Resignation Season Part I

It's March. The landscape is turning green but we're still cozied up with big sweaters and afternoon tea while St. Paddy's Day decorations are sprinkled throughout the community. Spring is in the air; aka resignation season is in full bloom. Yep, it's that time of year again! So, why is this happening? And what should we be doing about it?

Quitting can be seasonal. A few things happen this time of year that create the perfect storm for resignations. Over the holidays employees get a little distance from work and reflect as the previous year comes to a close and a new one begins. "New year, new you" often starts with a ridiculous weight loss resolution and a new job. January is the busiest month of the year for employment opportunities as reported by Forbes, Glassdoor, Monster and pretty much anyone who has ever worked in TA. Leaders have newly approved budgets burning holes in their pockets and seats that have needed butts since autumn. The SHRM reports the 2017 national average time-to-fill at 36 days (+14 minimum to start), meaning the average January job seeker would be looking at a February/March start date - which most bonus-eligible candidates extend until after their payouts in early March. And there you have it.

Reasons for leaving are often predictable and preventable. Between 2017 and 2019 the primary reasons employees left their jobs were career development, work/life balance & culture, manager behavior, and compensation, in that order, as reported by Work Institute and Glassdoor.

Something to consider, OC Tanner research from 2019 confirmed that nearly 80% of employees identified a lack of recognition and appreciation as a major reason for their decision to leave - a motivation that plays a significant role in all four of the aforementioned categories. To put it plainly adequate career development + reasonable work/life balance + effective managers + competitive compensation = feeling appreciated and staying with the company.

It’s not new information but it validates what we know about workforce motivations shifting to reflect Millennial and Gen Z populations, which now account for nearly 40% of the workforce.

Tune in tomorrow to find out what we should be doing about resignation season. Hint: retention isn’t a given…