What does the Great Reshuffle mean for your business?

When 25 percent of American workers changed employers from February 2020 to February 2021, it was the most rapid U.S. labor force reshuffle on record. This happened before an unprecedented number of Americans, over 47 million, quit their jobs during the Great Resignation of 2021.

These two major events contributed to national labor shortages and a fiercely competitive hiring situation that is still impacting many employers. In some sectors, it is a job-seeker’s market with abundant choices for prospective employees. To stand out, some businesses in these affected industries may have to up their recruiting and retention game. Download checklist

Have these historical events impacted your business? Take the next step with actionable tips from this checklist to help you build, or rebuild, the dream team you want.

Taking a new recruiting approach

What can you do about massive shifts in the workforce over which you have little control? A different recruitment and retention strategy may be necessary for businesses struggling to find the right candidates. Taking a new approach could lead to many benefits besides filling open seats, including: 

• fewer disruptions in the workplace 
• higher productivity and business growth
• less employee turnover and lower training costs
• higher team morale

During the Great Resignation, workers left their jobs for many reasons — involuntary, financial, caring for children or parents, avoiding COVID-19 or retiring early. Despite motivation, world and domestic events from the early 2020s led to significant changes for employers and employees. A new attitude toward jobs emerged. Some employees re-evaluated what they want from work and decided more flexibility or fewer work hours for more time to spend with family, friends or living life were new priorities.

Developing your dream team

With advancing machine learning, some experts predict large-scale reskilling is on the horizon as more routine tasks become automated. Given the pace technology is evolving and worker shortages, characteristics that make people human are becoming more important to help businesses stay relevant, and that’s good news for many workers.

Bottom line, the Great Reshuffle could mean new opportunities for your business. By making stronger connections with your employees and team cohesion the goal, taking a new approach may be the key to helping build your dream team. Trying different recruiting and retention strategies could help you create unique opportunities to fill talent gaps and develop employees who will grow with your business. 

In a competitive job market, it may be harder to attract ideal candidates to join your practice. With ideas covering everything from development to flexibility, the actionable tips in our checklist may help you see higher productivity, less employee turnover and lower training costs, more clients, and other business-building benefits. 

Insights on Athene Connect. Tips, tools and resources to grow your business by helping clients retire with confidence.