Breaking Down The Great Resignation Into Key Focused Areas to Improve Retention
Updated: May 1, 2022
Skill Retention Opportunity
Organizations are coming to grips with emergencies and disaster around the globe, in addition to dealing with the recent outbreak of COVID 19. The workforce at large is seeing an increase in employees seeking better opportunities that provide higher wage options and better work life balance as a result of the pandemic.
In recent reports by the Department of Labor, the employee quits are at an all time high, as employees leave their jobs in droves. There are many thoughts on why the employee quits deemed "The Great Exodus" or "Great Resignation" is taking place. The general consensus is that an employee quit demand that has long been suppressed is now unleashed. According to Gloat, better pay and need for growth are the two most common reasons for the exodus. 48.1 percent of employees who responded to the survey, were looking to leave their job. Now more than ever, hiring managers will need to confront how to deal with this new normal as power shifts to the talent, and they should address three key factors to help retain their employees.
Power Has Actually Moved To The Talent
People stayed in jobs throughout the pandemic-- and also businesses abruptly halted hiring. Today as things get back to "normal" those points feel more at ease and protected, As well as there are a lot of open roles out there as employers are actively hiring due to the rise in resignations. In our most recent research on employee retention, both employees and those who employ them acknowledge that the power dynamic has actually changed to the talent. This state of mind is an outright risk to retention. Also sustaining the wanderlust: low job complete satisfaction.
As the workforce becomes more diverse as more generations enter the workforce, it is evident that traditional perks and benefits will no longer suffice to retain your workers, especially as Millennials (Gen Y) and Generation Z seek purpose-driven careers that correspond with their ambitions, interests, and skills. Only half of the participants claimed that they were satisfied with their employment. And those active candidates who are applying to new jobs, well, nearly all of them are unhappy. Across all of the respondents, 6 in 10 are looking to jump ship. At this moment, 2/3 of your group is either preparing to exit, will submit a resignation, or has separated already.
Here are three ways to get started on ensuring your employees feel fulfilled by their work and future-proofing your retention strategy to retain talent that may be considering leaving: Control; Consideration; Competitive Compensation.
More Control. Grow Career. Remove Roadblocks.
Bear in mind that remote work options was a desirable soft benefit that few white-collar workers had however many desired? However due to the COVID-19 pandemic, this turned this desire into a reality for many workers, as a shift to work from home (WFH) increased as companies need to ensure their business continuity whether workers were in the office or at home.
Businesses continued to run, employees were happier and more productive and as a call to return to the office continued to grow louder. As a result of the survey, it was found the respondents did not wish to return to their pre-pandemic jobs because their employers could see that they could deliver the daily tasks by working remotely or hybrid, and they felt this should be a permanent option for them moving forward. Three-quarters said of the same survey that if a company demanded an overall return to the workplace, they would certainly seek another work.
Furthermore, survey respondents want to be included and that means having a say in their development opportunities with the company. That means what opportunities for growth or development would like like to advance into new roles within the company. To advance their careers, employees want more control over internal roadblocks, barriers that are hindering their growth. This includes employee engagement as well as employee experience. It's not unexpected that there would be a need to recognize where one could find opportunities for stability and growth due to the increased unpredictability of what we all experienced with the COVID pandemic. And also, since the majority of one's time is spent at the workplace, it makes good sense that the workplace is as good starting point for this to begin.
Employee Want To Be Seen
As a positive, the pandemic did provide an opportunity to reflect on what was most important in one's life. Reports we have viewed identify that employees are pondering what they want from their workplace. Many employees view their employment arrangement more as a social arrangement than one where an employer considers them as a whole person with not only internal but external pressures that also influence their personal lives beyond the workplace. Employers that make employees feel fulfilled and provide opportunities for growth, career opportunities and employee wellness will be the champions of retention. Yet reports show that much less than fifty percent of businesses on a regular basis solicit comments from employees concerning their experience at the office. Hiring supervisors substantiated this search with fifty percent saying that their business rarely responds or makes seldom adjustments in response to what they learn from exit surveys or recruiting feedback to assist with retention. Understanding this creates opportunities for smart leaders to display emotional intelligence with their contingent workforce and across all levels of their workforce.
Employees in the survey give concrete retention suggestions to businesses: nine in 10 stated they're most likely to select and also remain with a company that considers their work life balance. This comprises their expert health as well as emotional, physical, and also economic wellness as they handle job and house demands. With just 4 in ten employees responding that their existing company does that, there is a great deal of skill available ripe for poaching.
Ways to Reduce Creative Talent Quit in the Workplace
For example, companies who hire creative and digital professionals can use this opportunity to survey their talent to understand what opportunities for growth. They can use steps of emotional intelligence to include proactive listening and connecting with their teams on a personal level to build organizational trust. Instead of traditional career paths, they should concentrate on career lattices to enhance cross-functional and cross-departmental career mobility opportunities, as well as developing digital skills development for their digital talent to stay up-to-date on the latest technologies.
Stay Or Go: Compensation Will Always Be Talent Retention Gold
The 3rd motif from retention research in the "quit demand" is competitive compensation. However, having a strong compensation package along with a comprehensive total rewards package is a key to retention in addition to attracting top talent. This should not come as a surprise, however, employers who are able to get this right will find that they are able to win the war on talent and keep a productive and engaged employee. Feeling financially secure helps boost productivity, engagement, and productivity, and reduces employee distractions caused by financial worry, allowing them to feel financially safe. Being financially secure will always be an attraction lure for candidates, and when emergencies and disasters arise, being employed with a company that listens to their employees and offers perks that speak to the wholistic nature of the employee will be a company that is able to provide a workplace and experience that employees and candidates will desire.
Get a copy of Accendi Group's COVID-19 Moving Forward Workforce Strategies to Accelerate Recovery for insights and tools to help you enhance your talent retention strategies that engage your workforce and help you mitigate the rising quit demand.
This article was written by Managing Partner, Fawn Hentrel.