THE GREAT RESIGNATION IS SO MUCH MORE THAN JUST A TREND

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“Navigating the ‘Great
Resignation’: Strategies to Retain
Top Talent in Today’s Business
Landscape”

“In today’s constantly reshaping business world, companies are having a hard time employing and retaining talented employees. Companies are aware that talent loss costs them high in the long run, but the strategies they implement are ‘not’ enough to retain their employees. As the talent pool has expanded since the beginning of the pandemic, the length of time employees between the ages of 30-45 stay in the same workplace has decreased to almost 2 years.”

“The “Great Resignation” trend, which was first used in the literature by An- thony Klotz, A Management Professor at University College London School of Management, began with the Covid-19 pandemic. Economists, who liken the “Great Resignation” to a general strike, also think that this trend, which affects many business sectors, is especially seen in education, accommodation, and health services. At the height of the “Great Resignation” in 2022, 4.5 million employees were leaving each month, equivalent to 3 percent of the
U.S. workforce. In the same period, three-month resignation rates in the UK reached their peak, reaching 1.5 percent of total employment. Contrary to experts who predict that the “Great Resignation” period is over, some stud- ies reveal that this trend continues. Ac- cording to a survey conducted by Mi- crosoft and LinkedIn with more than 30 thousand people in 31 countries in February and March 2024, 46 percent of employees plan to quit their jobs in the next year. This rate is almost 40 per- cent higher than in the period before the “Great Resignation”.
Ernst&Young’s (EY) EMEIA Board Priorities 2024 research also shows that more than 75 percent of compa- nies in the European Union have dif- ficulty finding employees with the de- sired qualifications. The same research reveals that more than 34 percent of employees plan to change jobs with- in a year due to inadequate compen- sation. In accordance with a Deloitte study published in Fortune magazine in October 2021, 73 percent of CEOs at Fortune 1000 companies predict that workforce shortages will disrupt com- pany operations in the next year. Al- most half of CEOs (57%) think that the inability to employ talented employees is their biggest challenge. Later in this article, we will examine the reasons why employees want to leave their jobs and how company managers can retain talented people.” “In recent months, regardless of geog- raphy and sector, the inability to retain employees has become one of the most important agenda items in human re- sources. So, what were the reasons for the wave of resignations that began with the pandemic and accelerated surprisingly within months? Here are the reasons why big companies fail to retain their best employees:
Low salary and poor increment
ADP Research Institute’s People at Work 2023 research revealed that em- ployees have high expectations for wage increases this year. According to the research, 44 percent of employees state that they receive low wages for the work they do and therefore their mo- tivation decreases. In addition, ADP Research Institute’s research shows that men both receive more raises and ex- pect more raises than women. While low pay remains a persistent problem,” “43 percent of workers say they are al- ways, often or sometimes paid less than they should be.
Lack of career development High salary is still a weapon used to motivate many employees, but research conducted over many years proves that the main reason behind leaving a job is not just money.
A high salary and benefits are not always enough for companies to retain talented employees, because many employees want a career planning to be done on their behalf. Employees who cannot be promoted at the right time and cannot progress within the organization do not hesitate to resign.
Working with bad leaders
A leader’s vision is important because it affects the success of the company he/ she works for. While good managers who guide their employees often en”

“The “Great Resignation” trend, which was first used in the literature by An- thony Klotz, A Management Professor at University College London School of Management, began with the Covid-19 pandemic. Economists, who liken the “Great Resignation” to a general strike, also think that this trend, which affects many business sectors, is especially seen in education, accommodation, and health services. At the height of the “Great Resignation” in 2022, 4.5 million employees were leaving each month, equivalent to 3 percent of the
U.S. workforce. In the same period, three-month resignation rates in the UK reached their peak, reaching 1.5 percent of total employment. Contrary to experts who predict that the “Great Resignation” period is over, some stud- ies reveal that this trend continues. Ac- cording to a survey conducted by Mi- crosoft and LinkedIn with more than 30 thousand people in 31 countries in February and March 2024, 46 percent of employees plan to quit their jobs in the next year. This rate is almost 40 per- cent higher than in the period before the “Great Resignation”.
Ernst&Young’s (EY) EMEIA Board Priorities 2024 research also shows that more than 75 percent of compa- nies in the European Union have dif- ficulty finding employees with the de- sired qualifications. The same research reveals that more than 34 percent of employees plan to change jobs with- in a year due to inadequate compen- sation. In accordance with a Deloitte study published in Fortune magazine in October 2021, 73 percent of CEOs at Fortune 1000 companies predict that workforce shortages will disrupt com- pany operations in the next year. Al- most half of CEOs (57%) think that the inability to employ talented employees is their biggest challenge. Later in this article, we will examine the reasons why employees want to leave their jobs and how company managers can retain talented people.” “In recent months, regardless of geog- raphy and sector, the inability to retain employees has become one of the most important agenda items in human re- sources. So, what were the reasons for the wave of resignations that began with the pandemic and accelerated surprisingly within months? Here are the reasons why big companies fail to retain their best employees:
Low salary and poor increment
ADP Research Institute’s People at Work 2023 research revealed that em- ployees have high expectations for wage increases this year. According to the research, 44 percent of employees state that they receive low wages for the work they do and therefore their mo- tivation decreases. In addition, ADP Research Institute’s research shows that men both receive more raises and ex- pect more raises than women. While low pay remains a persistent problem,” “43 percent of workers say they are al- ways, often or sometimes paid less than they should be.
Lack of career development High salary is still a weapon used to motivate many employees, but research conducted over many years proves that the main reason behind leaving a job is not just money.
A high salary and benefits are not always enough for companies to retain talented employees, because many employees want a career planning to be done on their behalf. Employees who cannot be promoted at the right time and cannot progress within the organization do not hesitate to resign.
Working with bad leaders
A leader’s vision is important because it affects the success of the company he/ she works for. While good managers who guide their employees often en”

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