The Great Resignation: How to Avoid Losing Employees
Following the COVID-19 pandemic, businesses had to overcome a number of challenges; employee loss was one of them. This phenomenon is called the Great Resignation. During this time, people began to leave their jobs to find others with better work-life balance, pay, and more fulfillment. This has prompted many companies to focus on strengthening their workforce, giving them more reasons to stay. Let’s take a look at what you can do to foster your employees’ loyalty to your business and some tips for recovering from the Great Resignation.
6 ways to empower your employees during the Great Resignation
1. Competitive Compensation
Your company should be able to provide attractive compensation packages to retain talented people in its workforce, but also welcome more new ones. For example, a below-market rate salary may not be competitive when it’s time to expand your talent pool. That’s why you need to do regular salary reviews to make sure you’re at or above the industry standard. You should also provide benefits packages that include health insurance, retirement plans, and paid time off. You can also be creative about the perks you offer them, such as remote work days if they usually work onsite.
2. Opportunities for career growth
Every organization should provide its employees with opportunities for career growth. You can support the professional development of your employees by investing in employee training and development programs. These programs can include mentoring, leadership development and skills training. To get them more involved in the process, ask them if they have any preferences or personal gaps they want filled. Also support internal promotions and job openings based on their skills and abilities. This will show them that career advancement opportunities are available within the company, so they won’t look elsewhere when it’s time to move up the corporate ladder.
3. Reward employees
Your company should have a recognition and reward system in place so that your people feel appreciated for all their hard work. Recognition can take many forms, including bonuses, promotions, and public recognition of a job well done. Keep in mind that these may not be monetary incentives. For example, congratulating someone on completing a challenging project at a company-wide meeting or having their photo uploaded to the website with a congratulatory badge.
4. Positive work environment
A positive work environment is everything for employees. You need to create a culture where they feel safe and respected. This includes quickly addressing issues such as workplace bullying, discrimination and harassment. Create a platform where employees can report issues and ensure managers are prepared to handle situations that may arise. It is also important to outline any necessary actions your company will take in the event of an incident of harassment or bullying. Finally, inclusivity training is essential, emphasizing that any form of racism will not be tolerated in the workplace.
5. Work-life balance
One of the key things job seekers look for is a company that supports work-life balance. For example, introduce remote or hybrid work or allow employees to set their own schedules when possible. You can also rethink your paid time off policies to help employees feel more satisfied and connected to the company.
6. Effective communication
It is important to be open and transparent when communicating with your employees. Regular business updates, team meetings and one-on-one meetings between management and employees are essential. Listen to your people’s concerns and take steps to resolve any issues. Feedback from employees can also help with this. So encourage employees to offer their insights through regular surveys, meetings and suggestion boxes. Your people should feel that their voices are heard and that their comments are taken seriously.
Extra tips for getting over the big resignation
Exit interviews can be extremely valuable because they show you why employees are leaving and what you can do to keep them. You can also use feedback to identify areas for improvement, such as compensation, benefits and workplace culture. By addressing previous employee concerns, you will be able to provide your current team members with the best environment to perform their jobs effectively.
Invest in tech
Investing in the right technology can make a big difference in the way your employees handle their responsibilities. Ensure your people have access to the latest equipment and software and provide technical support when needed. For example, you can invest in web conferencing software or project management tools to improve remote collaboration.
Hire the right ones
One of the most common obstacles is the ability to recognize and hire candidates who are the right fit for the company. This means they have the skills and experience needed to do their job successfully, but are also perfect for the company culture. Start by implementing an extensive hiring process that includes thorough background checks. Tools can take over some of the tasks, but training your HR team on all aspects of screening and hiring candidates is integral.
Attrition presents a significant challenge for companies that cannot afford to lose top talent. To avoid an exodus, you need to take steps to empower team members and create a positive work environment. This may require your business to change its priorities or reevaluate its current cultural values. By following the tips and strategies above, you can build a successful and sustainable workforce that always brings their A-game to work.