The Great Wait: A Workforce in Limbo
04/10/2024
Understanding the Current Workforce Impasse
Over the last few years, we’ve encountered a slew of catchy phrases defining shifts in the workforce, from the Great Resignation to the Great Realignment. Now, it’s time to add another: The Great Wait. workforce. workforce.
In today’s economic climate employers and employees seem stuck in a waiting game. On one side, businesses are dragging out interview processes, keeping roles open, and even posting jobs that may never be filled. On the other hand, employees remain disengaged and wait for the job market to stabilize. It’s a standstill — an impasse — where both sides are waiting for the other to make the first move. workforce.
What Is Driving the Great Wait?
The Great Wait feels like a tug-of-war where neither side is willing to budge. We’ve seen the pendulum swing from a pro-employee to a pro-employer market as economic conditions remain uncertain. According to Monster’s 2024 Work Watch Report, 45% of employees are considering leaving their jobs within the next year. Employees are dissatisfied, but they’re also holding off on big career moves, waiting to see what economic conditions — or even political changes — might bring. workforce.
The Turnover Intention
A significant concern for employers during this period is turnover intention — when employees have decided to leave but are waiting for the right moment. This is especially concerning during the Great Wait, as employee sentiment becomes crucial. Leadership should proactively address employee concerns before a massive exodus begins. Employee sentiment directly impacts turnover, and unchecked disengagement could lead to a Great Skate, where employees leave in droves once the market turns favorable.
Future-Proofing Your Workforce
During this waiting period, employers need to focus on healthy attrition — fostering a culture where employees leave for genuine growth opportunities, not due to dissatisfaction. Here’s where staggered hiring can also help. Hiring in smaller, spread-out batches creates varied cohorts, minimizing the risk of mass attrition as seen when entire groups leave together.
Engagement During the Great Wait
Engagement is crucial in navigating the Great Wait. With only 32% of U.S. employees engaged in their work (according to Gallup), and toxic culture cited as a major reason for attrition, businesses need to keep an eye on their internal culture. Engagement doesn’t just boost productivity — it helps retain valuable employees who might otherwise leave. And with SHRM reporting an average hiring cost of $4,700 per role, attrition can become an expensive problem if left unchecked. workforce. workforce. workforce. workforce.
What Can Employers Do?
Here are a few proactive steps companies can take during the Great Wait: workforce.
Regular communication: Keeping employees updated on company performance and goals helps ease uncertainty. workforce.
Skill development: Offer employees learning and development opportunities, encouraging growth from within. workforce.
Internal mobility: Let employees explore new roles within the company. workforce.
Recognition: Show appreciation to sustain morale and engagement during this uncertain period.
What Can Employees Do?
For employees feeling stuck, here are some tips:
- Skill building: Enhance your marketability by acquiring new skills.
- Networking: Build connections both inside and outside your company.
- Seek feedback: Stay aligned with your manager by having regular feedback sessions.
- Work-life balance: Find a routine that reduces burnout and increases job satisfaction.
Long-Term Implications
The Great Wait may redefine the employer-employee relationship in the long run. Companies that maintain engagement now will emerge with a competitive edge when the market shifts. However, those who ignore employee well-being and engagement may face a wave of resignations, severely impacting their ability to grow.
The choice is clear: Address the Great Wait now, or risk being left behind when the pendulum swings once more. workforce.
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