MBA1916 The Great Resignation and What It Means for Your Business

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According to recent research by Microsoft, more than 40% of the global workforce are considering leaving their employer in the next year. 40%. That is humongous. Why is this happening and why is this a global phenomena? Why is this happening everywhere around the world? Well, the pandemic happened around the world, and for many people, they were in lockdown for a long period of time. Life got really simple. Your commute was from your bedroom to your living room. Lunch was in the kitchen, and happy hour was at the couch. And when things get simple, it gives you room to think. So many people have had the chance to really just settle down and ask themselves some important questions about their life, their work, and how it all works together. Now that the pandemic is starting to ease and many people are going back to the new normal, many employers are like, all right, time to go back to the office. And employees don't like it. They're used to a flexible work schedule, working from home, working on their own terms and hours. In the past 18 months or so, no area of our lives has gone through such a large transformation as much as work. Employee expectations are changing. Productivity is being redefined. Inclusive collaboration is changing. The awareness of well being and work life balance is becoming front and center. And some companies are changing with this new wave of work, and some are not. And those who are not are going to lose the most employees because they're going to realize, these employees, these workers are going to realize, hey, I can have a better life, a better work environment, more satisfaction in my job somewhere else, somewhere that understands that things have changed. One of the biggest obstacles a lot of companies are struggling with is the concept of productivity. A lot of companies think that you're just going to be more productive if you're in front of me in an office and you're working from this hour to this hour. That's how you get productive. That's how you get the most out of people. Well, the pandemic proved that is not true. People can be just as productive, if not more productive, working remotely. They can get a lot of deep work, uninterrupted periods of time where they can really work on projects that have meaning. And I can tell you firsthand with a webinar software company, a lot of our new users came from people saying, you know what, let me try something on my own. Let me build my own business. And this is becoming more and more an option for people. With technology being readily available, where the cost of startup costs are very low, people Are betting on themselves and experimenting with the idea of being their own boss. On top of that, employees are just realizing, hey, I'm more than just a worker. I'm a contributor. I help the company grow in my significant way. I want to be valued and trusted. I want to have my own autonomy. Also, during the pandemic, people started to reflect and realize maybe my over ambitious ways are not healthy and maybe I need to downsize my career a little bit, not work as much, drop my hours and spend more time with family, with myself, with friends, on hobbies or aspirations I have outside of work. So all of this is happening during this. Great resignation. Now, what does this mean for your company? Doesn't matter if you have a big company, a small company of three employees or 300, here are the things you need to make sure your company has to be prepared for this so you can hold on to your great talent. Number one, be transparent. Have an open and honest conversation with your team. We say this at webinar Ninja. We say, when you come here, we want it to be the time in your life where you felt like, this is where I did my best work. This is where I got the most out of my professional career. Express your vision for them. Like, this is what I want to give you as the employer, as the person that's leading this team. What can we do to do this? I'm open to ideas. This alone will help. Why? Because it shows that you care. Shows that you actually want to help your employees have a better work environment, that you value them beyond them just being one of the employees at your company. Number two, if you want people to have ownership over things, to be responsible, to say, I got it. Take care of things when you're gone, when you're not looking, then you got to give them autonomy. You got to trust them. You got to say, hey, here are your responsibilities. I trust you're going to do this. I don't need you to check in. I don't need you to come into the office. I don't even need you to give me any details of how you're accomplishing this task. If you need help, I'm here. A lot of people, this is hard for them to do, but you have to take this leap because these, these are adults. These are professionals. If you hire the right people, they're ready to take this on. Now, this doesn't mean they don't check in with you. You don't have any meetings. You can have a weekly meeting. You can have a sync, you can do this Asynchronously on chat. But the point here is that they have a task. They got to get it done. Give them the power to do it. Trust them. They can give you updates along the way. And like what Phil Knight says in his book Shoe Dog, don't tell them how to do it. Tell them what to do and let them surprise you. Tell them, hey, this is what you need to get done. This is your task. Show them what you got. If I look back at my career as an employee, the best times of my life were when I had autonomy, when I felt like I was growing because I had full control over my growth. I was taking risks, and I felt like I was a big part of the success of the corporation, of the business, of the organization I was part of. Next. Understand that these people that you've hired are human beings. There are other aspects of their life that will influence not only themselves but but their work, meaning their personal life, their relationships, their families, their friends, their downtime. Have flexibility and allow them to take the time they need off. Recently, in the last couple of years, we and our company increased our leave policy, increased the leave allowance for our employees because we wanted to make sure that people had time to recharge, to take care of personal matters, to have some time to recuperate, maybe during a busy time, a launch that we had. There are certain periods of time in our year, maybe two, maybe three times a year, where it's crunch time and we're all hands on deck and we're working towards a goal together for a few weeks, really pushing through. But outside of those times, people are open to take some time off and recharge and take care of their life. One of the things that we did that was really helpful is we have a no rollover policy, meaning they have X amount of days as holiday leave, as vacation leave, and they can't roll over those days the next year. This forces them to take these days and not just save them or forget about them. We remind them throughout the year, hey, you got X amount of days left on your leave. You may want to take some time. It's quiet time right now, so be mindful of your team's other responsibilities outside of work. Everybody's got other things going on. Make sure they have time to take care of it because they'll appreciate this environment. They'll be like, hey, this place is a great place to work because it doesn't take over my life. My job doesn' just take over and force me to neglect everything else. My health, my family, My relationships. No, this place allows me to have a fuller life, a more complete life. Let me stick around. If you're hearing this and you're like, this sounds expensive, if you think this is expensive, just wait to see the bill for turnover, right? Just wait to see the bill you'll get for turnover in your company. Hiring new people is expensive. Advertising and hiring and training and getting them onboarded, it's so, so much time, effort, money. So keeping a solid team member, engaged, happy, satisfied is well worth the investment. Okay? Another thing I want to add here is upward mobility. People want to feel like they're moving up in their career at their own pace. There should be a path for everybody in your company to get better, to move into a higher position, to get promoted, to get more responsibilities, to work on new projects if they want it. There's got to be a way for them to get to somewhere different than where they are today. It's been proven that we're happiest, we're the most fulfilled when we feel like we're growing. I got more on today's topic, but before that, let me give love to today's sponsor.

