12 Jun What Happens Now that the Great Resignation Is Ending?

CEOs: Did the Great Resignation impact your business? If so, in what ways?

A few challenges I witnessed in my networking circles included losing key employees with crucial expertise, the time required to seek out and replace those individuals, and ultimately reduced productivity (and thus revenue). 

There’s also the mental taxation of such a mass exodus—which caused some high-level executives to reconsider their positions and join the movement. One study, conducted by Deloitte in 2022, reported around 70% of executives were “seriously considering quitting their jobs, largely to improve their emotional well-being.”

Even though it seems the Great Resignation is coming to a close, at least according to the professor that coined the term (Anthony Klotz), CEOs may still be feeling the effects. That’s where a COO can be highly valuable.

COO Insights Guide CEO Challenges

The Great Resignation brought about significant barriers for businesses. A proactive and strategic COO can help CEOs navigate this volatile landscape in the following ways:

1) The COO is instrumental in fostering a company culture that promotes employee satisfaction and retention. By implementing robust communication channels, promoting a healthy work-life balance, and recognising employee achievements, they can create an environment where employees feel valued and motivated to stay. Moreover, COOs bear the responsibility of streamlining processes to reduce employee burnout, a key driver of the Great Resignation.

2) The Great Resignation also accelerated the shift to remote work, which brought a whole new set of challenges. The COO is tasked with adapting operational processes to the virtual environment, ensuring productivity and collaboration amongst remote teams, and addressing new cybersecurity concerns.

3) A strategic COO is also central in navigating the hiring process. Understanding the reasons behind the mass exodus of employees gives the COO insight into what potential hires are looking for in a company. By aligning the company’s recruitment strategies with these insights, they can help attract talent that not only fills the vacancies but contributes to the company’s long-term success.

4) COOs are pivotal in reimagining business models in response to evolving market dynamics. The pandemic and the Great Resignation have reshaped consumer habits and expectations, requiring businesses to adapt to stay competitive. COOs can help CEOs envision and implement these changes, ensuring the company’s sustainability.

These represent just a few of the skillsets COOs can bring to the boardroom table. If you’ve been wrestling with how to meet challenges spurred on by the Great Resignation, I’d love to have a conversation with you. 

You can contact me here via my website or email me directly at michael@consultstraza.com.