At this point, most of us are familiar with the Great Resignation that catapulted in early 2021. Employees seemingly revolted across the country, uniting against the workplace status quo following the changes and challenges of the pandemic. Subsequently, 2022 saw “quiet quitting” and the even more clamorous “loud layoffs” take over the top headlines. Contrary to popular belief, a survey that polled 400 human resource executives found that the departures during the Great Resignation were almost evenly spread across entry-level, mid-level, and senior-level/C-suite employees. While we hope that COVID-19 and its accompanying effects on most businesses are a once-in-a-lifetime event, how do financial institutions pivot to create a culture that keeps employees, at all levels, on the payroll?
The Why Behind the Why
The first few months of the pandemic slowed life down for many people. A new stay-at-home lifestyle gave people a chance to reflect on their career paths, personal lives, and (mental) health. Priorities were realigned and work-from-home/hybrid careers started to become more common and attractive to job seekers — and businesses were either accepting and adaptive to these changes, or they weren’t.
Driven by low pay with even worse benefits, additional pandemic-based factors gave way for employees to focus on what matters most to them. These factors included:
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