Turn the Great Resignation into the Great Re-recruitment

In one of the newsletters I read on a regular basis, Contrarian Cashflow, Codie Sanchez recommends that her readers turn the Great Resignation into the Great Re-Negotiation. This is an opportune time to have a conversation with your manager about how the value you add aligns to your compensation.

From a talent strategy perspective, companies should take this opportunity to turn the Great Resignation into the Great Re-recruitment. Estimates of the number of people who are considering quitting vary, and some are as high as 55%. I am skeptical that anywhere near that many people will ultimately quit their jobs, but a percentage will.

Organizations should be worried about losing their strong performers. The cost of replacing strong performers is usually much higher than the cost of retaining them. Even if a modest percentage of strong performers leave a company, it is a significant loss. There are recruitment costs to replace them, of course. There are other costs that are usually not considered. For example, it takes time for new employees to on-board and begin adding value at a new company. There are also a lot of ‘false positives’ inherent in selecting new leaders within organizations. Leaders who were rock stars at one company may not succeed at their next company.

So, what should companies do? Take the time now to re-recruit your strongest performers. Most strong performers leave because of compensation or opportunities for advancement. Some may want flexible work conditions. Find out what they want, and, within reason, give it to them. Make this the Great Re-recruitment for your company rather than the Great Resignation.