How Midsize Companies Can Thrive In the Great Resignation

In the wake of the Great Resignation, a seismic shift is occurring in the job market. Big bureaucratic organizations are witnessing an exodus of employees seeking greener pastures and more fulfilling work experiences. For midsize companies, this presents a golden opportunity to attract top talent and enhance their competitive edge. In this blog, we explore how agile enterprises can capitalize on the landscape and leverage the Great Resignation to their advantage.

Fostering a Vibrant and Supportive Company Culture

One of the primary reasons for the Great Resignation from large bureaucratic organizations is the stifling nature of their corporate culture. Midsize companies can shine by creating vibrant and supportive work environments that empower employees and foster innovation. Focusing on employee well-being, flexible work arrangements, and open communication can attract individuals seeking a more fulfilling workplace.

One Fortune 50 pharmaceutical client lost nearly 20% of one of it’s divisions in the last 2 years. In following many that left, nearly all of them have landed softly in roles they are much more passionate about that provide additional autonomy and a chance to make a difference in ways they could not envision in their prior organization.

Tailoring Attractive Compensation Packages

The Great Resignation brings the issue of fair compensation to the forefront. Midsize companies can take this opportunity to fine-tune compensation packages to align with industry standards and expectations. By offering competitive salaries, performance-based bonuses, and unique benefits, these companies can become more enticing destinations for top talent.

Providing flexible compensation such as stock options and a chance at an IPO or putting more compensation at risk for greater performance are low cost and resonate with many of the people I’ve seen jumping off “big ships” in favor of more attractive roles.

Embracing Remote Work and Hybrid Models

Remote work has become a new normal and has significantly impacted employees’ preferences. Midsize companies offering remote work options or hybrid models that balance in-office and remote work may attract better talent. Flexibility in work arrangements can be a game-changer in attracting and retaining skilled professionals.

The lesson many large organizations haven’t learned is that just because you invested in a huge headquarters doesn’t justify forcing employees to use it. Agile companies are finding ways to make remote work really work. Even in places where culture’s traditionally develop younger employees by working with more experienced leaders, creative solutions can overcome that barrier. A large law firm told me much of their learning happens after the client call when the younger associates sit down to debrief with the partners and plan next steps. They lose meaningful learning when everyone hangs up and goes their separate ways. But that is exactly the kind of thing you can do creatively on-line with a bit of intentional planning.

Nurturing Opportunities for Growth and Advancement

Many employees leaving large bureaucratic organizations in the Great Resignation cite a lack of growth opportunities as a major reason for departure. Midsize companies can set themselves apart by investing in employee development programs. By nurturing a culture of continuous learning, these organizations can attract ambitious individuals looking to grow and progress in their careers.

Talent management in many large organizations has become a bureaucratic nightmare. This process, often shrouded in secrecy, keeps employees in the dark on where they stand or how to get ahead. Promotion comes down to how much time employees spend cultivating advocates and sponsorship at higher levels. If mid-size companies can create transparent talent management processes, treat employees like adults, provide development opportunities, and promote based on merit rather than popularity, they will win the day in attracting and engaging employees.

Leveraging Technology for Efficiency and Collaboration

In the modern work landscape, technology plays a pivotal role in driving productivity and collaboration. Midsize companies can harness the power of cutting-edge tools and software to streamline their operations, enhance communication, and foster seamless collaboration among team members. These advancements can be an attractive proposition for potential employees seeking efficient work processes.

I continue to rely on my smaller clients for innovative technology. I’ve been introduced to Mural, Menti Meter, ChatGPT, Slack, Asana and many other time savers that drive more effective remote work by colleagues in organizations that allow them to try things and use what is most effective. Ironically, these solutions are frequently expected by my smaller clients and banned by the larger ones.

Showcasing Mission and Values

During the Great Resignation, many individuals are reevaluating their alignment with company missions and values. Midsize companies can capitalize on this by clearly communicating their purpose and values. When candidates feel a strong connection to the company’s mission, they are more likely to be engaged, loyal, and passionate about their work.

Taking the time to do this WITH employees further engages them in the process and helps them find ‘whys’ to rally around that you many never have thought possible.

Prioritizing Work-Life Balance

Burnout has become a significant concern during the pandemic, leading many employees to seek a better work-life balance. Midsize companies can stand out by implementing policies that support employee well-being, promote work-life balance, and prioritize mental health. Such measures can be instrumental in attracting individuals seeking a healthier and more sustainable work environment.

Seizing The Moment

The Great Resignation has created a unique window of opportunity for midsize companies to flourish. By recognizing the shifting priorities of the workforce and proactively addressing these concerns, these agile organizations can attract top talent and establish themselves as competitive players in their respective industries. Embracing a supportive company culture, competitive compensation packages, remote work flexibility, growth opportunities, technological advancements, strong mission communication, and a focus on work-life balance are some key steps in seizing the moment and thriving amidst the Great Resignation. By doing so, midsize companies can unlock their potential and create a brighter future for themselves and their employees.

If you want help strategizing about how your organization can seize the moment, call us. It’s what we do.