{"id":18518,"date":"2022-10-17T11:11:22","date_gmt":"2022-10-17T08:11:22","guid":{"rendered":"https:\/\/www.talentlms.com\/blog\/?p=18518"},"modified":"2025-01-15T15:34:38","modified_gmt":"2025-01-15T13:34:38","slug":"the-great-regret-becoming-great-retention","status":"publish","type":"post","link":"https:\/\/www.talentlms.com\/blog\/the-great-regret-becoming-great-retention\/","title":{"rendered":"The Great Regret: The sequel to The Great Resignation(?)"},"content":{"rendered":"

Earlier this year, job search portal Joblist issued its Q2 2022 US Job Market Report<\/a>. And the topic of \u201cregret\u201d featured highly. Out of the 15,000 job seekers surveyed, over a quarter (26%) said they regretted leaving their previous job.<\/p>\n

Coming so soon after \u201cThe Great Resignation,<\/a><\/strong>\u201d the results imply a link. And so, the phrase \u201cThe Great Regret\u201d was born.<\/p>\n

But why are so many of those who joined the mass exodus of the workplace during the pandemic<\/strong> having second thoughts? And what does it mean for HR and employers in general?<\/p>\n

We need to take a look.<\/p>\n

What is The Great Regret?<\/h2>\n

The Great Regret is a relatively new term. But one that\u2019s already gained traction. It\u2019s quickly become synonymous with employees who left a job post-COVID but wish they hadn\u2019t.<\/p>\n

The stats around the subject provide further insights.<\/p>\n

According to Joblist, the biggest source of \u201cremorse resignation\u201d (40% of those questioned) is the difficulty of finding another job. Buoyed by a daring spirit, combined with a lively labor market, many employees resigned during COVID-19 without having a follow-up plan in place. And have found it harder than they thought to find another job.<\/p>\n

The surprise here is that, according to the stats, there are plenty of open positions. So why is finding a new job so hard?<\/strong><\/p>\n

Research<\/a> carried out by job search site Muse suggests that this could be down to the type of roles job seekers are looking for. According to its study of more than 2,500 employees, hospitality workers, who traditionally experience high competition for jobs, are the most likely (31%) to regret quitting their job. Whereas, those in the drastically understaffed healthcare industry (14%) are least likely to regret their move.<\/p>\n

Of those who quit and landed a new job, 42% admit the new role hasn\u2019t lived up to expectations, says Joblist. According to Muse, the figure could be even higher. It found that three-quarters (72%) felt \u201csurprise or regret\u201d that their new role was \u201cvery different\u201d from what they had imagined.<\/p>\n

Other factors linked to \u201cremorse resignation\u201d? Missing ex-colleagues and poor management culture<\/strong> in the new organization are other reasons cited.<\/p>\n

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Does this mean we\u2019re done with The Great Resignation?<\/h2>\n

It\u2019s been given a proper name, so it must be a thing. But how big of a thing is The Great Regret? Has the scale of disappointment experienced by so many, dampened the enthusiasm of all those employees with itchy feet?<\/p>\n

The short answer is \u201cno.\u201d<\/p>\n

Although the unprecedented level of resignations (47 million in one year) experienced across the US in 2021 has yet to be met in 2022, the numbers have still been relentlessly high.<\/p>\n

According to the Bureau of Labor Statistics, over 4 million Americans quit every month for 11 months up<\/a> to April this year. And the pattern looks set to continue.<\/strong><\/p>\n

Hot on the heels of this report, PwC released the results of its Global Workforce Hopes and Fears Survey<\/a>. One of the largest of its kind, the survey revealed that 1 in 5 of the 52,195 respondents plans to leave their job within a year. A survey by TalentLMS and Workable claims the figure\u2019s even higher for IT workers, with a staggering 72% looking to change jobs in the next 12 months<\/a><\/strong>.<\/p>\n

However you look at it, these figures paint a clear picture. The sentiments that sparked the landmark shift in the labor market during the pandemic are still very much felt by employees today.<\/p>\n

At the time, COVID-19 heightened emotions and fueled burnout.<\/strong> It caused many to reevaluate their personal and professional lives. And it also opened the door to a new, more flexible, non-linear way of working.<\/p>\n

These were all, initially, knee-jerk reactions to an unplanned emergency situation. But rather than fading away, these knee-jerk reactions have created a mental force that’s taken root, gathered power, and continued to grow.<\/p>\n

The expectations and aspirations of employees have changed permanently.<\/strong> True, with a potential global recession looming, plus rising inflation and costs, workers may not resign quite so spontaneously moving forwards. But they will still resign as soon as the timing and conditions are right, particularly if those aspirations and expectations aren\u2019t met. So what does that mean for HR teams and business owners?<\/p>\n

\"The<\/p>\n

How to navigate The Great Resignation and The Great Regret<\/h2>\n

The Great Resignation and The Great Regret have given employers and HR professionals lots to think about and learn from. And potentially lots to capitalize from. They\u2019re now at a crossroads. To navigate a changing labor landscape and a shift in employee mindset, HR teams need to shift focus, too.<\/strong> But in what direction?<\/p>\n

Let\u2019s break it down.<\/p>\n

The Great Retention (Or, The Great Resignation: Part II)<\/h3>\n

On the surface, \u201cThe Great Regret\u201d seems to give employers a get-out clause. With so many workers bemoaning their exit, why waste time and efforts on retention tactics? The truth is, focusing on retention is always important because it saves money and secures talent where you need it most\u2014with you!<\/strong> But, as we\u2019ve seen from the stats, the case for retention couldn\u2019t be clearer or more urgent\u2014despite the Great Regret.<\/p>\n

The message is:<\/strong> Work harder to keep employees now, or they\u2019ll leave for something better tomorrow.<\/em><\/p>\n

Gen Zers are key players in this. Making up almost a quarter of the workforce, Gen Zers have permanently itchy feet. In a Prosper Insights & Analytics survey<\/a> carried out earlier this year, 29% of Gen Z said they planned to start a new job within the next 6 months. They also have quite specific demands from a prospective employer. They want to work for a company with a strong and ethical brand, and values that match their own.<\/strong> They also want good benefits, plus rich L&D and promotional opportunities. And, if you don\u2019t provide them, they won\u2019t hesitate to leave you in search of them elsewhere.<\/p>\n

So, how to engage (and retain) employees? It\u2019s true, different groups have slightly different engagement measures. But with Generation Z poised to dominate the workforce, the themes just outlined, plus insights gained from The Great Regret, provide a good general framework.<\/p>\n