Tech Connector

TECH CONNECTOR

By Rich Karlgaard

How To Beat The Great Resignation

“My company is seeing higher-than-usual attrition and also having trouble finding the right talent to fill roles. What’ s your take on the labour market in Asia and what’ s your advice?”

This question was recently sent to the Singapore office of global consulting firm Mercer. But the location is irrelevant. The great resignation problem is global. It is seen in many advanced economies in the world today, with historically high rates of people quitting or switching jobs. Some predict that a recession will end this problem. But who wants a recession?

Let’ s think about the great resignation more optimistically. Here ’ s an idea: The way to “ solve ” the great resignation at your company starts with stepping back and seeing the big picture. Here ’ s what you ’ll see.

1. Digital progress is accelerating. There is a temptation to think digital progress ebbs and flows with the value of tech companies. You might conclude that digital progress is now slowing: For the past six months, tech values have fallen 20% to 60% (and in some cases, more). Don ’t make that mistake. Science and technology continue to forge ahead in good markets and bad. Never bet against the rate of digital progress.

2. Anger at corporate tech tools. People under 40 worldwide are frustrated by the pace of digital transformation by employers. Last year I interviewed Cynthia Stoddard, the chief information officer of software giant Adobe. Stoddard says a leading cause of poor morale inside of companies is the use of inferior tools. Employees now have access to superior tech in their personal lives: Social media is easy to use. Computer games are fun. ERP, or enterprise resource planning software, is neither. Younger employees lose respect for bosses who equip them with old tech.

3. Meaningful valuation differences create volatile tal-

ent flows. Companies perceived to be tech leaders in their industries generally get higher stock multiples. Smart employees—the kind you want at your company—see this. They want to work for tomorrow ’ s winners.

4. The pandemic revealed that

higher education is broken. It is increasingly overpriced for the value it delivers. Young people now see the stark reality: Their expensive college degrees do not guarantee career success. Current knowledge trumps degrees, and learning is not a one-time certificated event. It must be continual throughout one ’ s career. The best employees will want to work where they can learn. The best employers will become educators.

5. The debate over return-to-office vs. home vs. hybrid will not end soon. Technology evolves too fast to settle it. Each year, at home and hybrid options become better. Don ’t pretend the optimal solution in mid-2022 will always be best.

6. Mean bosses weren’t working so well before the pan-

demic. They don ’t work at all now. To stipulate: tough bosses and mean bosses are not identical. Tough bosses expect excellence and hold people accountable, including themselves. Mean bosses are bullies. Rating websites such as Glassdoor now make it easy to tell the difference.

7. Columns should pick a fight now and then! This column believes that human resource departments largely do not serve their companies well. To trim complexity and manage ever-expanding compliance issues, HR departments default to seeing roles, requirements and numbers. But employees want to be seen as living, breathing people with gifts and potential. Don ’t overlook the power of cognitive diversity on teams (introverts and extraverts; intuitive and analytical skills, etc.). Spot the late bloomers—those who began their journey behind the elite college degree holders. Welcome both hares and tortoises.

Great companies will beat the great resignation.

Rich Karlgaard is editor at large at Forbes. As an author and global futurist, he has published several books, the latest of which is Late Bloomers, a groundbreaking exploration of what it means to be a late bloomer in a culture obsessed with SAT scores and early success. For his past columns and blogs visit our website at www.forbes.com/sites/richkarlgaard.