Retensa’s Top 10 “Biggest Quits” of 2018
2018 – The year the loyalty died
New York, NY, December 2018 –Employee loyalty is not a switch, it is a spectrum. And the “Four I’s of Loyalty”, each push and pull against each other in an emotional tug of war toward fulfillment. The volume of quits this year diminished the gravity of 3 of the 4 I’s. The Individual, the Institution, and a shared Ideology driving loyalty all lost influence. Because the 1st “I’ (myself) overwhelmed the others, turnover rates reached record highs in almost every industry. Personal interests prevailed, and 2018 may be the year the loyalty died. Is it permanent, or can organizational loyalty return? Not on its own. It will take targeted effort to increase commitment, and focus attention away from distractions that lure staff away.
Turnover is now a news item. The steady stream of separations at the White House persists, former big quitters re-quit this year, and brazen departures make headlines every week. It reinforces the universal struggle with staff turnover. With a constant stream of your employee’s witnessing other workplace’s pictures, parties, and progress, some people are captivated by FOMO more than ever. In 2018, Retensa followed all of it, and saw turnover occur in 3 trends:
TREND 1: Long-time leaders are leaving. For some, like Pepsi and Lord & Taylor, it is a leader’s time to retire. Others see an impetus for fresh ideas and energy vital to invigorate strategy and stay competitive. The transition from one long standing leader to another is delicate and presents a real challenge for every firm.
TREND 2: “Unicorns” have turnover too. Organizations which rapidly expanded and became billion dollar icons of innovation can be victims of their own success. Companies like Tesla and WhatsApp lose individuals who have been with the organization since its inception. Or recently acquired founders move quickly to pursue new opportunities. Is the hockey-stick growth curve sustainable when no one stays to play hockey?
TREND 3: Shameless quits. Whether it is on the field or on TV, quitters are boldly leaving where no one has left before. Like a defensive back retiring, in the MIDDLE of a nationally televised football game. Despite previous success and future opportunities, can anything be done to stop the parade of talent parading towards the exit? Historically low unemployment may influence the modern employee toward a different sense of loyalty.
Now in its fourteenth publishing, Retensa’s “Big Quits” identifies the year’s most significant resignations across all industry, sport, government, and business. Though not always for the “right” reasons, these are quits that did not help the remaining institution. We present Retensa’s Top 10 “Big Quits” – the most intriguing turnover stories of 2018.