April 4th, 2022 – You may have heard about the Great Resignation. In 2021, some 47 million Americans left their jobs. CNN reported that another 4.4 million Americans quit their jobs in February, so clearly that trend continues at full steam in 2022.
Their reasons for leaving were cited in a study by Pew Research and include too low of pay, few opportunities for advancement and feeling a general lack of respect at work. Child care issues, a lack of flexibility in work hours and inadequate benefits were other top reasons that workers gave for walking away their jobs.
Not surprisingly employee retention and recruitment are the top issues for Colorado businesses. Business leaders face quite a challenge restructuring and repackaging jobs to make them more enticing for new hires and to help retain current employees.
While pay is a factor, flexibility in hours is also very important. Employees want more say about when and where they work, with many employees wanting to work remotely at least part of the work week. Workers want to feel valued by employers and many reported being overworked during the pandemic.
The pandemic brought many struggles for employers, who needed to stay flexible to changing demand for products and services and respond to pandemic related questions about paid leave, employees wanting to stay remote rather than returning to the workplace, and countless other questions to overworked HR departments.
Colorado businesses are recognizing that in order to attract and retain the top workers that their company culture will have to adapt, becoming more open to flexible work hours and remote work. Successful companies will offer employees professional development opportunities, foster better communication with employees and offer improved benefit packages. While money is important, it’s not that simple. Workers today crave a full spectrum of intangibles to make them feel more highly valued.
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