Resignation.” To put this in perspective, 4.4MM Americans quit their jobs in September 2021. The alarming rate at which they’re leaving is troublesome as companies fight to maintain top talent and hold on to institutional knowledge. If you can relate, you may be wondering what you can do to reverse the trend. The solution? Online employee training.
What’s the Great Resignation?
People are quitting their jobs in historic numbers, ranging from frontline employees and essential workers to white-collar professionals. Some industry experts anticipated it — even if they didn’t anticipate a pandemic as the forcing function. Others were taken aback. However, whether they were prepared or not, they’re suddenly confronted with the prospect of a workforce and labor shortage.
There are many reasons why people want a change. For some, the pandemic sparked a shift in priorities, motivating them to pursue their “dream career” or switch to stay-at-home parenthood. However, the choice to leave for many, many more stemmed from their employer's treatment of them throughout the pandemic.
During the pandemic, we've learned that people want to be engaged in the human side of their jobs. In the aftermath of the pandemic, people are exhausted and many are mourning. For them, a feeling of purpose is essential. Interpersonal ties are important to them, both with their co-workers and bosses. They want to feel like they belong to a larger group. It's not only about money, benefits, and perks; they also want to know that they're appreciated. They’re looking for more than simply transactional connections.
This wave of resignations after the pandemic is not industry-specific. And the journey is far from done. Around half of the American workforce intends to resign within the following year.
What Caused the Great Resignation?
This worldwide trend is attracting the attention of corporate executives. According to a recent Fortune/Deloitte study of 117 CFOs, 73% believe a labor/skills shortage is the most likely external concern to disrupt their organization in the near future. According to the same poll, 57% of CFOs identified acquiring and recruiting talent as one of their organization's top issues, followed by 51% who identified keeping talent as a top difficulty.
As with each new problem, we must examine what isn't working to develop something more valuable. We need to build programs that motivate employees to remain in their roles and learn the necessary skills to enhance their careers. Thus, the workforce will be revitalized, talent gaps will be closed and the organization's most critical talent requirements will be addressed.
Nonetheless, these problems have roots within the business culture well before the pandemic. According to a Harvard Business Review, the following are the most prevalent issues among employees:
- 75% of 1,500 managers questioned from 50 businesses expressed "dissatisfaction" with training programs.
- 70% of workers report that they aren’t taught the necessary skills for their jobs.
- Only 12% of workers apply the skills acquired during training to their employment.
With the requirement to train such a large number of people simultaneously and at scale throughout the company, businesses must find out how to design leadership training that they can build and deliver across the organization and fulfill the needs for personal and skills development of their employees.
Employee Training: From the Great Resignation to the Great Retention
Shifting your emphasis from the Great Resignation to employee retention can assist you in attracting and keeping the people you want. Retaining workers require your leaders to place a premium on your people and culture.
With the proliferation of on-demand online training, it's never been simpler or more cost-efficient to provide training options for your workforce. However, it’s crucial to recall that the Great Resignation was most likely precipitated by employees' quest for a better, more rewarding job with genuine possibilities for advancement. This implies that you should support training opportunities and schedule time for workers to participate in training and apply what they've learned during their usual work hours. Corporations should foster an environment that values learning, development and progress at a macro level rather than dismissing or even fearing them. In other words, employee training and retention go hand in hand.
Furthermore, employee training is required regardless of the sort of company or sector in which you operate. Whether it's onboarding, continuous education to keep them current on your developing product or yearly training to stay compliant, believing you don't need staff training is a catastrophic strategic error that will set you back. Employee training is undoubtedly the most effective tool in your toolkit today.
Shifting your attention away from the Great Resignation and toward employee retention can assist you in attracting and keeping the personnel you want. Retention requires your leaders to place a premium on your people and culture. Improved skills may result in a more engaged and productive team and help your employees stay current on industry developments. Learning on the job is critical for employee retention.
Besides, investing in training may have a significant return on investment for the whole firm, including its clients and consumers. There are various advantages to approaching training via a performance management lens, including reduced employee turnover, increased productivity, increased customer satisfaction and revenues.
Your onboarding program is critical; it sets the tone for new workers and directly affects your capacity to expand. A successful onboarding process may enhance employee performance, save ramp time, and potentially increase retention.
Helping You Navigate the Great Resignation With Online Employee Training
Northpass is the most versatile learning management system on the market, enabling you to educate and retain your employees effectively and efficiently.
Our team is ready to share an in-depth product demo, answer your questions and assist you in developing an employee training program that’ll propel your company’s development and success. Contact us now to schedule a time.