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To wrap up today's lesson, the great resignation is happening. And the last thing I want to tell you is this is an exciting time for small businesses. This is an incredible opportunity. There's going to be so many opportunities for you to grab high caliber, talented people that you normally would not get because these people were going for big name companies, high flying, successful companies that are years ahead of you. These people are looking for a change, looking for options. And you may seem very attractive to them if you're giving them the things that I mentioned today, that autonomy, that flexibility, that understanding, that caring, that alone can get you the opportunity to interview them. And once you are in the interview room with them and you have this great, talented, hard working person looking for an opportunity, now it's your job to sell them on you. Okay? You got to sell them on your vision. Sell them on your company. Ask them directly. Hey, do you want to work with me? You want to make things happen? Do you want to see us grow together? This is a great opportunity for small businesses to get some amazing talent and catapult their businesses forward. That wraps up today's lesson. Thank you so much for listening. Make sure you hit subscribe so you don't miss an episode like tomorrow's episode where we discuss how to change, how to improve any aspect of your business. If you see something in your business you don't like, that's not going well. What is the formula? What are the steps to turning it around? And that's what we get into in tomorrow's lesson. Hit subscribe so you don't miss it. But before I go, I want to leave you with this. Things will change in the world, in business, in life, in the economy. The only question is, is that what are you going to do about it? Are you going to take advantage of this change? Any other change? There's opportunity. Opportunity for you to improve. Opportunity to have some self awareness and make a few changes. An opportunity to grow personally and professionally. An opportunity just evaluate what you're doing in your own business. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

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