Labor challenges amid the Great Resignation

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Millions are leaving or switching jobs as part of what has become known as the Great Resignation.
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As a business owner, you are likely experiencing the challenges of recruiting and retaining top talent given the current labor market. However, you may not have considered that the actions you take — or don’t take — can have long-lasting consequences for your business.

Far from business as usual

With so many open positions, businesses of all sizes have had to adapt their day-to-day operations. Fewer workers can lead to a need to close early, stagger shifts or delay shipments, all of which can impact your revenue and profitability.

90% of surveyed small business owners hiring or trying to hire reported few or no qualified applicants for the positions they are trying to fill†.

The turnover tsunami

Millions are leaving or switching jobs as part of what has become known as the Great Resignation. Through November 2021, an average of more than 3.9 million workers quit their jobs each month, meaning 2021 will hold the highest average on record, topping the 2019 average of 3.5 million§. And research suggests the trend will continue post-pandemic.

The number of employees feeling dissatisfied with their current job is growing at unprecedented rates. In 2021, 52% of respondents reported plans to look for a job, up from 35% in 2020‡.

What matters now

Consider that key drivers in attracting and retaining talent are shifting. Economic factors, worker burnout, the effects of the pandemic, and more are changing what matters most in employee retention. Harvard Business Review reports that “burnout is more than just an employee problem; it’s an organizational problem that requires an organizational solution.” Not getting ahead of these trending concerns could put a business at an unfair disadvantage.

While traditional benefits such as health insurance, vacation/PTO, and retirement plans remain important, a recent PwC survey reveals that today’s employees are looking for#:

  • 38% Schedule Flexibility
  • 38% Expanded Benefits
  • 37% Compensation Changes
  • 28% Location Flexibility

Looking out for you and your business

Huntington can help you address many facets of your business by bringing forward key insights, new ideas, and thoughtful solutions. Connect with the business banking team at Huntington to discover the many ways we can help you grow and strengthen your business.

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† Dunkelberg, William. 2022. “NFIB Jobs Report: Worker Shortages Remain a Top Problem for Small Business Owners.” NFIB. June 2022. Accessed July 12, 2022.

‡ Achievers Workforce Institute. 2021. Achievers Engagement and Retention Report 2021. Accessed October 14, 2021.  

§ SHRM.org. 2022. “Record 4.5 Million Workers Quit in November.” Accessed March 31, 2022.

Moss, Jennifer. 2021. “Beyond Burned Out.” Harvard Business Review. Accessed October 5, 2021.

# PricewaterhouseCoopers. 2021. “PwC US Pulse Survey: Next in Work.” August. Accessed October 14, 2021.  

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