The Great Resignation

The Great Resignation: How Can Associations Help with the Talent Shortage?

I quit.

It’s something that millions of professionals have said in recent months as the U.S. economy continues to be profoundly impacted by the current exodus of employees often dubbed “The Great Resignation.” Indeed, there’s no question that the large-scale resignation of employees from their current roles has dramatically reshaped the job market in the United States, creating a major talent shortage across many economic sectors that’s likely to persist for months or even years into the future.

But what exactly can your association do to help?

In this eBook, we examine the U.S. labor shortage in detail and explore some DFWLRQDEOHVWHSV\RXUDVVRFLDWLRQFDQWDNHWRPDNHDGL΍HUHQFHLQWKLVWXPXOWXRXV economic period.

What is The Great Resignation? The Great Resignation is an ongoing trend in the global labor market, particularly in the United States, which has seen millions of employees voluntarily leave their jobs starting in the spring of 2021. Also sometimes called The Big Quit or The Great Renegotiation, The Great Resignation is the result of several factors and has upended the U.S. job market. In January 2022 alone, more than 4.3 million Americans quit their jobs — continuing a trend that’s impacted the U.S. labor market since at least the spring of 2021. The Great Resignation has also corresponded with a surge in job openings in many economies, including the United States and the United Kingdom, starting in 2020 after the initial COVID-19 pandemic lockdowns and accelerating in early 2021.

Why is There a Labor Shortage?

The reasons behind why so many workers are leaving their current jobs are numerous and complex.

The root cause of The Great Resignation is the COVID-19 pandemic, which brought great disruption to the workplace and gave employees an opportunity to reconsider their professional goals and priorities. As the worst of the pandemic started to recede in spring 2021, a tidal wave of employees — often locked into their current roles for the previous year due to the impact of the pandemic — began to seek out new roles, ushering in a mass exodus and creating a labor shortage in the job market as professionals became increasingly motivated, not only to seek out new jobs, but to take their time and weigh their options before accepting a new one.

Although the pandemic has been the primary driving factor in The Great Resignation, other forces have contributed to the wave of employees quitting their current roles. Some of these include:

• A greater desire by employees for remote work ȏΖQFUHDVHGVDYLQJVIURPJRYHUQPHQWVWLPXOXVH΍RUWVDQGORZHUFRPPXWLQJ costs ȏ(PSOR\HHRSSRVLWLRQWRLQSHUVRQRɝFHPHHWLQJVDQGDIXOOWLPH UHWXUQWRWKHRɝFH ȏ1HZWHFKQRORJ\WKDWȇVDOORZHGIRUVLPSOLȴHGDQGVWUHDPOLQHGUHPRWH collaboration

• Employee relocation during the pandemic • An increased focus on work-life balance • A desire for greater pay by employees • Employee burnout

Due to these disparate factors, the current U.S. labor shortage has had a profound impact on the job market. Increasingly many professionals have sought to leave the traditional 9-to-5 workday behind and strike out on their own as freelancers and independent entrepreneurs. Younger generations, particularly Millennials and Generation Z, have led the way in The Great Resignation. More than half of Generation Z workers, for example, have reported planning to seek out a new role within the next year.

What’s the Impact of the Current Talent Shortage?

The current talent shortage has had a wide-reaching impact on the U.S. labor market, being acutely felt across many industries in virtually every part of the country.

The immediate impact of the current worker shortage is that many companies have struggled both to retain employees and to hire new ones. This, in turn, has increased WXUQRYHUGUDPDWLFDOO\GLVUXSWLQJZRUNȵRZVDQGUDLVLQJFRVWVDVQHZHPSOR\HHVPXVW be recruited, trained and retained in a short amount of time. Overall, this has put pressure on companies’ bottom lines and payrolls — something unlikely to change anytime soon. In addition to the impact on businesses, employee expectations have also shifted GXULQJWKLVSHULRG(PSRZHUHGE\UHPRWHZRUNDQGȵXVKZLWKMRERSWLRQVPDQ\ SURIHVVLRQDOVQRZSULRULWL]HEHWWHUZRUNOLIHEDODQFHȵH[LEOHVFKHGXOLQJDQGJUHDWHU pay — and they want employers to deliver. Although the long-term impact of the current talent shortage remains to be seen, there’s little doubt that the implications of it will be felt by both employers and professionals for years to come.

