You might have heard of the Great Resignation. Recent studies indicate that more than 50% of American workers anticipate a new job within the next 12 months. Some of those are certainly going to be internal moves; there are signals that the economy is recovering in some sectors. However, some employees plan on leaving their current employers for what they hope to be greener pastures. Further research indicates that the pandemic has led many to reassess their work/life balance, their employer’s corporate culture, or their fulfillment with their job. We recommend this article and podcast episode for quick reading and listening.
- The Biggest Truths Most Leaders Misunderstand about ‘The Great Resignation”
- The Great Resignation: What’s Driving America’s Labor Gap
Why Exit Interviews are the wrong time to learn
While most organizations have structured exit interviews, they often aim to understand why the individual has chosen to leave. Admirably, managers and HR partners use exit interviews to learn what was dissatisfying about the job to make changes, but they overlook institutional knowledge. When employees leave, they take with them a unique combination of experiences, education, skill, passion, and personal networks that have helped them be successful. The loss of this expertise impacts the colleagues and customers left behind.
Map your organization this week
This week, grab a piece of paper or a whiteboard and sketch your org chart.
- Focus on your direct reports and anyone in your organization who manages others.
- Add in one or two key individual contributors who are critical to keeping things going.
- Build a list that contains at least 10 names.
Imagine half of those people being gone from your organization within a year. Who would you predict? What would that mean to your customers?
But that’s an average. Assume that your team is twice as desirable as the average; only one in four of those people may leave the organization within a year. Who are those 2-3 people? Are you ready to absorb that impact? Could you retain them? Could you retain their institutional knowledge?
Whatever your assessment, we hope this post triggers engaging conversations this week.