Is the “Great Resignation” a temporary response to the COVID-19 pandemic, or is it here to stay? Energy Workforce and Member Company PwC attempted to answer that question in the first of a series of webinars on May 18. Speakers included Cydney Aiken, Partner, and Zack Horowitz, Human Capital Consultant & Digital Accelerator, PwC. The webinar was sponsored by the HR Committee.
Advisory Board Member and HR Committee Chair Bonnie Houston, NOV, kicked off the conversation, giving participants some background into the “great resignation” and discussing topics that will be covered in the upcoming series.
According to a survey conducted by PwC, nearly nine in 10 executives said their company is experiencing higher turnover than normal. Aiken noted that March had the highest number of resignations to date according to the Department of Labor’s job openings and labor turnover report.
“Is it really a great resignation or is it a market balance?” Aiken asked. “The research shows that the trade services quit rate is still rising, some of this due to employers being poached by the technology sector.”
The survey also asked executives to respond to the biggest risks to achieving growth goals for 2022. The responses showed 77% marking talent as the top growth driver.
Companies are planning to keep hybrid work, increase career advancement and upskilling opportunities, as well as increase compensation for employees to retain talent.
“When asked why they left their previous employer,” Aiken said, “compensation was the number one reason given, hands down.”
Horowitz said to really understand how to ignite the “great rehire” managers have to really understand the “great resignation.” He noted the impetus of resignation was many things — from a life pivot to employee burnout.
“We can initiate the ‘great rehire’ by transforming the employee experience. This begins with the organization’s culture.”Zack Horowitz, Human Capital Consultant & Digital Accelerator, PwC
PwC showed four key dimensions of the employee experience: Productive Environment, Good People, Supportive Organization and Enjoyable Work. There are several layers to each of these dimensions to retain as well as attract employees. Many organizations are capturing their transformed employee experience into their employee value propositions.
The series continues June 1 with a session on fostering a sense of belonging within an organization. PwC will show the linkage between belonging and culture, and how to help employees feel a strong connection to their organization.
Roni Ashley, Director Operations, writes about the Council’s membership and regional chapters. Click here to subscribe to the Energy Workforce newsletter, which highlights sector-specific issues, best practices, activities and more.