Last spring, I blogged about the signs pointing to mass resignations as the COVID Pandemic loosened its grip on our daily lives. Now, as we near the end of the year, statistics and probably your own experiences, are telling us that the “Great Resignation” is underway. American workers left 20 million jobs between May and September 2021, according to the latest federal data, which is more than 50% higher than the resignations handed in during the same period last year. That figure was also 15% above the level from Spring 2019 and Summer 2019 when the job market was the hottest it had been in almost 50 years. In just April alone, four million people quit their jobs. Research shows that there is a multitude of reasons for this, but what does this mean for O&P?
According to the Department of Labor, in August 2020, there were a record-setting 4.3 million people who quit their jobs. In September, we beat that with 4.4 million resignations. Visier, a business data analytics company, has published a report called Workplace Trends 2022: The Age of Employees Is Here, which provides some insight into the trends that are emerging as we move into the latter part of the year. Their data echoes the anecdotal stories I am hearing from the O&P field.
As we progress into 2021, data shows a dramatic increase in resignations over the pre-pandemic trends with more experienced professionals. Visier reports that employees aged 30-35 and 40-50 have all increased their resignation rates by over 38%. Why are all these people resigning? Employee sentiment data shows that overall, people were genuinely unhappy. If you have felt this pressure recently, you are not alone. To mitigate this problem, it’s important to have your finger on the pulse of your employee base and listen to how they are feeling.
Losing long-tenured workers can create an alarming disruption. As a business owner, the odds are that if you have not faced a personnel crisis yet this year, you will. If you have, you are not alone. As we emerge from the pandemic, it is more important than ever that we pay attention to the retention of key talent. The data suggest an urgent need for a data-driven approach to assess resignation risks, to identify and act on mitigation opportunities, and to monitor progress.
The loss of tenured, experienced employees can have a devastating impact on an O&P practice. There is a lot of knowledge that can be lost if these employees leave. Unfortunately, if your staff is experiencing the factors listed above, it is hard to implement a quick fix. The most important thing you can do today is assess your risk. Once you know that, you can decide the best course of action for your business.
If you find yourself in need of onboarding a new staff member, please do not forget that at OPIE, we have many resources available to help you with this. Please reach out to our Customer Success Department at firstname.lastname@example.org.