During the pandemic, the number of workers leaving their jobs en masse globally became a reality that businesses had to contend with.

The Great Resignation as it’s termed, is a kind of ‘Big Quit’. It was coined in late 2020, by Texas A&M University’s Anthony Klotz in response to the rise in job resignations in the US following COVID.

In the US in particular, workers were quitting their jobs in greater numbers than at any time since tracking began in 2001 (according to the New York Times), with a record 4.5 million workers quitting their jobs as recently as March 2022.

A series of lockdowns precipitated the work-from-home trend, and once people got a taste of this lifestyle, they began re-evaluating their lives and realising there was more to life than going to the office every day.

And so, they stayed home. And the acronym, ‘WFH’ became part of our lexicon. The general unhappiness of the workforce, and a newfound desire to work from home has stuck, with hybrid work becoming the norm.

With more time at home, people began exploring other kinds of work, enabling entrepreneurship to flourish.

Side hustles, part time and ‘gig economy’ work has become commonplace, enabled by technology.

The Impact on Attracting Talent To Strata

These are some of the factors fuelling the fire behind Microsoft’s Work Trend Index annual survey which revealed that 41 per cent of the entire global workforce are considering resigning within a year.

And Australia is not immune. Job mobility and shortages are evident with demand soaring for skilled talent.

For strata managers looking to attract and retain staff, it’s essential to tap into the new entrepreneurial mindset that has emerged through the pandemic, while keeping a focus on well-being, collaboration and learning new skills.

With the workforce dominated by Millennials and Gen Z’s (born between 1981 and 2012), it’s important to look at what will excite this group and keep them engaged.

    • The latest technology (these are the digital natives, after all)

    • Self determination

    • Work from anywhere

    • Purpose / Sustainability

    • Learning and development opportunities 

Collaboration, Learning and Well Being Are Essential to Retention

Millennials are eager to learn, and business should be willing to accommodate this. *Gallup found that 87% of millennials say that professional development or career growth are very important to them in a job.

Create an Omni-Connected Experience

According to Accenture, only one in six people feels highly connected to their organisation and the people they work for, and with.

Omni-connection levels the playing field so people can fully participate and have an equitable experience (omni-connection does not mean always on or connected 24/7 – quite the opposite.).

Through these experiences, people are able to forge relationships, create both personal and business value and impact, and grow their careers. The four key actions to create value through omni-connected experiences are:

    • Instill modern leadership: Lead with empathy, transparency and trustworthiness.

    • Grow a thriving culture: Nurture cultural norms that prioritise purpose, authenticity and psychological safety.

    • Enable the agile organisation: Take flexibility further and scale new ways of working.

    • Empower people through technology: Provide access to a robust foundation and the ability to experiment.

Work-Life Integration Is Key To Avoiding Turnover

Now that companies are re-emerging from lockdown, a new study shows 44% of Australians believe they’ll only stay with their current employer for another 18 months. The reason? Burnout.

Employers need to rethink their employee well-being and value propositions.

“Rather than offering work-life balance, employees need to think about work-life integration, how these two aspects of a persons’ life can fit together in a sustainable way,” says Arron McEwan, Vice-President of Research and Advocacy at HR consultancy Gartner.

And this only adds to management stress as the cost to the business of losing staff is rising.

Eliza Kirby, a regional director at Hays adds, “It’s becoming more and more difficult to find individuals to replace someone, which means you’re potentially facing longer periods of time with someone not in that job.”

Avoiding Burnout

Employers must train managers on how to solve mental health issues and give employees more say over how they do their jobs, if Australia is to avoid a doubling in the number of workers’ mental health compensation claims by 2030.

A new report this month from the Committee for Economic Development of Australia urged employers to prioritise mental health with the same weight as physical health – citing popular measures such as free yoga and fruit boxes as ineffectual.

Considering that the median time off work for mental health claims was 27 weeks, it’s critical to look at what can be done to more effectively reduce stress and burnout.

For those employees working in strata, dealing with many different – and sometimes difficult – people, daily, contributes to stress levels.

And last year saw some of the highest stress levels and mental health issues in over 30 years – amplified by the emotional stresses of COVID-19 and causing up to 30 per cent of residential property managers to leave their jobs.

Leadership and Trust

This is where leadership is key, and that means having the support of a positive workplace culture and practices in place, so that at least employees have a safe space and an outlet to bounce problems, ideas and the emotional energy they absorb from clients.

According to the book by Patrick Lencioni, The Advantage and the Five Dysfunctions of a Team, leadership development and team cohesion are critical to mitigating burnout and people leaving your organisation.

By creating cohesive leadership teams that trust and work well together, enables people to challenge one another. And once you challenge one another, you’re able to come to the best solutions as a team.

And that contributes to empowered and healthy individuals, and a healthier team all around.

How McCormacks Is Helping You Attract (And Keep) Talent

McCormacks is making some great changes in 2023 – all to help our clients attract and retain staff, and to be a family-friendly industry to work in.

We know that one of the greatest challenges for attracting talent in this industry is the after hours nature of the work.

Working evenings can be very depleting and interruptive of family life. Our solutions in 2023 include a more digitally enhanced experience, including the new McCormacks Connect app which enables more efficient management all around. This is over and above our specialised services that free up time to bolster work life balance.

For more, feel free to contact us.