A Closer Look at the Data

Madgex took a deep dive into the data behind The Great Resignation with an extensive survey of more than 2,700 professionals to gauge their views on the economy, career development, decisions to stay or leave their current roles and much more.

Are you considering leaving your current role in the next 12 months?

Are you considering leaving your current sector for a new one in the next 12 PRQWKV"b

Has remote working conditions swayed your decision to leave or stay at your current role?

42% Yes

35% Yes

27% Yes

58% No

65% No

73% No

When surveyed on what was most important to them in a new role, an overwhelming FLWHGVDODU\DVWKHLUWRSUHDVRQIROORZHGE\ZRUNOLIHEDODQFHDWEHQHȴWVDW DQGZRUNSODFHȵH[LELOLW\DW*RRGPDQDJHPHQWLQWHUHVWLQJZRUNDQGD manageable workload were cited by 44%, 32% and 38%, respectively, while career progression opportunities were important to about 36% of respondents. Location was QDPHGDVDWRSIDFWRUE\MXVWȃUHȵHFWLQJWKHULVHDQGZLGHVSUHDGDGRSWLRQRI remote work in the new post-pandemic workplace. Innovation and childcare rounded out the responses, being cited by only about 8% of respondents each.

Top 8 reasons why people ARE considering leaving their current role

35%

30%

25%

20%

15%

10%

%HQHȴWV

Flexibility and remote working

Poor management

Repetitive or boring work

Work life balance

Stress or burnout

Career Progression

Financial Reasons

:KHQDVNHGZK\WKH\ȇUHFRQVLGHULQJOHDYLQJWKHLUFXUUHQWUROHȴQDQFLDOUHDVRQVZHUH clearly the main factor in why professionals chose to join The Great Resignation, being cited by nearly 29% of survey respondents. Career progression and workplace burnout were also key factors, cited by more than 22% and 21% of respondents, respectively. Work-life balance and workplace boredom were also cited by more than 17% and 15% RIUHVSRQGHQWVUHVSHFWLYHO\ZKLOHSRRUPDQDJHPHQWDGHVLUHIRUJUHDWHUȵH[LELOLW\ DQGLPSURYHGEHQHȴWVZHUHFLWHGLQVPDOOHUQXPEHUVE\UHVSRQGHQWV

2QWKHȵLSVLGHZKHQDVNHGZK\WKH\ȇUHVWD\LQJSXWLQWKHLUFXUUHQWUROHIRUWKHWLPH EHLQJSURIHVVLRQDOVVXUYH\HGFLWHGȴQDQFLDOVHFXULW\DQGDQRSWLPDOZRUNOLIHEDODQFH in their current role as their main reasons for staying, garnering 34% and 33% of UHVSRQVHV%HQHȴWVDOVRIDFWRUHGKHDYLO\LQWRWKHGHFLVLRQRIPDQ\SURIHVVLRQDOVWR VWD\LQWKHLUFXUUHQWUROHZKLOHLQWHUHVWLQZRUNZRUNSODFHȵH[LELOLW\DQGKDYLQJD manageable workload was also cited by close to 25% of respondents. Satisfaction with management and career progression opportunities rounded out the top reasons why professionals chose to stay in their current roles.

Top 8 reasons why people ARE NOT considering leaving their current role

40%

35%

30%

25%

20%

15%

10%

%HQHȴWV

Interesting work

Flexibility and remote working

Manageable workload

Good Management

Career progression

Financial Security

Work life balance

What’s the most important to you in your next role?

