- How Organizations Can Respond to “The Great Resignation”
- Resignation as a Shift in Talent Retention
- Empowering Employees
- Building a Positive Work Culture
- Pandemic-Enforced Rethinking: The Great Resignation
- The Importance of Talent Retention in Today’s Shifting Paradigm
- Managing the Great Resignation: Tips for Employers
How Organizations Can Respond to “The Great Resignation”
Resignation as a Shift in Talent Retention
Resignation is often associated with giving up, but in the current job market, it signifies a shift in how employers need to approach talent retention. With “The Great Resignation” movement, employees have regained power and are demanding a new psychological contract of employment.
Empowering Employees
Organizations that want to retain top talent need to start by empowering their employees. Offering flexibility in work arrangements and providing opportunities for personal and professional growth are critical. BrainApps, a personalized self-growth app, is an excellent tool for employees to develop their soft skills and advance their careers.
Building a Positive Work Culture
Creating a positive work culture is another essential factor in retaining employees. A workplace where employees feel valued, respected, and supported can motivate them to give their best to the organization. Employers can achieve this by providing regular feedback, recognition, and offering opportunities for career progression.
In conclusion, organizations must take proactive steps to address “The Great Resignation” movement. By empowering employees and building a positive work culture, they can retain top talent and ensure their long-term success. BrainApps can help individuals develop the soft skills they need to succeed, leading to a win-win situation for both employees and organizations.
Pandemic-Enforced Rethinking: The Great Resignation
Since the emergence of COVID-19, many have rethought their priorities in life, including their professional careers. This has led to a new employment trend known as ‘The Great Resignation,’ a term coined by Anthony Klotz, a professor at Texas A&M University in May 2021. Initially evident in the US and among the retail, food service, and hospitality sectors hit hard by the lockdown, this trend has now spread globally and affects other industries.
According to the US Bureau of Labor Statistics, voluntary job departures, or “quits,” numbered 4.4 million as of September 2021. In mid-November, the US had 10.4 million job openings available, signaling that the trend of employees leaving their jobs is ongoing.
It is essential to note that retaining employees, rather than hiring new ones, is a more cost-effective approach. According to research by Bersin by Deloitte, the average expenses involved in new hires are $4,000. Further, the lost productivity and time taken to onboard and train new employees can increase expenses. The cost can range between 20-213% of the employee’s salary, depending on their role and seniority. The current environment has increased workloads for existing employees as they absorb the work of departing colleagues.
The Importance of Talent Retention in Today’s Shifting Paradigm
As we navigate the Great Resignation and a changing landscape of employment relationships, talent retention should be a top priority for organizations. Understanding the reasons behind employee departure is crucial, and this starts with analyzing data. While 2020 was a unique year, comparing pre-pandemic exit rates can offer a standard baseline for comparison. The pandemic has caused many employees to reassess their priorities, and those nearing retirement age may opt to leave earlier than planned. Moreover, employees seeking flexibility and work-life balance may choose to pursue other opportunities, such as Remote work options.
Organizations must listen to their employees and create channels for open communication. Pulse surveys, employee resource groups, and town halls are a few ways to gauge employee sentiments. It’s essential to create psychological safety in teams to encourage honesty and transparency. Understanding employees as whole persons, with lives outside of work, is important. The pandemic exposed this need for flexibility. While some employees embraced Remote work for its flexibility and less time commuting, others felt isolated and disconnected from colleagues.
With continuous shifts, employees wrestle with rethinking their roles and how they allocate their time. Organizations can assist by connecting employees’ strengths with job requirements, thereby leading to a fulfilled and content workforce. Today’s employees want to feel a connection to the organization’s overall goals and their personal purpose. It’s crucial for leaders to provide clear expectations for high performers and give psychological safety to express uncertainty to ease stress and enhance performance.
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In conclusion, organizations must understand how employees perceive their role in the company, and with the right channels of communication and clear expectations, talent retention can be achieved, leading to a sense of satisfaction and stability for the employees and ultimately benefiting the organization.
Managing the Great Resignation: Tips for Employers
The COVID-19 pandemic has brought about significant changes to the way we work – with increased workloads, always-on digital connectivity, and shifting workplace priorities taking a toll on many employees. As more people consider leaving their current jobs, it is essential for companies to think about how they can support their teams. Here are some ways employers can respond to the Great Resignation:
Encourage Taking Time Off
Employees are exhausted and nearing Burnout, so companies should consider offering some time off, allowing them to switch off and recharge both mentally and emotionally. Offer whole days or even a week off for a break. If that is not possible, consider regular meeting and email-free days. This gives employees a chance to step back and think more clearly, without the distraction of messages, virtual meetings, and notifications.
Make sure your staff is taking their paid time off/vacation days and are getting a mental and physical rest from work. Ensure that employees with COVID-19 trauma or anxiety, nearing Burnout, and exhaustion, are taking care of their mental health by providing access to employee well-being and support programs.
Take Care of Your Middle Managers
Middle managers are taking the brunt of the fluctuations in staffing and need extra support. Many have been tasked with providing emotional support to employees throughout the pandemic and are now facing the challenge of getting their teams back to full strength.
Recruiting is a time-consuming process, so it might be helpful to pull together a small group to evaluate your recruitment process before moving forward. Consider how it could be better for the people and recruiting team, line managers, and candidates. Recruitment is an activity that many managers don’t do that often, so they may need extra support during the hiring process.
As your organization focuses on increasing diversity, equality, inclusion, and belonging, your hiring processes should be more inclusive. This means looking for different voices and viewpoints to expand your talent pool.
Evaluate Employee Benefits
It’s also a great time to evaluate your employee benefits to make sure they’re competitive in today’s job market. According to Daniel Pink’s work _Drive_, money is not usually a key motivator for people’s job satisfaction – as long as they have enough and feel fairly compensated.
Fairness is especially important for areas of the workplace that may not currently have equal pay. It’s crucial to look closely at any existing pay gaps around gender and race and close them.
Offer opportunities for personal and professional development with increased programs, continuing education, online courses, or other opportunities for growth.
End Relationships on a Positive Note
When an employee decides to leave, make sure to close the relationship on a positive note. Freelance and self-employment are viable options for many, so consider the expertise they can bring as a freelancer and keep the door open. If they’ve been strong employees, they’ll have valuable knowledge of the way your organization works, which could be helpful.
Look to the Future with Optimism
Although high turnover is expensive, you want people who genuinely want to work in your company. It’s likely that many people were already considering a new job before the pandemic. The last year and a half may have made their decision clearer.
Rethink job descriptions and hire for the skills and talents that the current and future role requires. Encourage your hiring managers to think about their goals and objectives and what kind of person they need to fulfill them. Fresh thinking, new voices and perspectives, and new energy will help your company look to a positive future.
It’s essential to adapt as the relationship between work and modern life continues to evolve. These tips and considerations can help your organization prepare for the changes created by the Great Resignation.
