October 05, 2021
According to the U.S. Department of Labor, 4 million American workers quit their jobs in the month of July, and this trend doesn’t appear to be ending. I recently read a McKinsey study that indicated 40% of employees are considering leaving their jobs in the next year. My question is, why?
This phenomenon is being driven mainly by Gen Z and millennials, who now represent the majority of the workforce. Their reasons range from lingering job (dis)satisfaction to COVID-19-related stress. And when you layer in the retiring Baby Boomers and insufficient volume of Gen Xers to fill the void, it’s a perfect storm.
I’ve spoken with so many young professionals recently at our events who believe you have to move out in order to move up. So how can organizations retain current talent and develop young professionals to stem the tide? I believe organizations need to build cultures that view “talent” as humans, understand what they need, and deliver it in meaningful ways, such as combining formal training with informal leadership opportunities and mentoring programs. For more insight on how our industry can combat this issue, be sure to read “The Fight for Claims Talent” by David E. Coons on page 30.
As I look to the future of CLM, we have an incredible opportunity to support the needs of our community in new ways. For example, we are adding a professional development track to CLM’s 2022 Annual Conference filled with deep dives and practical conversations on topics like leadership, critical thinking, emotional intelligence, and change management. Our proposal portal is open, so if you have an idea for a session, submit it!
One final thought: That McKinsey study I mentioned also noted that 50% of employees don’t feel valued by their manager or have a sense of belonging—a blinking reminder that culture eats strategy for lunch.
All the best –