In a year’s time, so much has changed. People are rethinking their careers and examining how they are valued at their jobs. The COVID-19 pandemic led to the biggest recession in U.S. history, and the post-pandemic society has evolved into one where people are leaving their jobs in search of more money, more flexibility, and more personal fulfillment. For companies experiencing high employee turnover, it’s the Great Resignation.
Reasons For Resignation
The pandemic has given individuals multiple reasons to shift their careers and resign. It’s offered a different perspective on life, where self-choice and preservation have the final say. Many people were in jobs that weren’t a great fit before the pandemic but chose to stay until things got back to normal for job security. Now, employees are leaving for better pay, or because they realize they can live on one income and have a better quality of life. Others realized they needed to prioritize their families, or they don’t want to return to an in-person office setting, where the risk of getting sick is still high. Finally, there is a long list of employees that enjoy remote working and have chosen to quit to find other opportunities of this nature. Some workers are also jumping ship for new opportunities with bonus incentives, better pay and long term career paths with more flexibility.
How To Prepare For This Trend
1. Evaluate Employee Work Location
To promote employee retention, companies must consider hybrid working or remote scenarios. Employees want to continue their flexible work arrangements after the pandemic subsides. It is important to rethink what works best for your organization and put employees first. Bringing everyone back to an in-person work environment at one time may not be the best decision.
2. Make Company Culture a High Priority
A company is only as good as its culture. Organizations focused on employee retention must make extra efforts in this area. Having a dedicated employee relations person or department responsible for creating programs and activities like company outings, groups, book clubs, game days, contests, prizes, other forms of recognition, and volunteer opportunities helps foster an inclusive culture when everyone wins. There should also be a creative form of engagement for remote employees.
These types of incentives, in addition to a robust benefits package that includes alternative, non-conventional benefits, help set the standard and demonstrate to employees that the company is progressive and appreciates their contributions.
3. Support and Encourage Employee Growth and Wellness
If your company doesn’t encourage personal development among its employees, now is the time to start structuring and implementing a plan. Investing in your employees is one of the best ways to create brand loyalty and increase the viability of your brand. The goal is to have them stick around, right? At most corporate entities going through this type of transition, most of the employees resigning are mid-level, which puts the entire company at a loss.
Your management and HR team should be working together to help all employees advance within the company through cross-training and development. If you aren’t doing this, something’s wrong. Have your managers look for viable candidates within the company who can help move the company forward and create a culture where all employees are recognized and rewarded.
The current job market is nothing like we’ve ever seen before. Proactive companies are already ahead of the game. It’s important for your company to take action now to retain quality employees and avoid high turnover as the employment landscape continues to evolve. Having guidance from an HR-managed services resource can help avoid the fallout. For more help and expert insight on this topic, our team of HR experts would love to be of assistance. Contact an associate today to schedule a consultation.