NYC Businesses The Great Resignation is a time for realigning values and cultures, allowing employees to find new meaning and loyalty in their work. To take advantage of this, employers need to offer growth opportunities to value-aligned talent. To do so, they must modernize their workforce and seize the opportunities it presents. This article provides some strategies to ensure your business’s survival. It may not be possible to retain every employee, but you can take advantage of the new talent pool and make the most of the Great Resignation.
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While New York was largely spared by the Great Resignation, the effects of employee exodus are still being felt by businesses in the city. According to a WalletHub report, more than 2 percent of New Yorkers quit their jobs in January, up from the average annual rate of 2021. Given this, it is vital for business leaders to act quickly to ensure that their staff members feel comfortable in their current position.
Rebuilding from the Great Resignation requires addressing the elephant in the room: the lack of motivation among employees. Employees want to stay with the company because it shares their values and culture, but they have no incentive to work in a company that is no longer relevant or valuable. To attract and retain this talent, businesses need to provide them with growth opportunities and modernize their business culture. Read on to learn more about ways to modernize your workforce in order to survive the Great Resignation.
The first tip for retaining employees: Be flexible. In today’s world, people do not quit companies; they quit bosses. The attitude of the management team, particularly those who are directly responsible for the employee’s performance, heavily influences the experience of working in an organization. If managers are toxic, consider updating their training and hiring new, productive employees. To avoid the Great Resignation, businesses should create an environment that is supportive of positive social interactions.
Employees don’t want to go into the office. According to one recent survey, 4 million Americans quit their jobs each month. This is a staggering number. With the Great Resignation sweeping across the country, people no longer want to go into the office. 64% of respondents said they would look for a new job if they had to leave their current position. The key is to ensure you have a flexible working environment that allows employees to thrive, regardless of where they come from.
Taking a step back and understanding the dynamics of the Great Resignation can simplify the puzzle and help organizations respond to this shift in the workforce. While there’s no magic formula for attracting and keeping great talent, it is imperative to recognize the reasons for the shift in employee mobility and the best ways to respond to this. The data indicates that workers are recalibrating their values and seeking better work-life balance. In NYC, this recalibration starts with flexibility.
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The mayor of New York City, Eric Adams, and the Governor of New York, Kathy Hochul, have both pushed businesses to bring back their workers. The bottom line for the city, state, and MTA is dependent on these employees’ ability to make commutes to work. But how can businesses overcome the great resignation? Kathryn Wylde, President and CEO of Partnership for New York City, a group representing hundreds of large employers in NYC, recently spoke with Gotham Gazette’s Max Politics podcast.
The “Great Resignation” is a period of time when employers must rethink their hiring practices and invest in modernizing their workplace. They must address the elephant in the room: poor working conditions. They need to create opportunities for growth and development for valued employees. They should also restructure their org charts and offer career growth opportunities. This will lead to better employee engagement. Whether employees enjoy their jobs or not, they must be motivated to stay.
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