The Great…Midlife Crisis?

The Great Resignation continues.  While previous articles have focused on younger workers (in their 20s, typically seeking better compensation) and occasionally older ones (those generally deemed past retirement age, but finally getting around to retiring…), this newer article from Vox’s Recode details The Great Resignation’s most recent impact on those in their 40s and 50s—something they are calling “the great midlife crisis”.

Older, more tenured (and traditionally loyal) employees, including those in knowledge-worker fields, like finance and tech, are now leaving their jobs at rates faster than newer/younger employees.  The reasons given are not the same as for younger workers.  This more experienced generation is seeking more meaningful work and better work-life balance.  They want to do something important to them – and these revelations often arose during the pandemic.  Working at home, reprioritizing family and friends, and simply having time to ruminate on the meaning of life – and what they want it to be – this middle generation has decided to take the plunge, to move from security (and status) to doing something they can fully embrace and be proud of.  For some, this means starting their own business.  For others, they’re seeking new positions in not-for-profits or in a field they’ve always wanted to explore (but never did).

The takeaway here is clear:  Give your people what they want, or don’t be surprised when they leave you.  Keep in mind, these may be some of the most productive employees you have, with significant institutional knowledge.  I recommend you try to keep them as long as possible and make plans for how you will replace them if/when they do leave.

How to keep your people:

• Listen to them.  Your best people have probably already told you (or other managers in your organization) what they want.  Don’t ignore them.  If you’re not sure where they feel held back or what they think they need to get ahead/succeed/be productive, ask.  And then act on what you know.
• Treat them well.  Do what you need to do to show your people they are important to you.  What have they told you they need?  What have they told you they want?  How can you address their concerns and desires – or at least show them you want to (or are working on it)?  Be transparent and forthright.  If you can’t do something, say so (and explain why).  If changes will take time, communicate clearly and frequently about what you are doing and how long it will be.
• Remind them of how much they mean to you.  Tell your key people that you appreciate the work they do and their presence in your company (only if it’s true!).  Care about your team.  What’s going on with them?  What are their struggles and challenges?  Commiserate, show compassion, empathize.  Be there for your people and ensure you are maintaining – if not strengthening – your connection.

Inevitably, even your most loyal employee will leave – whether to find a more rewarding position or simply to retire.  Ensure you are prepared for this eventuality.

How to prepare for when they leave:

• Know what your people do.  I assure you, many of your employees are doing tasks that are not in their job descriptions, especially your best team members.  Make a list of these tasks and formally assign them to specific roles or just know they will need to be addressed when that person leaves.

• Capture their institutional knowledge.  Your best workers know your company inside and out.  They have gleaned knowledge from various places and pieced it together in their own unique way.  They might have an informal way of checking in with their team or a streamlined process for getting something done.  They might have a “secret” file on their computer that saves them time when running reports or sharing standardized information.  Ask your people about special things they do and have them create written manuals/documents that spell out exactly how they do their job so well.

Have them train their replacement(s).  Whether you know when someone is leaving or not, be sure they are not indispensable!  You don’t want to be left in the lurch, trying to replace a key person with two weeks (or even two months) notice.  This training can be formal – either with succession in mind (usually over a certain amount of time) or by hiring an assistant who’s expected to learn the ropes and provide support as needed – or it can be informal – like a mentorship or apprenticeship.  If you are concerned this step will make your employee feel you are pushing them out, talk to them. Assure them this is not the case.  Be clear about their importance to your organization, about how you hope they will stay a very long time, and about why this other person is being brought into their realm. You can also ask how they would like this training to occur or what you can do to ease their concerns.

• Get ready to celebrate them.  Think about how you can share your appreciation and gratitude for all that these key team members have brought to your organization and to your experience as a leader.  And then consider whether it might be wiser to share those thoughts before your people leave instead of waiting for their exit interview or their retirement party.

As always, I welcome your ideas, comments, and concerns.  Please share them below so others can benefit from your knowledge and insight as well. 

• What does your company do well to keep your best people?
• Where are you struggling in retaining workers?
• How are you planning for continuity of service as your team members leave/retire?
• What questions do you still have?

For questions or to schedule a complimentary discussion on how you can leverage your experienced workers better to maximize potential and transform for greater impact and significance, please email me at coach@maximizeu.life

Live, Work & Lead with greater Freedom, Power & Peace of Mind.

Thanks.

 Reference

https://www.vox.com/recode/23042785/the-great-resignation-older-tenured-higher-paid