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Here's how to retain your talent amid the hyper- competitive labor market By Greg Bordonaro gbordonaro@hartfordbusiness.com Q &A talks with Meg Galistinos, a partner and CT office leader at consulting firm Mercer, about the Great Resignation and how the trend will carry forward in the year ahead. In 2021 the U.S. experienced the Great Resignation, in which a large number of workers quit their jobs to seek greener pastures. Will that trend continue in 2022? Galistinos: Employees left their jobs at record rates in 2021. Looking ahead, new survey findings indicate that this will continue for certain segments of the workforce and become more stable for others. The pandemic has highlighted a stark divide in how different demographics experience work, according to Mercer's 2021 'Inside Employees' Minds' study that surveyed over 2,000 U.S.-based employees on what has been termed 'The Great Resignation.' The findings showed that attraction and retention challenges are likely to continue where there is a disconnect between what employees want and what employers are offering. While the Great Resignation implies a mass exodus of workers across demographics, a 'Great Reckoning' signifies that only particular groups of workers — those who feel their employers are not meeting their needs — are considering leaving their job. Only 28% of respondents reported they were considering leaving their current employer, which is consistent with historical patterns — typically about three in 10 workers are considering leaving at any given point. However, frontline, low-wage, minority and lower-level employees are more likely to leave, at rates significantly higher than historical norms. What can employers do to retain talent? What are workers looking for these days? Galistinos: If employers want to retain their talent in this hyper- competitive labor market, they need to understand what their employees need from them and respond accordingly. According to the Mercer survey, low-wage workers – employees making less than $60,000 annually – are more worried about covering monthly expenses, physical and mental health, and financial wellness (retirement and debt). Higher-wage workers are most worried about their health, work-life balance and personal fulfillment and purpose. Pay is one priority employers should consider, as well as other benefits that enhance the take- home pay of this workforce, such as affordable health care and resources to enhance their financial wellness such as retirement savings programs data show that in Connecticut there was an overall undergraduate enrollment dip of 5.3% since 2019; enrollment at state community colleges dropped 15% during the same time. At the height of the pandemic in 2020, college campuses throughout the state closed for a time and classes went online as educators were forced to use new tools to deliver instruction. In addition to remote/online learning, Connecticut colleges also formed new partnerships and put a greater focus on making students workforce ready in a time of uncertainty. The Hartford Business Journal recently asked three top educators in the state what key trends will impact their industry in 2022. They included: Rhona Free, president of the University of St. Joseph; UConn interim President Andrew Agwunobi; and Gregory Woodward, University of Hartford president. Here are the top trends to watch in 2022: Remote, online and hybrid courses While a majority of undergraduate students in national surveys say that — based on their experience during the pandemic — they prefer in-person instruction, graduate and part-time undergraduates prefer the flexibility and convenience of hybrid, remote and online courses, education leaders say. Free said that "with new confidence in their technological skills, and equipped with appropriate hardware and broadband access, [students] will prefer online formats, and many graduate programs will make that transition." Woodward said that students learn in different ways and schools must adapt. "In-person, online, synchronous, asynchronous, or any combination of these modalities are all possible," Woodward said. "The goal is to provide options for all students, whether they are earning undergraduate or graduate degrees or professional certificates, to learn in ways that set them up for success." Creating partnerships Educators say students are looking for clear educational pathways that will lead to jobs and long-term opportunities. Woodward said that "strategic, mutually beneficial relationships with business, industry, government, community, and not-for-profit partners create such pathways." "Institutional partners contribute to students' career and intellectual preparedness, while developing a talent pipeline for future employees," Woodward said. "They serve as guest lecturers and mentors, sponsor research projects, and share expertise in other ways. Together with faculty, they give students the tools to become well-rounded, highly- skilled contributors to a complex workforce." In addition, Free said two types of partnerships will be increasingly common. "Colleges and universities will partner with corporations to incorporate training into degree programs so that students graduate ready to begin their careers," Free said. "Additionally, through ... affiliations with other schools, colleges and universities will increase the number of in-person and online courses they share." Workforce ready It's essential, educators say, to be creative, flexible and transparent when offering avenues to allow students to be prepared to enter the workforce. Agwunobi said UConn is "placing a greater emphasis on experiential learning to help students build career-readiness skills. That includes offering more experiences like mentored research, study abroad, internships and entrepreneurship. And, Free said, shifts in workforce needs and student interest in academic majors will make universities more flexible and nimble. Free noted that from 2010 to 2018, the number of bachelor's degrees awarded in the U.S. increased by 17% and the number of degrees awarded in the health professions rose by 75%. "Similar, if less dramatic, changes are occurring in other areas," Free said. "Responding to these changes, most of them in disciplines in which faculty move back and forth between industry and higher education (nursing, computer science and engineering), and that require specialized physical resources like laboratories and simulation centers, will lead universities to be creative and flexible with faculty hiring and capital improvements." Pandemic's influence Connecticut educators say vaccination requirements and some pandemic precautions will remain on campuses throughout the country, but colleges are expected to return to pre-COVID operations. Free said COVID vaccination mandates will be prevalent with on- site testing available for students with symptoms, but that classes, athletics, and events will return to pre-COVID status. At UConn, Agwunobi said a group of 15 faculty members developed a free, one-credit, evidence-based course on the pandemic. Those faculty members — troubled by the lack of credible information available at the beginning of the pandemic — launched "COVID-19 Pandemic: Insights on Health, Business and Society" in the spring of 2020. It quickly became the largest class in UConn's history, enrolling more than 6,000 students, staff, faculty and alumni. Industry Outlook: Higher Education Industry Outlook: Human Resources Rhona Free Greg Woodward Meg Galistinos 27 HARTFORDBUSINESS.COM | JANUARY 3, 2022