As originally published in Chief Executive December 20, 2021
Retaining Talent Through Sustaining Momentum: Tech’s Starring Role in the Great Resignation
by Heinan Landa | Optimal Networks, Inc.
We’re in the middle of a major shift in the workforce. Priorities are shifting and that has spawned what is now being referred to as the Great Resignation.
The pandemic caused a massive change from shared office space to remote work. As people spent time at home—and as they faced a multitude of intense stressors and even direct loss—they reevaluated what’s important when it comes to their careers.
Because of this, we’ve seen four million people quit their jobs in July 2021, and a record-breaking 10.9 million jobs remain open. You may have also seen the troubling statistic that up to 95% of the workforce is considering leaving their current company right now.
Companies looking to recruit and retain high performers are smart to take action in light of this Great Resignation. However, the answers may not be found in hefty signing bonuses or hasty returns to in-office collaboration.
The key is to lean even harder into the technology that has gotten us through this pandemic.
The pandemic as an unfortunate but powerful catalyst
The COVID-19 pandemic dramatically changed business as usual, and companies had to become virtual, digital-centric, and agile faster than they could have imagined.
According to a global survey of executives conducted by McKinsey, companies took an average of only 11 days to move to remote working–40 times faster than they thought possible. Companies also adopted digital technologies for advancements in operations and decision making 25 times faster than expected.
The pandemic disruption removed (sometimes artificial) barriers to adopting new technology and made it imperative that companies keep investing in technology to sustain, grow, and thrive.
Now let’s take it a step further: If we can leverage technology to get our businesses through a global pandemic, we can absolutely do the same to keep our people happy and engaged.