Salary

Work life balance

%HQHȴWV

Flexibility and remote working Good management Interesting work Manageable workload Career progression opportunities Location

Company innovation Works for childcare

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

When asked what the top 3 most important factors were in considering their next role, a plurality of those surveyed – 41% – said that work-life balance was the top IDFWRUIROORZHGFORVHO\E\EHQHȴWVDW$GGLWLRQDOO\FLWHGȵH[LELOLW\DQG UHPRWHZRUNDVWKHLUWRSIDFWRU2YHUDOOWKLVGDWDFRQȴUPVWKDWSURIHVVLRQDOVSODFH WRSYDOXHRQFRPSDQLHVWKDWR΍HURSWLPDOZRUNOLIHEDODQFHȃVRPHWKLQJWKDWȇV become increasingly blurred, given the rise of remote work in the wake of the COVID-19 pandemic.

Top 3 most important things in their next role

24%

41%

Work life balance

Benefits Flexibility/remote work

35%

When asked what the least important factors were for searching for their next role, those surveyed overwhelmingly cited location as their top choice, with 59% — a clear indication that professionals feel liberated by the possibilities of remote work in the aftermath of the pandemic and view themselves as unshackled to their local job market. Company innovation and childcare were also cited by respondents, although in smaller numbers.

Top 3 least important things in their next role

20%

59%

Works for childcare Company innovation Location

21%

One of the main outcomes of the pandemic has been the ability for professionals to ZRUNȵH[LEOHORFDWLRQVDQGKRXUVDVVDLGWKDWWKH\QRZKDGWKHDELOLW\WRZRUN UHPRWHO\DQGVDLGWKDWWKH\ZHUHD΍RUGHGPRUHȵH[LEOHKRXUVVDLGWKDW the pandemic has seen the introduction of new technology in their workplaces, while 28% said that their overall workload has increased — echoing their concerns about work-life balance. Budget cuts, restructuring and redundancies were cited by 18%, 13% and 6% respectively, while 6% said that their employers adopted a shorter workweek in response to the pandemic. About 5% also said that their employer created additional headcount in the wake of the pandemic, while 4% said their employer KDGR΍HUHGDGGLWLRQDOFKLOGFDUHUHVRXUFHVDQGVXSSRUW

Top 4 organizational changes because of COVID-19

70 60 50 40 30 20 10 0

ΖQFUHDVHGȵH[LELOLW\ around working hours

Increased ability to work remotely from home

Introduced new tech

Increased workload

What Does the Data Mean for Associations?

RIUHVSRQGHQWVDOVRVDLGWKDWWKH\ȇUHORRNLQJIRULQGXVWU\VSHFLȴFFDUHHUDGYLFH to help with their next role — a considerable number that signals the importance of DVVRFLDWLRQVR΍HULQJFDUHHUGHYHORSPHQWRSWLRQV When surveyed about what associations should be doing to provide professionals with career development support, 77% of respondents said that relevant job postings were very important or important factors, while 75% said that networking opportunities were important to them. 66% placed importance on skill assessments, whereas 58% cited the importance of career coaching and 59% said that career news and advice was very important or important to them. 38% cited career fairs as an important factor to them.

What do you feel are the most important things a professional association should be providing you in support of your career development?

78% also said that matching their skills to a job before applying would be useful — an area that associations and societies could play a role in.

Overall, this data reinforces the notion that associations should prioritize providing career support and development for their members, particularly with relevant job postings, networking opportunities and learning and development resources.

How Can Associations Help with the Talent Shortage?

The resulting candidate shortage from The Great Resignation has sent shockwaves throughout the U.S. economy, making recruiters’ lives much more GLɝFXOW+RZHYHUDVVRFLDWLRQVOLNH\RXUVFDQȃDQGPXVWȃVWHSXSWREHFRPHD part of the solution. +HUHDUHMXVWDIHZDFWLRQDEOHVWHSV\RXUDVVRFLDWLRQFDQWDNHWRKHOSDGGUHVVWKH ongoing talent shortage. Here are a just a few actionable steps your association can take to help address the ongoing talent shortage.

