The Great Reshuffling: How It Impacts Your Organization
The phrase “The Great Resignation” has been coined for the majority of 2021 to describe the state of the U.S. job market. This unique period of time for the U.S. economy and workforce is a result of the economic disruption that occurred when COVID-19 forced many organizations to shut down, change policies, and/or operate remotely in March 2020. After the disruption first caused a recession – the worst since the recession in 2008 – the dynamic of the workforce shifted to what it is now a significant number of unfilled roles. At the same time, employees’ work priorities and expectations have changed, leading to a record number of resignations across the country.
In July 2021, 4 million U.S. employees left their jobs and as the job market grew to a record-breaking 10.9 million open jobs, according to the U.S. Bureau of Labor Statistics. The number of resignations peaked in April 2021 and has remained remarkably high for several months.
Is your organization facing challenges brought on by vacant roles? Read on to discover the current trends, how to respond effectively in your workplace, and what solutions exist to fill your talent gaps.
A Shift in Priorities
As this trend continued throughout 2021, it started to be referenced as “The Great Reshuffling” to expand the term to include the massive amount of people who left jobs to accept higher positions elsewhere; not only those who resigned from their jobs to leave the workforce entirely. Individuals between 30 to 45 years old had the greatest increase in resignation rates: an average of more than 20% between 2020 and 2021. Moreover, resignations actually decreased for employees between 20 and 25 years old, according to Harvard Business Review.
Employees’ top priorities for switching jobs was split between four primary purposes according to research by IBM:
- Work-life balance (51%)
- Career advancement opportunities (43%)
- Compensation and benefits (41%)
- Employer ethics and values (41%)
There are a plethora of additional reasons that contribute to the increased number of employees leaving or switching jobs. Most often, a combination of several reasons leads to resignations – such as the mental toll of the pandemic, seeking better employee benefits, flexible work environments, shifts in work/life priorities, and finding multiple sources of income for increased security.
How the Trend Impacts Your Organization & What You Can Do
The “Great Resignation” and “Great Reshuffling” has caused tremendous stress for employers as turnover rates have reached record highs and created a talent gap on teams. Finding new talent is time consuming, requires effort and resources that may already be stretched thin, and demands frequent training. Many organizations are left scrambling to fill gaps quickly while also lacking resources to complete projects on time.
Instead of replacing resigned employees, consider working with DLC Consulting to get the talent you need to fill your team. DLC offers a full range of expertise in multiple industries and has a proven track recording of helping companies of all sizes grow and succeed at every stage of the business lifecycle – no matter what the state of the job market.
Our team is experienced and successful at working remotely, making them easily accessible and available to assist your organization for the specified length of the project as well as after its completion for any followup. Reach out today to learn more.
About the Author
Achille Fankem
Achille Fankem is a CPA since 2012. He also has a master’s in business administration (MBA) from IE Business School in Madrid. Achille started his career in Tax Compliance before transitioning to financial audit for 6 years. After 7 years in Public Accounting, Achille decided to join the private sector as a Finance Director for William Morris Endeavor, the largest talent agency in the world. Achille got his MBA in 2018 and started a Company providing financial literacy and microloans to help micro-businesses in Africa. Currently, Achille is a finance consultant providing interim management and controllership services to corporate clients. Achille is very passionate about helping and empowering others to become financially independent. He also facilitates a powerful personal development program to help entrepreneurs and people, in general, achieve their goals, including financial freedom.
With Input From Marcia Ayala and Dak Gilinsky
Marcia Ayala
Marcia joined DLC in 2006 and now serves as Managing Director for the Chicago market, where she is responsible for new business development, talent acquisition, talent retention, and the overall operations of DLC’s Chicago office. She’d previously served as Client Account Director, where her responsibilities included consulting as well as sourcing, managing, and leading client engagements. She has over 20 years of finance and accounting experience working with both Fortune 500 and privately held businesses concentrated in healthcare and pharmaceuticals, consumer and industrial products, education, insurance, and financial services. Marcia is a CPA and a Project Management Professional (PMP). Her consulting focus has centered on acquisition integration, due diligence support, purchase accounting, carve-outs, and divestitures, shared services, FP&A, business unit reporting, and project management.
Marcia joined DLC in 2006 and now serves as Managing Director for the Chicago market, where she is responsible for new business development, talent acquisition, talent retention, and the overall operations of DLC’s Chicago office. She’d previously served as Client Account Director, where her responsibilities included consulting as well as sourcing, managing, and leading client engagements. She has over 20 years of finance and accounting experience working with both Fortune 500 and privately held businesses concentrated in healthcare and pharmaceuticals, consumer and industrial products, education, insurance, and financial services. Marcia is a CPA and a Project Management Professional (PMP). Her consulting focus has centered on acquisition integration, due diligence support, purchase accounting, carve-outs, and divestitures, shared services, FP&A, business unit reporting, and project management.
Dak Gilinsky
Dak Gilinsky joined DLC in January 2018 as Managing Director for the Los Angeles market. In this role, he oversees the Los Angeles DLC Sales team and is responsible for account management, business development, talent acquisition, and retention for the consultant bench and internal roles, as well as overall management of market performance. Dak applies a broad knowledge of various industries and functions developed during his 9+ years in professional services, including management consulting, finance and accounting, and legal. He knows the LA market intimately and has served many of the market’s top companies.
Previously, Dak helped to launch the Los Angeles office of Axiom, a leading provider of legal services. He then spent two years in management consulting, serving F-100 technology clients. In 2013, he was tasked with launching the Business Talent Group’s West Coast consulting practice. During his time with BTG Dak established relationships with corporate development, strategy, and operations groups at 50+ Fortune 1000 clients along the West Coast, driving rapid growth with high client satisfaction. Dak is a SoCal native, a lover of all things outdoors, and a frequent traveler. He received his BA/BS from UC Berkeley (with honors) and pursued additional accounting and finance education at UCLA.
