Just as HR leaders were ready to take a breath and celebrate the light at the end of the pandemic tunnel, Anthony Klotz, a Texas A&M University professor, sat down with Bloomberg BusinessWeek and blew up the remainder of our 2021 recruitment strategy. From that interview, the term “Great Resignation” was born. This is the phenomenon where workers consider a job change as pandemic restrictions ease and employees go back to the office. As a result, 30 percent of the workforce (and that’s likely a conservative estimate) is predicted to leave their current jobs for greater flexibility. In addition to that, more than 75 million Baby Boomers are planning to retire sooner than previously expected. With this in mind, you’re likely wondering how you’ll bring stability to your company. It’s the perfect HR storm.
Significant turnover translates to an incredible workload for HR teams. It’s also costly to businesses and company culture. As HR leaders, what can we do to ensure our companies don’t fall prey to excessive retirement parties and exit interviews?