Of late, I have had both hiring managers and IT audit, GRC and security practitioners calling to ask about the “Great Resignation.” Team leaders are worried about retention and back-filling roles. Professionals are worried that they may be missing out on an opportunity to get hired into a great new job as more positions become available.
Is it time to panic? Is it time to quit?
There are resignations happening to be sure, and some IT professionals are looking for new jobs. However, the level of job-seeking is nowhere near levels that merit the recent buzzphrase “The Great Resignation.”
There are also positions that are crying to be filled, but the majority of those roles, and this should come as no surprise, are at the experienced staff and senior (3-5 years of experience, typically) levels. Filling these roles has been a big challenge for more than a decade!
Let’s back up a minute and get the background on this dramatic coinage and the context for it.
We see this concept first articulated by Dr. Anthony Klotz, a professor of Management at the Texas A&M Mays School of Business, in his article “The Covid vaccine means a return to work. And a wave of resignations.”
Dr. Klotz described “a wave” and a “surge of turnover” as “a backlog of resignations is cleared” (that is, people held off on quitting in 2020 due to uncertainty about the pandemic and the job market), AND employees are considering leaving their current jobs and finding jobs or work situations that better fit their needs.
It’s important to read what exactly Dr. Klotz wrote:
“First, due to the uncertainty caused by the pandemic, many employees who would have otherwise quit their jobs stayed put. Indeed, using the Bureau of Labor Statistics Job Openings and Labor Turnover Survey to examine total (nonfarm) quits over the past two years, there were close to 6 million fewer resignations in 2020 than there were in 2019.
As the pandemic subsides, these would-be quitters who “sheltered in place” last year will likely enact their plans to leave. In fact, this surge of turnover is already underway: The resignation rate in March was 2.4 percent, which was the highest quit rate recorded for that month in 20 years. In short, the backlog of resignations caused by the pandemic are now beginning to clear.”
Dr. Klotz went on to talk about how people have re-evaluated their work situations and their lives during the pandemic. Some are feeling burnout and realize they need a change. Others have re-assessed their needs to be near family or their career goals, which might include going back to school or starting a business. The pandemic allowed some to save money and pay down debt, leaving them in an economic position to put these new life and career goals into action. A lot of people have seen how they can easily do their work from home and for reasons that range from flexibility, to balancing family needs, to health concerns, they would prefer to continue working from home. You-must-be-back-in-the-office mandates have not been received well generally because they signal old-fashioned corporate mindsets and a lack of care for employees.
Speaking with professionals in the ISACA community recently about their reasons for wanting to look for new jobs, all of these themes have surfaced. For some, the drivers were less-than-competitive pay or benefits that were subpar, or toxic corporate cultures.
From my perspective and that of other executive recruiters who specialize in the IT audit, IT GRC and security disciplines, the number of candidates on the market, especially at the senior level, is about the same in 2021 as it has been in past years – that is, not that many. Corporate hiring managers are saying they are continuing to see a low flow of qualified candidates for their open roles. This has been a persistent problem for years now.
For hiring managers: The remediation measures are many of the same things that have been discussed for the last decade about how to attract, recruit and retain talent: Consider a broader pool of candidates; open up to alternative candidate pools. Show how your team adds value; be able to articulate skill set development opportunities, exciting challenges and career growth (if not a clear “career path,” at least point to the directions in which people can grow – and how they will be supported!). Market-competitive salaries, bonuses and benefits all help. If there are challenges in these areas, be prepared to figure out how to make the job on your team uber-worthwhile because market competition is now, as it has been for over a decade, very stiff.
Corporate or team culture issues can be tough to fix, but if turnover numbers and exit interviews point to this root cause, get to work on repairs. A poor reputation in your market can linger for years and can make hiring great talent a tough and persistent challenge.
For professionals considering making a change: The most important thing to do first is write down your parameters for a new job and then do the research to test and validate your criteria.
- The key factor for most people is geography. Where do you have to live because of family, other careers in your household, schools, healthcare needs, hobbies, social network, children’s activities and children’s friends? Evaluating these factors and all others that are relevant to your situation is the absolute MUST-DO analysis.
You have to talk this all through with the critical decision-makers in your household. I have seen numerous potential new jobs fall apart in the late interview or offer stage because the job-seeker did not discuss or uncover the full ramifications of the new role with their partner or family members (children’s opinions can have a huge sway in decision-making and should not be underestimated!).
- If a commute to an office is still going to be part of your life, what is your commute radius? Time, distance, transportation options? Rarely have I seen a 2-hour one-way commute work out for anyone over any length of time. Many people leave jobs when the daily commute is more than two hours roundtrip. If you commute now by train, and a new job would require a car, is that even feasible given the upfront and ongoing costs involved?
- If your current employer is not going to allow you to work from home permanently (or offering a doable hybrid solution), are there remote options that will work for you?
- Within your commute or geographic parameters, who do you want to work for? What companies really excite you? Where would you be happy giving your 100-110% percent? I can not stress enough the importance of working for a company you respect and where you will feel connected to the vision and the mission of the company. This is an essential ingredient for career satisfaction.
- Research the pay and benefits of the companies that you think you want to work for. Glassdoor can be a guide (always take self-reported salaries with a grain of salt); as can a website like Salary.com that offers both a cost-of-living comparison for current and destination cities and a guide to what employers in a given market are likely to pay.
- How do your skills and experience line up? LinkedIn is an essential tool for anyone looking to make a job change. With a job description in hand, you can search out the people at the company who hold that title and do a clear-eyed evaluation of your experience against the existing team. Is the role a realistic one for you? It can be very helpful to take your data plus the other profiles to a mentor and have that conversation. Before applying, you have to be very clear in your understanding of your strengths and your gaps in order to prepare to sell yourself effectively in interviews.
Job search is a strategic endeavor. Don’t get caught in a wave of worry about “The Great Resignation.” Step back and use your well-tuned analytical skills to see the reality of what might lie ahead for you. You have to start with research, sound data, analysis and a strategy. Going through the process of researching and strategizing, you will save yourself valuable time and energy upfront and throughout a job search, if you decide to launch one. You will gain perspective on your current job and company versus the competition. Of huge benefit are the insights you will gain about yourself, your career drivers and your plan for the future.
Focusing on you: How has the pandemic experience changed your career or life goals? What are your career prospects for 2021-2022? How would a job with a new company add value to your career? What opportunities might you uncover with your current company through networking and championing your good work and skills? I’d love to hear from you and include your input into a future article. Email me at Caitlin@candormcgaw.com.
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