A Microsoft study from earlier this year found that 41% of the global workforce are considering leaving their employer this year, and those intentions are becoming a reality already.
The number of workers who quit their jobs in the month of April alone was the highest it’s ever been since this metric started being recorded about 20 years ago; nearly 4 million people quit, pushing the quits rate to 2.7% of those employed.
Hence the terminology: The Great Resignation, coined and foretold by a Texas A&M professor in May 2021.
So what can employers do, now that this massive talent migration is fully underway?
The first step is to change old ways of thinking: your biggest obstacle is not a shortage of talent, but a widespread shift in job candidates’ motivations. You need to evolve your employer brand using new employee value proposition examples.
Talent shortage vs. evolving candidate motivations
Even before the pandemic, the concept of a “talent shortage” has largely gotten the blame for why it’s so difficult to hire skilled workers. This is still true; a recent global study showed that nearly seven in 10 (69%) of companies have reported talent shortages and difficulty hiring.