As society is moving towards a normal way of working, employers are opening their offices and waiting for employees to join back.
But the harsh truth is that employees are resigning at an alarming rate because of the Great Resignation.
In fact, a study conducted by Michael Page found that 86% of the employees in India may resign in the next 6 months.
Shocking, isn’t it?
Of course, retaining employees is more beneficial and less costly than acquiring new talent in the long term.
So, as an HR manager, what can you do to build an engaging and healthy workforce?
Worry not; we have got you covered. In this blog, we will discuss how you can retain talent during the great resignation. But first, let’s understand the reasons why employees are quitting their jobs.
What Employees are Resigning?
The Great Resignation 2022 is an incident where an unprecedented number of employees resigned after the end of the COVID-19 epidemic. Why did this happen?
The pandemic prompted people to pause and reconsider their work and life situations. Studies show that many have realized they are burned out and are now seeking a better work-life balance, while others are unhappy with their employer’s response to the COVID-19 pandemic. Many people are also looking for new opportunities for more compensation, better career advancement, or remote work.
Gallup’s study shows that people who are not engaged or are actively disengaged are more likely to leave their jobs. The main issue starts when employees become actively disengaged; their productivity drops, which can prove to be a costly affair for firms. To combat this, employers should focus on retaining employees by offering them a positive work environment and ensuring the right tactics for learning and development, pay equity, work-life balance, and flexibility.
Strategies to Combat the Great Resignation
Check out the given 5 tips to retain employees during the Great Resignation:
1. Provide Flexibility and Work-Life Balance
Yes, many employees prefer remote work after the pandemic. This is because by working remotely, an employee can save travel time, and that time can be utilized to boost productivity. Also, the ability to stay at home ensures that the employees can support their families by being available for children and elderly people.
Employees also crave more work-life balance. They want to have a life outside of work. They also want the freedom to choose where and how to work. Allowing staff to choose their own schedule rather than simply telling employees when they should be working helps businesses thrive in this age of the Great Resignation.
To retain top talent, you can offer flexible working arrangements like:
- Remote working options
- Hybrid work model
- Flexible working schedules
- Shortened work weeks
Organizations that resist this trend risk falling behind in attracting and recruiting top talent.
2. Communicate With Your Employees
Creating an environment of open dialogue in the workplace is essential for both attracting and retaining talent within your organization. It is crucial that employees feel connected with their managers and team.
According to a survey conducted by Gallup, people who experienced feelings of isolation were 21% less productive at work.
Maintaining team cohesion demands deliberate effort since many employees are switching to remote work. Allowing employees to bond through casual chats gives them a sense of belonging and connection to the company.
For instance, you can conduct activities like:
- One-hour video chat monthly or weekly
- Organizing online team-building activities
- Fun paid events
- Annual team meetups
At the end of the day, it is crucial to give your employees a space where they can engage with other colleagues in a less goal-oriented manner.
Also, using surveys to collect feedback from employees is another way to find out why people like or dislike their jobs. The results of these surveys give employers information they can use to keep employees from leaving and to keep them motivated. Some of the questions you can ask to collect feedback from employees is:
- What do you like the most about this job?
- What is one thing that you do not like about this job?
- What keeps you working here?
- What can lead you to leave this organization?
- What will you like to change about this job or company?
- Does this job motivate you?
Employers can use survey data to shape company policy, improve corporate culture, and keep individuals engaged and interested in staying.
3. Focus on Employees’ Learning and Growth Opportunities
Opportunities for growth and learning are usually regarded as desirable by employees. Many employees wish to continue developing their abilities and growing their knowledge. Investing in training and development opportunities does not mean you must exceed the organization’s budget.
Low-cost solutions to investing in the professional development of your staff include:
- Explain to them what their career path looks like in your company and what they need to do to get to the next step.
- Provide mentoring sessions or the opportunity to work on one-of-a-kind projects.
- Hold lunch-and-learn programs to improve morale and acquire new skills. You can also invite guest speakers from other departments of the organization.
4. Offer Competitive Salary and Benefits
The days when employees used to look for a steady career and stay with the same company for a longer period of time are gone. For the average employee, the only way to get a reasonable salary raise and stay ahead of rising inflation is to leave their current job for one that offers better pay. While monetary benefits aren’t the sole factor in employee retention, they play a key role in deciding whether an employee stays with their present firm or not.
If your firm cannot afford a competitive wage and benefit package, you will have to rely largely on alternative employee retention methods to keep your current staff happy.
5. Provide Wellness Program
The health of employees is another thing to pay attention to if you want to retain your employees. When companies care about their employees’ well-being, they have more loyal workers. Some ideas for a wellness program include mental health resources, free gym memberships, on-site yoga classes, healthy snacks and drinks in the kitchen, free health webinars, etc.
Developing a good retention strategy is an excellent approach to mitigating the consequences of “The Great Resignation” on your organization. However, remember that this will not completely stop the leak. Of course, your talent acquisition team will feel the effects of filling vacancies and hiring for new roles. As a result, a strong recruitment plan is vital to your organization’s future success.