In the wake of the current Great Resignation, new SHRM research reveals that organizations are trying to retain talent and draw new recruits by offering increased pay and competitive benefits. In July SHRM surveyed 200 US executives at organizations with 50 plus employees and nearly half revealed that they had experienced higher than usual turnover in the last sixth months. Openings are going unfilled for longer periods. It is a departure surge that begets escalating resignation. Those employees who have remained, have had to expand their tasks to include those of departed colleagues, are questioning their level of compensation, and leaving as well. Millennials and Gen Z comprise a majority of the US workforce, and 63% are questioning their current pay. In response 58% of organizations are offering increased start salaries and wages compared to 2020. Organizations are incorporating remote-work options (42%), referral bonuses (32%), and merit increases (28%.) Employees are looking for better compensation, work life balance, benefits, a career change, and advancement opportunities. While employers order employee departures reasons in the following order: better benefits, advancement opportunities, discomfort with being in the workplace due to Covid, better compensation, and relocation to locale with better cost of living. As HR professionals it’s time for us alert our organizations to the importance of providing employees with what is most important to them. Armed with this recent data, employers can better retain, recruit and hire talent.
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