Why Company Culture is the Best Safeguard Against the “Big Quit” and Other Employment Trends

Senior leadership and business owners are being bombarded with reports of people quitting their jobs in huge numbers.

The reality of the “Big Quit” is likely impacting your organization in some form, and if it hasn’t yet, are you prepared if it does? What is the next trend? Whether the labor market is tight or the unemployment rate is high, your strategic business plan needs to prioritize company culture to ensure that you are not blindsided.

Stay Ahead of Trends

Employment trends are a lot like the financial markets. If you can hang on for the ride, you are better off than knee-jerk-reacting. The “Great Resignation” or the “Big Quit” has been getting a lot of media attention. According to the Bureau of Labor Statistics, the quits rate hit an all-time high of 2.9% in August and only just started to back off of that in October. With inflation looming and the reality of job switching or self-employment sinking in, it’s possible this trend won’t last long into 2022.

Strategic Defense as Your Offense

Employee engagement and career growth opportunities should always be a strategic focus for businesses looking to last the duration. Building a strong company culture through leadership development and encouraging engagement within your organization can help insulate you from peaks and valleys in employment trends. There are many different ways leaders can grow a business culture. Here are a few things to keep in mind.

Focus on High Performers The phrase “birds of a feather, flock together” is just as accurate in a high-performing team as it is in the high school cafeteria. Like attracts like. High performers want to be around other high performers. If your organization places a high value on performance, attracting and retaining talent, and growing leaders, it is more likely that high performers will recognize you as a place they want to work and grow their careers. Focus on high performers doesn’t just mean the front-facing and highly visible. Rather every personality type, job description, and seniority level can impact a culture of high performance.

Address Difficulties Companies that don’t manage difficult personalities and underperformance end up with a culture of difficulties and underperformance. During this phase of people leaving their jobs in particular, you are less likely to keep your top talent or attract top performers if you don’t address the challenging people, processes, clients… hasn’t been a focus. Often bad managers have good intentions. They simply lack the skills and know-how to inspire their team. Identifying leaders who are struggling and providing opportunities for improvement, through leadership coaching for example, can help remove that obstacle to your company’s employee retention goals.

Encourage Communication Addressing the attention that the “Great Resignation” is getting in the media and creating open dialogue about it, and in general, increases the value of your company culture. Encouraging communication should extend throughout your organization and be a perpetual effort. Addressing process challenges, listening to new ideas, resolving conflicts, establishing cross-silo collaboration… are all ways that communication can benefit your organization.

Develop Growth Opportunities Clear growth pathways, and leadership development planning can transform your organization from one that spends thousands on recruiting and hiring to an employer of choice. You will retain top performers and encourage each person’s level of engagement and ownership about their role within your organization.

Don’t Settle The Great Resignation has exposed employers of all sizes to a dearth of exits. This leaves many employers clinging to remaining employees, even the underperformers, because they mistakenly believe a seat filled is better than an empty one. While in the short-term that may be true, retaining toxic or underperforming employees can be an obstacle to the organization’s success.

Now is not the ideal time to hire. With fewer people looking for employment, some companies may choose to lower the bar in the search for candidates. However, companies with a thoughtfully crafted company culture know that each employee has the potential to change it. Know the difference between a good hire and one that could offset what you have created.

Don’t Lose Sight of Your Goals

A dysfunctional company culture can drive good people away at any time, but the employment rates now are making it easier for them. Conscientious management, strong leadership, open communication, and leadership growth pathways create a culture where employees feel valued and engaged.

A strategic focus on your company culture is an investment in the future success of your company. Regardless of how long “The Big Quit” lasts, you should be on the offensive to retain top performers and achieve your business goals.

Liddell Consulting Group works with leaders to create an actionable plan for clarifying your strategic business plan as well as rolling it out. Creating accountability, measurable check-points, and clear communication are key to your success. If you are interested in learning more about how we can help with your strategic business planning, contact us today!