What is the Great Resignation?
The Great Resignation is an informal name for the widespread trend of a significant number of workers leaving their jobs during the COVID-19 pandemic.
Did you know more than 40 percent of the global workforce is considering leaving their employers this year? And, it has been harder for organizations to attract and hire good talent.
Since the pandemic started, people have been finding new jobs or leaving the workforce all together. Employers played a big role in these decisions.
Now, as a way to attract talent, various industries have resorted to pay increases and signing bonuses. Filling positions is still a struggle even with the financial incentives. For job-seekers, it’s not just about the money. Employees want corporate responsibility and flexibility. They are willing to move on from previously great positions if it means they have a better opportunity with what’s important to them.
In this blog we’ll be sharing a few ways to overcome the resignation influx and retain your top talent. It’s easier than you think to attract and retain your best employees.
The ‘Great Resignation’ can it be fixed?
Many employees left their job based on how their companies treated them during the pandemic. Employees stayed at organizations that offered support and guidance through the difficult time and left the ones that didn’t offer anything.
Those who were on the fence pre-pandemic about leaving a company with poor company culture were pushed to make their decision to leave when the pandemic began.
According to a Stanford study, many companies with toxic environments made decisions that did not support its workers. Even employees who survived the initial layoffs were driven away after they could see they were in a workplace that did not support them.
According to data from the Labor Department, a little under 650,000 retail workers quit in the month of April alone. The resignations were due to pay cuts, long hours, lack of staff, and unruly customers.
Companies that have not acknowledged or alleviated concerns workers had about childcare, financial worries, and health have suffered. One of the main reasons for those who were planning on quitting, or have quit, was because of poor work-life balance, lack of benefits, or a toxic workplace.
What should companies do to ensure they are attracting and retaining high quality employees during this time?
Take another look at organizational health
Organizations experiencing challenges hiring and retaining people might need to look inward at their culture. They might need to reexamine their culture. We have mentioned organizational health in a previous blog!
To attract, hire, and retain people, organizations need to take their organizational health and culture seriously. The experience employees obtain when working with your organization is far more important than the tangibles they receive.
Company culture includes behaviors, artifacts, and other evidence shown by the organization. Culture needs to be revealed instead of told.
A mission statement or vision on the website is nice, but it doesn’t show your company’s culture. How you behave, as individuals and a group, is your culture.
Mental and physical health takes priority
To improve employee retention offer support for mental health and physical health.
Team members who felt supported by their employer saw increases in mental and physical health. Due to the pandemic, it is essential for employers to realize supporting their employees in their personal lives will lead to happier and more productive teams.
Provide flexibility to reduce ‘the great resignation’
A survey conducted by Gartner’s 2020 Reimagine HR showed 55% of employees were more productive when choosing how much they worked during the week. They also appreciate where and when they work.
More and more organizations are turning to a hybrid work environment. This is where employees have the choice of what days they work from home and what days they work in the office. Hybrid work environments don’t just include location but work hours as well. This gives them the chance to optimize their schedule to when they are the most productive This allows them to take care of things in their personal life as well.
Set your team up for success
It’s easy for an employee to feel lost in the confusion in today’s ever-changing workplace environment. They struggled during the pandemic and are feeling more burnt out than ever before. As a team leader, having a firm grasp on processes and ensuring they are well-documented is important. You want to make sure any employee could take on the task and complete it well.
It’s important for employers to connect with their team to ensure their success and their needs are being met. A weekly check-in is something that could benefit employees greatly.
Communication is key
Team leaders need to be transparent with their employees. It goes both ways as well. Leaders should listen to their employees. Show you are open to improving workflows and processes. It’s also important to take the time and give your employees praise when needed. Make sure they feel seen and appreciated. Clear communication will boost your retention percentage.
Employees are ready and willing to provide their feedback to team leaders. Provide surveys where your team can provide open and honest feedback. They want their thoughts to be heard and it should result in meaningful change. As a leader, it’s crucial to take the survey answers seriously and share key findings with your team.
For those looking to enter the workforce or for existing employees, how a company treats their team and conducts their business determines their future success.
It’s time for companies to make serious investments in their employees and company. Making investments in the employee wages and opportunities will save money in the long run. Team training to improve employee well being and organizational health will go a long way.
High turnover costs the company in productivity as it takes six to nine months for a team member to be fully onboarded. If they don’t start investing in their team members and adjusting to this new normal, they will begin to fall behind.
It is a great time to reassess the company’s image and brand. Doing this contributes to retaining top-talent. Empower your team and treat them like the valuable asset they are. If you don’t, they may well be on their way out.
Read our previous article: Turning Employee Resignation into Employee Retention
How are you overcoming resignations and retaining your talent? Have you tried any of these tactics? Leave us a comment.
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