Invest in Your Career Center

First and foremost, invest in your career center as the go-to resource for professionals in your industry.

With 42% of workers considering leaving their job sometime within the next 12 months, your career center has never been a more important asset. Transform it LQWRDKXEZLWKXVHIXOFRQWHQWOLQNVDQGRWKHUUHVRXUFHVWKDWUHȵHFWWKHFXUUHQW ODERUPDUNHWVLWXDWLRQDQGGHWDLOKRZSURIHVVLRQDOVFDQȴQGDMREQHJRWLDWH higher pay, grow their skills, and the like. Regular email and social media updates that remind your members about the usefulness of your career center during this period are also a great idea.

Partner with Colleges and Other Schools

New college grads will be entering the job market during The Great Resignation. %\SDUWQHULQJZLWKFROOHJHVDQGUHOHYDQWWUDGHVFKRROV\RXFDQR΍HUWKHPGLUHFW access to the training, credentialing and networking opportunities they need to advance their careers in this unique labor market — and grow your membership in the process.

Prioritize Millennials and Generation Z

As research has shown, The Great Resignation is largely being driven by Millennial and Generation Z professionals.

Keep this in mind when creating content and tailoring your communications to your audience, as both generations enjoy video content and are frequent users of social media. By focusing on them in the way they like to be communicated with, your association can stay relevant with the driving force behind The Great Resignation. Redouble Your Focus on Training, Credentialing and Ongoing Learning The Great Resignation has spurred a broader change in the U.S. labor market, as millions of professionals look to supercharge their careers, not only through new roles, but also with increased skills and more prestigious credentials. To that end, your association should double down on its commitment to the WUDLQLQJFUHGHQWLDOLQJDQGRQJRLQJOHDUQLQJFRXUVHVWKDWLWR΍HUV7KLVZD\\RX not only arm the professionals in your industry with the skills and knowledge they need to succeed, but you also position your association as a leader in this area, helping to attract and retain members.

Invest in Upskilling and Reskilling

Similarly, the unprecedented movement in the labor market has spurred many professionals to rethink their career goals from the ground up.

No longer are the career paths of most professionals as linear and predictable as they were in the past. More and more are looking at advancing their skill sets, retooling their career goals and even changing industries entirely.

<RXUDVVRFLDWLRQVKRXOGHPEUDFHWKHXSVNLOOLQJDQGUHVNLOOLQJWUHQGE\R΍HULQJ additional online courses that allow professionals to grow their skill sets to enter a new role or industry. This is not only a great way to prepare professionals in your industry for the next stage of their careers but also to attract coveted Millennial and Generation Z members in the process. Hold Webinars and Other Events for Industry Stakeholders

Finally, hosting webinars and other events is a great way to connect with professionals in your industry.

7RSLFVFDQLQFOXGHKRZUHFUXLWHUVDQG+5SURIHVVLRQDOVFDQEHWWHUDGGUHVVWKH candidate shortage, tips for professionals looking to change roles, best practices for employers looking to cut their turnover rate, and the like. Through webinars and events that leverage both your internal stakeholders and external experts, your association can convey the critical information that employers and professionals alike need to navigate The Great Resignation successfully.

Take Action Today

There’s no question that The Great Resignation and resultant talent shortage KDYHFUHDWHGDXQLTXHFKDOOHQJHLQWKHODERUPDUNHWWRGD\+RZHYHULWȇVDOVRD unique opportunity for your association. By implementing the actionable steps listed above, you can better adapt to this new era and be a part of the solution LQDGGUHVVLQJWKHFDQGLGDWHVKRUWDJHH΍HFWLYHO\

What’s the best way to position your association for success?

A well-optimized, market-leading career center.

Contact Madgex today to learn how we drive value for associations all over the world through our market-leading career center technology, which can help your association grow its membership, boost revenue, and better engage with your audience.

