The employment dream is changing. Professionals are resigning in droves, causing many unfilled positions and organizational stress. But executive leaders can adapt.
Pushed to the brink by a healthcare catastrophe that has brought the country to its knees, under-appreciated and under-respected professionals across the United States are arriving at a consensus: the new “dream job” doesn’t necessarily have to be at a prestigious organization or come with a considerable salary. No, the new dream is to perform meaningful work at a firm where growth opportunities are attainable, competencies are enhanced, and collaborative contributions are recognized. Simply put, professionals want the opportunity to grow and develop their management skills to face new challenges.
And professional staff – and not just at the menial level – are finding that this dream is both attainable and worth departing a firm to pursue.
Enter “The Great Resignation.” Professionals, managers, and even executives are abandoning their positions at record rates, with businesses experiencing a historic voluntary termination rate of 3.4%1. Resignations are widespread, affecting thousands of professional employees. The problem might even be more prevalent than many thought, as a 2021 study conducted by Monster found that 95% of U.S. employees are considering changing jobs, and 92% of them are willing to switch industries to make that happen.
McKinsey & Company appreciates the shift: “[Staff] want a renewed and revised sense of purpose in their work. They want social and interpersonal connections with their colleagues and managers. They want to feel a sense of shared identity. Yes, they want pay, benefits, and perks, but more than that, they want to feel valued by their organizations and managers. They want meaningful—though not necessarily in-person—interactions, not just transactions.”
So, what are senior business executives responsible for running major organizations supposed to do?