How to combat “The Great Resignation”
Since April 2021, more than 19 million workers have departed their jobs, a record number damaging businesses. Companies are straining to solve the issue, and many will continue to suffer for one simple reason: they do not comprehend why people are leaving in the first place. Instead of taking the time to investigate the actual causes of turnover, many firms are implementing ineffective short remedies. The Great Resignation shows no indications of abating at this time. In fact, the reverse is occurring as the world emerges from the COVID-19 pandemic. The plan of a significant number of companies appears to be a return to traditional on-site or office-based methods of labor.
This is a crucial factor for numerous firms. The good news is that it is not too late to implement significant and long-lasting improvements that will impact your staff productivity and employer desirability. As a new world of work arises, it is crucial to be alert to employees’ personal concerns and to be receptive to their input. To establish a culture of mutual respect, leaders must build trust from the top down in order to facilitate open communication.
What implications does this have for Human Resources? At the time, it is already difficult for organizations to attract talent. What are some reasons for people’s departure? And, most importantly, what can be done to address the issue head-on, incentivizing and encouraging talent to remain whenever possible?
Reasons why people are resigning
- People’s faith in their ability to find new employment opportunities has been restored.
- Employees have been provided with the opportunity, as well as the time and space, to consider the requirements and inclinations of both their personal and professional lives.
- It’s possible that workers are exhausted to the point that the prospect of quitting sounds appealing as a way to refresh how they’re feeling.
How to combat the great resignation
1. Encourage loyalty
You need to pay employees a sufficient amount to remove the issue of monetary compensation from the discussion. In addition to modifying your total compensation plan, you might want to think about introducing one-time bonuses, supporting employees with the repayment of student loans, and providing stipends for employees who work from home. One additional benefit of re-leveling compensation is that it makes it possible to discover and rectify wage inequities for people of colour and women, including mothers with young children. This is an important consideration for working mothers. Some businesses are now offering “boomerangs,” which are offers to entice back workers who have recently left the company by quickly vesting them in long-term compensation plans. These offers are intended to bring individuals back who have recently left the company.
2. Offer opportunities for growth.
Pretend that your best workers have recently tendered their resignations. How would you influence their thinking? Ask them, “If you had the ability to create your ideal job here, what would it be?” Then search for means to make it occur. In the past several months, forward-thinking firms have been conducting employee retention interviews, asking each worker what it will take for them to remain.
A BCG study based on employee engagement survey data, discovered that employees’ responses to the question “Does my job make excellent use of my skills?” was a strong predictor of whether they are engaged. In short, demonstrate to current workers that you appreciate them more than possible new recruits by offering them growth and advancement possibilities. The workforce is starving for this vote of confidence. Survey data indicates that 68% of workers worldwide, both blue-collar and white-collar, are willing to retrain and acquire new skills.
3. Enhance your purpose
The purpose of your organization is the overarching rationale for its continued existence. It is the reason many join, and the reason some choose to remain a member. According to the findings of research, having faith in the goals that an organization is working toward during times of uncertainty is even more crucial than it is during times of relative calm. Demonstrate to your staff members that there is more to your company than just its financial performance. And don’t simply talk about having a purpose; put that purpose into action by letting it guide how you act.
4. Value culture and relationship
Put your work aside and invest some time to connect with and cultivate connections among the people you work with. This will not only increase their level of involvement with your company, but research that was carried out during the pandemic showed that maintaining social connections has a significant positive effect on levels of productivity as well. According to the findings of a poll conducted by Covid-era, employees around the world, both white-collar and blue-collar, place a greater importance on having “good relationships with coworkers” than they do on the majority of other employment criteria.
5. Invest in the well-being of your workers and their families
It is important to provide support for mental health, acknowledge the sacrifices that everyone has made throughout the pandemic, assist parents of young children by either giving or subsidized day care, and enhance the amount of paid leave that is available. There are going to be those employees who need more than others. So? Do everything necessary to care for them.
It may appear to be a tough challenge, but if businesses are prepared to adjust their ways and adapt, it may be an opportunity to grow and develop together with their workforce. Retaining talent amid the Great Resignation may seem like a challenging endeavor.
The adoption of a people-first attitude and mentality is necessary for businesses if they want to hold on to their most valuable personnel and strengthen their reputation as employers.
After all, the relationship you have with your team is a two-way street; if you want people to do their best work for you, you need to do your best work for them in return.
There is another option available. The Great Resignation could be transformed into the Great Attraction if businesses were to make a serious effort to learn more about the reasons why employees are leaving, and then take steps that are meaningfully designed to keep them. Companies have the opportunity to gain a competitive advantage in the race to attract, develop, and keep the people they will need to construct a strong post pandemic company if they seize this one-of-a-kind moment.