Welcome to the Great ReValuation

Numbers typically don’t lie, but like any data, they can tell different stories depending on the way you look at things.

People have labeled our current staffing crisis as the “Great Resignation.” With record low unemployment, many businesses are struggling to lure staff with what used to be solid job openings and promising career opportunities. Go figure!

In the midst of this Great Resignation, there is a suggestion that some people have become lazy because of government stimulus checks. But I think the reality is far more complicated, with more introspection required.

Instead, I prefer to call it the “Great ReValuation.” During the past two years, the pandemic has caused an unprecedented pause for many in their professional lives, creating some serious self-examination and reflection.

Many are working remotely, juggling professional demands, taking care of kids and/or aging parents, and, in some cases, dealing with health issues. People are using this time to take stock of their lives and readjust priorities. I don’t feel this is a case of people being lazy.

While many workers are looking for a change, others are eager to get back to normalcy, which means returning to offices and routine work settings. Many simply miss the collaboration and camaraderie.

Either way—and there are millions of scenarios in between—by any relevant measure, these past two years definitely have not been a normal time for the American workforce.

Rather than over-analyze the symptoms, as many do, I’d rather recognize this as a lasting trend and find ways to manage it. So without a lot of data or research, here’s what I believe to be true:

Productive people have been more productive. Sure, when you don’t have to groom, dress for work, and commute, you can sometimes find as many as 2-to-3 (or more) hours in a day. Some service businesses have had their best years because during this time they have “found” billable hours. But it’s also a cautionary tale. Is this any better than the turn-of-the-century sweatshops that encouraged workers to toil well past the bankers’ hours of 9-5? Also, if one is highly organized, those extra hours can be a gift from heaven, but for an employee who doesn’t work well independently, the flip side could be disastrous.  

Extroverts crave—and are often better—with human contact. Tom Peters called it “Managing by wandering (or walking) around,” a loosely structured checking in on people or production that’s human and cajoling. When he coined that phrase, it really spoke to me as a manager. And as a CEO, I would pop into someone’s office and say: “Let me run an idea by you,” ... in real-time. It was challenging to some, but I found it to be a highly effective and timely way of motivating and inspiring others.

Spontaneity can be simulated, but not completely replicated. Perhaps the days of the water-cooler brainstorm are over. Sure, you can have text groups, Slack channels, or other technology, but those are simulations. What will replace this important human interaction? It’s certainly not Zoom, or even a phone call (who takes calls anymore?)!

What about those businesses—like our restaurants within JAMCO—that can’t offer remote work or flexible schedules? How can we respond better to the toll the Great ReValuation is taking on our businesses?

Following are five trends I’ve observed that are helping keep businesses more competitive. I’ve given them the acronym “CRIBS.” I won’t pretend to know if they are all feasible or sustainable for every business—and of course, none of this is new—but they have risen to a higher level of importance during the Great ReValuation:

Five Competitive Trends to Watch:

Culture

Retain

Incentives

Benefits

Support

1. CULTURE: Company and workplace culture are increasingly important; not just how many breaks an employee gets or how great a store discount they receive, but businesses will need to work hard to make the workplace more human, supportive, and, dare I say, more enjoyable.
2. RETAIN: Hourly employees who have been tempted by gig-economy alternatives, like driving for delivery services, etc., may tire of the unpredictability. Either way, restaurants will likely need to pay a bit more to retain their best employees.
3. INCENTIVES: Management incentives will be required at greater weight and frequency to lure back the best in manager-potential employees and team members.
4. BENEFITS: Employers will need to up the ante on benefits and experiences for their employees that offset some of the financial concerns, e.g., paying for continuing education, hiring and retention bonuses, PTO, etc.
5. SUPPORT: Businesses will need to demonstrate and promote improved management training programs that show hourly employees a clear path to promotions and management—or potentially franchise ownership!

I’ll leave the deeper psychological and human behavior analysis to the experts, but I believe we are experiencing more than a passing trend. The Great ReValuation is ringing several bells that simply cannot be un-rung—flexible work schedules and core hours, among them. Sure, the pendulum will inevitably swing back, and we’ll see some bucking the tide, but most will fall on the side of added flexibility. Leaders, my advice is to embrace the CRIBS opportunities and help your businesses prosper with more satisfied team members.