From Great Resignation to Great Talent Stagnation?
By LeadingAge PA Business Member, MedBest
August 12, 2024
DID WE MOVE FROM THE GREAT RESIGNATION TO THE GREAT TALENT STAGNATION?
You might remember the Great Resignation in 2021 and 2022 during the pandemic. The Great Resignation is the term used to describe the trend of mass exits of employees from their jobs.
During this period, people weren’t satisfied with their work environment, industry they worked in, schedules, and work/life balance so they resigned at alarming rates. In fact, approximately 47 million people quit their jobs in the US according to the US Bureau of Labor & Statistics. 8 out of 10 professionals who left their jobs later regretted their decision.
Fast forward to 2024 and we’re no longer dealing with The Great Resignation but The Great Talent Stagnation. The term has been coined to describe a period when employee career advancement has been hindered.
Talent stagnation is harmful to both employees and organizations alike. For employees, it can affect their professional growth and motivation and lead to feelings of dissatisfaction and lack of fulfillment. For employers, it can lead to decreased innovation, high levels of disengagement, the loss of productivity and revenue plus employee turnover.
WHAT ARE THE BIGGEST FACTORS CAUSING TALENT STAGNATION?
These are 6 of the biggest factors causing the current talent stagnation:
FEELING REPLACEABLE
Automation happens to be the fastest changing force in the workplace. Job anxiety is being felt by many workers. They are concerned about being replaced by AI and other new technologies or have seen fellow workers already get replaced by technology.
ECONOMIC UNCERTAINTY
Fluctuations in the economy plus fear of escalating costs are causing companies to think twice about hiring and handing out raises and promotions.
REDUCED BUDGETS
Some companies have tight budget constraints and have cut back on training and development, limiting an employee’s opportunity for growth.
SKILLS GAP
There’s a growing mismatch between the skills employers now need and the skills employees currently possess.
LACK OF EMPLOYER OR MANAGER SUPPORT
A portion of the workforce feels invisible. There’s a lack of recognition by their company’s leadership and therefore, workers feel undervalued. When employee efforts and contributions go unnoticed, employee engagement drops off.
LIMITED GROWTH OPPORTUNITIES
In some organizations there may be a limited career path or due to political reasons, only a favorite few will advance in their careers.
If your organization falls in the list of talent stagnation factors, your career is suffering, and you probably are too.
WHAT ARE THE TELL-TALE SIGNS YOUR CAREER IS SUFFERING FROM STAGNATION?
There are many signs to tell you when you’re experiencing career stagnation. Here are 5 of the most common ones:
THE FUTURE LOOKS BLEAK TO YOU
If you look down the road a bit and don’t see any growth on the horizon, you might want to explore new horizons.
YOU HAVEN’T LEARNED ANYTHING NEW
If you look back at your career and haven’t seen any growth for quite some time and you haven’t discovered a new skill, you are facing stagnation.
YOUR WAGES HAVEN’T CHANGED IN AGES
Whether your pay has remained the same for a long time or you’ve been passed over for a promotion or raise, you’re facing stagnation.
YOU DON’T FEEL A SENSE OF ACCOMPLISHMENT ANYMORE
If you’re bored or don’t see an avenue for success, you’re probably stressed and facing career stagnation.
YOU THINK ABOUT QUITTING
If you’re bored, not advancing in your career or reached a plateau, chances are you’re thinking about quitting.
IF YOU’RE A SENIOR LIVING HEALTHCARE PROFESSIONAL, HOW CAN YOU BREAK FREE FROM CAREER STAGNATION?
Workers are suffering career stagnation in all industries including the senior living and long-term care industry. So, whether you’re a Nursing Home Administrator, Director of Nursing, Director of Dining, RN, CNA, etc., the following is the best advice from our senior care recruiters on how to break free from career stagnation:
ASSESS THE SITUATION
Stop and take a hard look at your situation. What’s causing you to have career stagnation? Is it due to a lack of advancement opportunities, reduced budgets, or lack of the right skills needed to progress in your specialty? Once you identify the root cause, you may need to pivot and make changes. Self-awareness is your first step.
SET GOALS
Think about what you want to accomplish in your senior care career. Are you seeking a management role? Want to switch to a new specialty or industry? Are you looking to obtain further education? Your goals need to be very specific and attainable. It helps to create a timeline and stick to it. Setting goals helps you to have a roadmap that will take you where you want to go.
PRACTICE YOUR NEGOTIATING SKILLS
If your job performance reviews are stellar but you feel undervalued and underpaid in the workplace, you might need to voice it. Schedule some time with your manager and ask them what steps you need to take for a salary increase. If you and your manager can speak openly, this will give you a good idea of what action you need to take to get out of career stagnation.
UPSKILL
Since the healthcare and senior living industries are constantly evolving, your skills need to keep pace. Pursue continuing education or go after a certification that aligns with your career goals. For example, are you looking to move into a management role? If so, look into healthcare management courses or register for a gerontology program.
SEEK MENTORSHIP
Seek out a mentor, they can be incredibly supportive. A mentor can provide guidance, support, and advice based on their own experience and career. They can also help you identify opportunities to consider, perhaps ones you overlooked or never knew existed. Reach out to industry professionals that you admire within senior living and ask if they’re willing to mentor you. Most professionals would be happy to do so.
NETWORK
As we all know, networking is a vital part of getting ahead or landing the job you want. Connect with colleagues, join industry related associations such as Argentum or LeadingAge, and attend their national industry conferences or local conferences. Effective networking can open doors and help you break free from career stagnation.
BE OPEN TO CHANGE
While many resist change, you have to embrace it. Change may mean leaving your current employer for greener pastures, relocating to a new area of your state or across the country, or even exploring other specialties. To find your next fulfilling career, change may be the key that reignites your passion for the senior living industry.
WHAT CAN SENIOR LIVING & LONG-TERM CARE ORGANIZATIONS DO TO HELP PREVENT TALENT STAGNATION?
PROVIDE CLEAR CAREER PATHS
Senior care organizations can create roadmaps to show their employees potential opportunities for growth and development.
INVEST IN TRAINING & UPSKILLING
Senior living employers can create development plans, training courses, learning culture, and the opportunity to attend relevant conferences for CEUs.
PERSONALIZE SOLUTIONS
Long-term care employers should take the time to invest in each employee by offering high impact tools and the best resources to help them achieve their goals and ambitions. Plus, employers can create a mentorship program that connects their staff to mentors who can help them succeed.
THERE’S A REMEDY
The key to addressing talent stagnation from both the organization and the individual worker is to explore the right strategies. Talent stagnation can be overcome, leading to a more dynamic and successful workforce. For more information, contact MedBest at 727-526-1294 / info@medbest.com / www.medbest.com
ABOUT MEDBEST
MedBest is an award-winning national Executive Search Firm exclusive to the Senior Living / Long Term Care Industry. For more than two decades, we have connected senior living / long term care organizations with exceptional senior living executive talent for both permanent and interim roles. MedBest was named as a Top 20 Executive Search Firm and Top 10 Interim Services Provider! In addition, we were one of American’s top companies by Inc.5000 and a Tampa Fast 50 Company in 2021! MedBest is a member of the National Association of Personnel Services (NAPS), National Investment Center for Senior House (NIC), and American Staffing Association (ASA). Contact MedBest at 727-526-1294