2021 proved to be another challenging year as the ongoing pandemic continued to disrupt the global supply chain, labor, and both physical and mental health. In early spring, we saw a brief glimpse of hope as lockdowns and restrictions started to ease. The economy was looking up again after a rather tumultuous year and a half. With it came a new phenomenon – the Great Resignation.
The Great Resignation, as coined by Anthony Klotz psychologist and professor at Texas A&M, is an economic trend in which employees voluntarily resign from their jobs en masse. What started off as a mere prediction, catapulted into record-breaking statistics. According to the US Bureau of Labor Statistics, 3.8 million quit their job in April. This number continued to increase over the next 7 months, while unemployment claims reached a record low in more than half a century. And to date, there are still nearly 11 million open jobs in the US.
So why the mass exodus? The Great Resignation has largely been misunderstood as an idea that most people are leaving the workforce completely. However, it’s actually an accumulation of three things:
- Retiring baby boomers
- Blue-collar workers switching to new jobs to make more money
- White-collar workers shifting their expectations about professional life and career choices
Employees are reprioritizing what means the most to them after nearly two years of uncertainty, tragedy, and work-life (im)balance. Now more than ever, companies should be focused on investing in their current employees whether it be better pay or benefits (health, 401k, time off, etc). Company culture is also a huge aspect of employee retention. The stronger a company’s organizational culture is, the more employees will understand what is expected of them and what they’re working toward. According to Forbes, employees who are engaged in their work are more likely to be motivated and remain committed to their employer.
If you create a company culture where employees feel valued and enjoy what they do, it directly corresponds to how they in turn treat their colleagues and clients. Here at Snowball Print Marketing, company culture has been the focus since day one. We discuss our culture frequently and look at it as a constant work in progress while we navigate new terrains. This year has been humbling, to say the least, but we are extremely grateful for our clients, team, and partnerships.
Written by: Candice Sampson