The great resignation: how to avoid losing your employees
Companies have had many problems to overcome after the COVID-19 pandemic; losing their employees was one of them. This phenomenon is called the Great Resignation. Around this time, people began to quit their jobs to find others with better work-life balance, wages, and greater satisfaction. This has prompted many companies to focus on empowering their workforce, giving them more reason to stay. Let’s look at what you can do to retain employees in 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 must be able to offer attractive remuneration packages in order to retain talent in your workforce, but also welcome new employees. For example, a below-market salary may not be competitive when it’s time to expand your talent pool. This is why you need to conduct regular salary reviews to ensure that you are at or above the industry standard. You must also provide benefits including health insurance, pension plans, and paid vacations. You can also get creative with what perks you’re going to offer them, such as remote work days if they typically work on-site.
2. Opportunities for career growth
Every organization should provide its employees with career development opportunities. 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 job training. To involve them more in the process, ask them if they have any personal preferences or gaps that they would like to fill. Also encourage internal promotions and job offers 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 to make your employees feel appreciated for all their hard work. Recognition can take many forms, including bonuses, promotions, and public acknowledgment for a job well done. Keep in mind that it doesn’t have to be monetary incentives. For example, congratulate someone on completing a difficult project at a company-wide meeting, or have their picture uploaded to the website with a congratulations 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 resolving issues such as workplace bullying, discrimination and harassment. Create a platform where employees can report issues and ensure leaders are prepared to handle situations that may arise. Additionally, it is crucial to outline all necessary actions your company will take in the event of an incident of harassment or bullying. Finally, inclusiveness training is crucial, emphasizing that any form of racism will not be tolerated in the workplace.
5. Work-life balance
One of the main things job candidates are looking for is a company that encourages work-life balance. For example, establish remote or hybrid work, or allow employees to set their own schedules if possible. You can also reassess 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 staff. Regular company updates, team meetings and one-on-one meetings between management and employees are essential. Listen to your employees’ concerns and take action to address any issues. Employee feedback can also help with this. So encourage employees to offer their ideas through regular surveys, meetings, and suggestion boxes. Your employees need to feel that their voice is heard and that their comments are taken seriously.
Additional Tips for Overcoming the Great Resignation
Exit interviews can be extremely helpful in showing you why employees are leaving and what you can do to retain them. You can also use feedback to identify areas for improvement, such as compensation, benefits, and workplace culture. By addressing the concerns of former employees, you will be able to provide your current team members with the best environment to perform their jobs effectively.
Invest in technology
Investing in the right technology can make a significant difference in how your employees handle their responsibilities. Make sure your employees have access to the latest hardware and software and provide them with 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 being able to recognize and hire candidates who are a good fit for the company. That means they have the skills and experience to do their jobs successfully, but they’re also great for the company culture. Start by having a thorough hiring process in place that includes thorough background checks. Tools can take care of some tasks, but training your HR team on all aspects of screening and hiring candidates is integral.
The Big Resign presents a significant challenge for companies that cannot afford to lose their 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 rethink its cultural values. By following the tips and strategies above, you can create a successful and sustainable workforce that always brings their A-game to work.