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Cooper's straight talk about The Great Resignation

 26 November 2021     Donald Cooper 

You’ve likely heard the latest buzz phrase The Great Resignation and we’re all experiencing the huge challenge of finding and keeping great employees. The Predictive Index, a talent optimization consultancy based in the United States, recently reported 50 million employees have quit their jobs in that country since last April and almost 50% of all employees are currently considering a job change within the next 12 months.

So, if you’re having problems filling vacancies in your business now, image how much bigger your problem becomes if 50% of your existing staff quit in the next 12 months.

What’s fascinating are the reasons why most business managers believe employees leave and the real reasons employees give for leaving are entirely different.

A study by global consultancy firm, McKinsey & Co. recently said that according to business managers, the three top reasons for employees leaving were: money; work-life balance; and those staff were in poor physical or psychological health.

According to the employees themselves, the three top reasons for employees leaving are: not feeling valued by the company; not feeling valued by their manager; and, didn’t feel a sense of belonging at work.

Another important insight from McKinsey is employees expect their jobs to bring a significant sense of purpose to their lives. For more insight on this key insight, click on the McKinsey article here.

Below are eight tips to help you attract and retain talented and committed team members in 2022:

  1. Make employee engagement and retention your number one commitment for 2022.
  2. Your employees can’t possibly feel a significant ‘sense of purpose’ from their job if your company has no clear purpose to start with. All businesses sell stuff. Great businesses are on a mission to improve the human condition in some significant way. What’s your significant purpose? Click here to download my business tool Create a Clear Statement of Purpose for Your Business.
  3. Help each employee understand the purpose and importance of their job to your customers, to the rest of the team and to the values and growth of the business.
  4. Create a culture of appreciation, acknowledgement and celebration. Look for behaviour to praise and reward and say thank you every day.
  5. Create a learning culture where those with the desire and capability to learn and grow have the opportunity to do so. Good people want to grow themselves and to help you grow the business. Don’t let them get away.
  6. Ask your team members, individually, these two questions: What do you like most about working here? What could we do better? So they don’t feel ambushed by these questions, send them a note or e-mail saying, “As part of our commitment to be a great place to work and to contribute and to grow for all team members, I’d love to have your thoughts on these two questions in the next two weeks. When you’re ready to chat, just let me know.” Then, list the two questions.
  7. Ask your team members, individually, where they’d like their career and their life to be in three years and how you and the business can help them achieve that. Then, tell them where your business or department commits to be in three years and ask them how they can help you achieve that. Inspirational speaker Zig Ziglar famously said, “You can get almost anything you want if you help enough other people get what they want.”
  8. Get a handle on what it’s really like to work on your team by asking each member to take a few minutes and fill out my business tool The Employment Experience Survey. It can be downloaded by clicking here.

So, what will you do, starting right now, to attract top-performing team members and avoid The Great Resignation in your business?

Here’s something else to think about:

My quote of the week. “Hiring someone after just one interview is like asking someone to marry you on the first date. You don’t know them well enough yet.”

Brilliant marketing from fast-fashion retailer H&M. H&M has just launched Rewear, a digital platform that allows Canadian users to buy and sell used garments directly between consumers, and it will allow listings from any brand, not just H&M.

The platform provides an algorithm that advises sellers on a competitive price for their garment.  H&M will take a 15% commission on sales, but to offset that (and encourage further shopping at H&M stores), sellers have the option of receiving their payout in the form of an H&M Gift Card that has an additional 20% in value added, instead of cash.

How could you use the internet, apps or special platform to deliver more value and a better customer experience to your target customers?  What are the possibilities?

That’s it for this week. Stay safe. Live brilliantly!

Cocoon by Sealy
Sealy Canada
This HGO article was written by:
Donald Cooper
Donald Cooper

Donald Cooper has been both a world-class manufacturer and an award-winning retailer. Now, as a business speaker and coach he helps business owners and managers throughout the world to rethink, refocus and re-energize their business to create compelling customer value, clarity of purpose and long-term profitability.

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Home Goods and its accompanying newsletter - HGO This Week - covers the furniture, bedding, appliances, consumer electronics, accessories, lamps and lighting and floor coverings product sectors of the big ticket home goods market in Canada. HGO is also a forum for the dissemination of market research and hard-hitting articles on best practices for Canadian retailers.

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