It is almost impossible to walk by a small business in any city in the United States and not see a sign in the window for “Help Wanted.” In fact, large and small businesses alike seem to be at a deficit for finding and retaining employees. Even more concerning is a 2019 Retention Report from the Work Institute suggesting that 27% of employees voluntarily left their jobs in 2018 and predicted that, if this trend continued, it would be 35% by 2023![i] This report doesn’t reflect the current COVID-19 world where the government pays people to stay home, a supply chain that appears to be broken, and able-body workers who are let go because they refuse to get the vaccine.
One would wonder what the employment numbers really look like today and whether 35% of employees leaving their current jobs at the end of 2021 might be optimistic. Regardless of the challenging situation this pandemic has brought about, employers must reflectively ask themselves if their employment opportunities are attractive enough to invite prospective candidates and fruitful enough to retain them. Minimum wage, or quite frankly, wages alone, will not satisfy either of these questions.
Assumptions of the past about employees as “commodities” that are just looking for a paycheck and if they don’t like the job or wages, there are lots of others that will, are no longer applicable. Employees need to be considered valuable to the organization, and the organization must be committed to their development and growth. The Millennial generation is rapidly becoming the largest demographic in the workforce, and they wish to participate in decisions on general aspects of their organization. In other words, they want to feel as though they are making a difference![ii]
With a focus on team play and motivation, millennials place a higher value on affirmation, confidence building, and knowledge than previous generations.[iii] Given this information, the key to attracting and retaining employees may be to understand who they are, what is important to them, making them feel a part of the team, and helping them grow personally and professionally. By investing in the development of mutually accountable relationships between supervisor and employee, organizations can address these attraction and retention challenges and will thrive in this new environment while those that repeat expectations from the past will at best survive.
[i] Phillips, R. (2021). Finding Joy in Leadership: By Developing Trust You Can Count On. BDI
[ii] Phillips, R. (2021). Finding Joy in Leadership: By Developing Trust You Can Count On. BDI
[iii] Phillips, R. (2021). Finding Joy in Leadership: By Developing Trust You Can Count On. BDI