Is there a sizable shift in employment dynamics occurring at your company? Chances are yes. Due to the pandemic and the work-from-home era, businesses of every kind are experiencing the same phenomenon regarding skyrocketing resignation rates. More than 4 million people walked away from their jobs in July 2021 alone. Put this next to the rest of 2021 and the result is a record-breaking high of 10.9 million jobs that need filling.
It hurts to watch talent — especially top performers — resign and leave the company. Turns out, many employees are doing exactly that. With over 87% of the workforce reporting that they’re open to changing jobs, the time to act is now. While the reasons for these departures vary, there are several avenues employers can take to help temper the frequency of resignation. Here is a short look at how to potentially mitigate loss of talent.
Dissatisfied workers list burnout, a work-life imbalance, lack of recognition and insufficient compensation at the top of the list of reasons. Employers and management need to procure strategies in an effort to counter these issues. For starters, burnout can stem from workplace and mental stress alike. By identifying problem areas, it is much easier to identify the issues and tackle them head on.
Working from home, while necessary at the time, has changed the way employees view productivity. It’s recommended to allow team members the option to continue working from home if they so choose. This can not only help with burnout, but also to get a boost on maintaining a healthy work-life balance. Having family-friendly policies is a big plus nowadays, as less employees prioritize their job over their personal lives. Consider updating the guidelines regarding parental leave, PTO and other work-life happenings to not only encourage retention, but to make your company an attractive destination to outside talent.
Next, addressing recognition starts by strengthening relationships between managers and their employees. It’s suggested that managers improve their efforts to not only perform routine check-ups on their team members, but also recognize when an individual or group has performed exemplary work. Recognizing effort and achievements can go a long way in improving company morale.
Lastly, it may be time to increase pay. While not the sole reason, it is a major reason with many employees as they face inflation and elevated child care costs among other rising prices. Evaluation and appropriate compensation is necessary in this era of “job hopping” as stagnating wages no longer cut it. If raises are impossible, benefits or other performance bonuses are options to look into as well.
Making positive changes and implementing practices aimed at helping the employee’s day-to-day operation may better ensure your valued employees stick with you during this “Great Resignation.” For more ways to reduce talent loss, please see the accompanying resource.
Guide created by GForce Employment Professionals