Do you know that a Microsoft survey conducted in 2021 found out that more than 40% of the global workforce is planning to hand their resignation?
Likewise, a UK study depicted that 38% of talent is thinking of calling it quits with their companies within six months to 1 year.
Aren’t these numbers staggering? I reckon they are.
The Covid-19 pandemic has not only put a strain on people’s finances, but it has also posed a threat for the organizations globally in the shape of the Great Resignation – A phenomenon that started in the US but has gradually reached economies throughout the developed world.
More employees than ever are considering leaving their jobs to hunt for better career opportunities.
Here and now, a question arises: What can you do as an organization to retain your talent amid the great resignation?
In this article, I have penned four tips that can aid you in retaining your best talent during this time of uncertainty. Read on!
1) Build Stronger Connections and Trust
Employees who like their jobs are often inspired by the values, company culture, and mission of the company they are associated with.
When employees feel that your company cares for them and trusts them, they go above and beyond to make your business flourish.
However, on the flip side, if your organization neglects to put trust in its employees, they might end up feeling disconnected from the company. As a result, they might ponder to switch from your company to another, or worse, a competitor.
Now, of course, you don’t want this to happen. So make sure to empower your workers and make them feel valued by trusting their abilities to get the job done and establishing a much stronger connection.
It’s obvious that the reason why many employers still oppose remote work in a post-pandemic world is a perceived lack of trust – “Can I trust that my direct reports are working productively at home?” But if we can bridge this trust gap, remote work would become a powerful tool for any employer to recruit the best of global talent.
2) Communicate Openly and Effectively
It’s human nature that employees engage with their employer on a much deeper level when they feel their voices are heard.
Check out this LinkedIn post by Dan Price, the CEO of Gravity Payments.
The majority of the problems your employees face in the workplace can be easily solved, provided that you communicate openly and effectively with them.
Every now and then, ask them questions like:
Do you feel contented?
or Are you facing any challenges?
Finding answers to these questions will reveal whether your employees are satisfied or not.
To retain your talent, you must establish a relationship where they can come up to you regardless of how massive or small the problem is.
3) Offer Career Growth Opportunities
One of the major reasons the great resignation has gained traction is the lack of career growth opportunities for employees.
Now how do you cope with this conundrum? For starters, sit down with your employees and gauge their aspirations regarding their roles in your company. Try to find out where your employees see themselves in the upcoming years.
After listening to their aspirations, delegate them some added responsibilities within your company that can pave the path for them to grow. This includes giving them extra resources, leverage, and support.
4) Support Workplace Wellbeing and Create Flexibility
It’s no wonder why the productivity of employees suffers under less-than-ideal workplace conditions.
In a stressful work environment, employees aren’t only more likely to find an escape, but their engagement level also decreases significantly. It is truly ironic that work-from-home arrangements have made work stress levels rise due to a lack of demarcation between our professional and personal lives.
Perhaps one way of creating less stress to your employees is to not make a big deal out of their mistakes. Instead, give them some grace to do it – Fail fast, learn fast. Further, try to provide some freedom to your employees on their schedules.
Also, if you want to hold on to your best talent, you need to invest in workplace wellbeing or employee development programs. At Right Impact, we have just launched a unique, app-based wellness program – The 21-Day Wellness Challenge that can be delivered across geographical boundaries with no limit on participant size.
The great resignation is undoubtedly a thing of worry for organizations around the globe.
However, does it mean that you will lose all your employees? Certainly not!
You can turn this alarming trend into an opportunity to retain your brightest talents or “e-talents” and strengthen your organization.
So ensure to follow the tips mentioned in this article and keep your high-performing employees intact.