Survey Methodology and Additional Statistics Survey Methodology and Additional Statistics

Madgex surveyed 2,752 professionals to gauge their views on their careers, the economy, the impact of the COVID-19 pandemic and more. More data on our respondents is as follows: Madgex surv yed 2,752 professionals to gauge their views on their careers, the ec nomy, the impact of th COVID-19 pandemic and more. More data on our respondents is as follows: 43% were currently members of an association, while 57% were not. 43% were currently members of an association, while 57% were not. %XVLQHVVDFFRXQWLQJHFRQRPLFVDQGȴQDQFHSURIHVVLRQDOVZHUHWKHODUJHVWVLQJOH group represented in our survey, comprising over 15% of respondents. Computer science and technology professionals were a very close second, also comprising slightly more than 15% of respondents. Nursing, dentistry and healthcare professionals were the next-largest group, comprising a little over 7% of respondents. slightly more than 15% of respondents. Nursing, de tistry and h althcare professio als were the next-largest group, comprising a little over 7% of respondents. 3URIHVVLRQDOVZRUNLQJLQRWKHUȴHOGVKRZHYHUFRPSULVHGWKHSOXUDOLW\RI UHVSRQGHQWVDWMXVWRYHU3URIHVVLRQDOVLQWKHVHȴHOGVLGHQWLȴHGWKHPVHOYHVDV working in a diverse array of sectors, including the arts, social sciences, law, engineering, architecture and more. 3URIHVVLR DOVZRUNLQJLQ RWKHUȴHOGVK ZHYHUFRPSULVH WK SOXUDOL \RI UHVSRQGHQWVDWMXVWRYHU3URIHVVLRQDOVLQWKHVHȴHOGVLGHQWLȴHGWKHPVHOYHVDV working i a divers array of sectors, including the arts, social sciences, law, engineering, architecture and more. %XVLQHVVDFFRXQWLQJHFRQRPLFVDQGȴQDQFHSURIHVVLRQDOVZHUHWKHODUJHVWVLQJOH group repres nted in our survey, comprising over 15% of respondents. Computer cience and tech ology professionals were a very close second, also comprising

Most Common WOL sector Most Common WOL sector

35% 30% 25% 20% 15% 10%

5% 0%

Businesss, Economics, Finance and Accounting Busin s , e fi a

Computer Science and Tech t r s i

Nursing, Denistry and +HDOWKFDUH r i , denti healthcare

Other

$ERXWRIUHVSRQGHQWVLGHQWLȴHGDVEHLQJPLGOHYHOSURIHVVLRQDOVUHSUHVHQWLQJWKH EXONRIWKRVHVXUYH\HG$OPRVWLGHQWLȴHGDVEHLQJHQWU\OHYHOSURIHVVLRQDOVZKLOH FORVHWRZHUHDWWKHPDQDJHUOHYHOLGHQWLȴHGDVEHLQJVHQLRUPDQDJHUVDQG OHVVWKDQZHUH&VXLWHH[HFXWLYHV6HOILGHQWLȴHGRZQHUVFRPSULVHGDOLWWOHRYHU of respondents.

Other

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Mid Level i l l

Entry Level Entry lev l

10%

20%

30%

40%

50%

60%

Madgex is a global market leader providing career center solutions for some of the world’s most revered VRFLHWLHVDVVRFLDWLRQVDQGQRQSURȴWV

As a business unit of Wiley, the world’s largest society publisher, we combine 200+ years of experience and expertise delivering value for societies and associations the world over with market leading, highly advanced recruitment technology and cutting-edge innovation. With a Madgex Career Center solution, your organization can tap into Wiley's extensive professional audiences of researchers and practitioners, extending beyond just your membership to serve as a resource for your entire professional community and attract new members.

Only a Madgex Career Center solution brings this much reach.

Written by Steve Longo Steve Longo is the Content and Digital Marketing Manager for Madgex. A 2009 graduate of Bloomsburg University of Pennsylvania, he’s worked in SEO and content marketing since 2013 in various roles.

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