Author: Carmen Adamson
2020 created lasting changes to the way we work. The “Great Resignation”, a term first coined in 2019 by Texas A&M’s Anthony Klotz to predict a mass, voluntary exodus from the workforce is here. You may have seen this trending on social media, heard it talked about among your HR and Executive leadership offices, or experienced it in your workplace. The Microsoft Work trend index shows findings from a study on over 30,000 people in 31 countries and reports that 41% of the global workforce is considering leaving their employer this year. The US labor market is already seeing proof of this mass exodus with the Labor Department reporting a 20-year record of people that have quit their jobs since April. Now, it is important to understand who is quitting and why employee engagement and purpose-driven work matters more than it has ever mattered before.
The Cost of Employee Turnover
Why does the great resignation matter to your business? Let’s start with looking at the cost of employee turnover. High employee turnover impacts productivity and can be devastating to small and medium sized businesses. Here are a few statistics from around the world on the costs of employee turnover. We also included some forward-looking statistics on the damage to businesses in the US and UK from a talent shortage.
The Power of Purpose Driven Work
If the above data has got you thinking about investing in purpose, then this data below will hopefully help make that decision a lot easier. These recent statistics showcase the relationship between companies leading with purpose and their employees. If your corporation is on the fence about adding purpose or continuing to invest in purpose, then take a moment to look at it from the eyes of your current employees or your future workforce.
It may seem daunting to think about CSR at a time when your business may be struggling due to the Great Resignation, but I believe employee engagement and purpose driven work are intertwined. If you’re looking for more information about how to get started, checkout our “Building the Business Case” blog category to learn more about driving support for getting started or growing your CSR program. Additionally, you can find tips for infusing purpose in your brand here.