🔒Tips for retaining midcareer professionals amid the ‘Great Resignation’

The Great Resignation has had an undeniable impact on businesses throughout our country.

For example, November 2021 saw a record 4.5 million employees leave their jobs, a 3% increase from the month prior, according to the Job Openings, Layoffs, and Turnover Survey.

While high turnover has historically been most prevalent in the younger workforce, today’s statistics show we are losing more midcareer professionals — ages 30 to 45 — than ever before.

Among the many reasons this phenomenon exists today is the need for better balance for working parents. Luckily, this is something employers can control.

As a business leader, it is imperative to weigh the benefits of providing working parents more flexibility so they can balance their family life, against the cost of replacing them. Most sources would suggest that the average cost of turnover can range anywhere from 75% to 250% of an employee’s salary.

Here are a few suggestions to better support your workforce and not fall victim to the Great Resignation:

Offer adequate compensation for new parents

While many states have implemented paid leave policies, it’s not enough to provide parents with time. Employers must also ensure they are offering supplemental income or insurance to fill any gaps the state’s policy may leave.

For example, Connecticut offers a generous paid leave program for many, but employees earning more than $60,000 per year may be left with a significant income gap.

Employers should consider policies that close that gap either through salary continuation or supplemental insurance.

Implement leave management administration services

In speaking with several new parents, the experience they had while out on parental leave made a lasting impression and influenced how they felt about their employer.

Providing a service that can check in with employees every so often and make sure they understand and receive their benefits in a timely manner will leave a positive and lasting impression of the way the company handles parental leaves.

Provide financial well-being resources

Between day care, groceries and diapers, many new parents are in need of personal financial coaching to better plan for life with a new member of the family and save for the new expenses they may incur.

Many employers are partnering with providers that will give timely and needed financial well-being education so employees can reduce their financial stress.

Additionally, in this (almost) post-pandemic environment, many working parents are struggling to balance kids who are home while getting their job done remotely.

Forward-thinking employers may offer benefits like free classes through an online platform called Outschool to provide working parents with a way to keep their children entertained and engaged when they are working from home.

Allow scheduling flexibility

Many employers are allowing for flexible workdays and remote and hybrid work opportunities so working parents can better balance their family’s needs.

Aligning time off with school holidays and allowing flexibility during the workday can help support families that may not have dependable child-care options throughout the year.

Emily Bailey is managing principal of the CT office of OneDigital, an insurance brokerage, financial services and HR consulting firm.