The past couple of years have been filled with employment trends – remember the Great Resignation? How about quiet quitting and the more recent Great Detachment? Well, another trend is making headway online.
Our legal recruiters in Toronto have come across The Great Wait. This situation has developed because of the uncertainty in the economy. Many people, and companies as well, are now in a holding pattern and want to see how things play out in the near future before taking action.
Bernard Coleman explains what has led to this current predicament on Inc.:
“We’ve seen the pendulum swing from pro-employee to pro-employer, with each side playing their hand when the moment was strongest. Employers are now known for having extensively long interview processes, roles remaining open, ghost posts, and the looming threat of layoffs. On the other hand, employees are disengaged and staying put, waiting for the job market to improve. I’d describe the current moment as more of an impasse — the Great Wait. Both sides are waiting for the other shoe to drop.”
What Is The Great Wait?
We are now in a situation where employees and employers are playing the waiting game. They are both waiting to see what the other side will do. They are also waiting on the economy and they were waiting on results of the US Presidential Election to get a better sense of what the economy will look like in 2025.
The situation can be somewhat of a risk for both sides. Employers could risk losing out on top talent and candidates could miss out on great opportunities. There is a risk employers could fail to retain talent if they don’t feel valued. For employees, there’s a risk they could be laid off if they are not engaged and meeting performance standards.
What Can Employers Do Now To Minimize The Impact of the Great Wait?
Employers cannot sit around and wait for employees to make a move. You need to be proactive now to solidify your relationship with your people so they are less likely to consider leaving. Here are some recommendations from our recruitment team:
- Keep Employees Informed: Regularly update employees on company performance and plans to reduce uncertainty and build trust. Be as transparent as possible to show your people you care.
- Invest in Skill Development: Provide learning opportunities and stipends for continuing education to keep employees engaged and prepared for future roles. Invest in your people now so they’ll stick around.
- Promote Internal Mobility: Encourage employees to explore different roles and career paths within the company to foster growth. This is a great way for employees to make a career move without exiting the organization.
- Show Appreciation: Recognize and reward employee contributions to help boost morale and sustain motivation. Great people are difficult to come by. Appreciate what you have before they are gone.
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