August 22, 2023
The past few years have been very stressful, with many active employees looking for a new job, which seems that many have finally reached their breaking point. With so many people quitting jobs, businesses have been forced to introspect.
COVID-19 has resulted in what has been dubbed the “Great Resignation” in the United States, with millions of people, ranging from frontline workers to senior executives, voluntarily quitting their jobs. According to recent Microsoft research, more than 45 percent of the global workforce is considering leaving their current employers this year. As a result, companies are bracing for a seismic shift in the workforce due to the mass exodus. This ‘trend’ is quickly spreading to other parts of the world.
It’s essential to recognize that the coronavirus alone isn’t responsible for the Great Resignation of 2021. This wave of employee turnover and burnout didn’t happen overnight (or over the past year and a half). It’s been a long time coming. The pandemic has compelled many individuals to reflect on their current jobs during the pandemic. Many people have realized they are dissatisfied with their current career options and lack of growth opportunities with their current employer.
They also want or require more flexibility at work than they did before the pandemic. Some employees were dissatisfied with how leaders handled the pandemic and social movements. In addition to these factors, there are a plethora of job opportunities available with more room for fairer compensation and appreciation. As a result, many people have chosen to quit their jobs.
There’s plenty to feel nervous about as a leader or business owner, but there are also some actionable steps you can take, too.
Not every company can afford to raise pay, but there is no better way to show your employees how much you value them than to put your money where your mouth is. Improving the benefits you provide to employees can also assist you in retaining talent.
Employees are more likely to stay at their current job if they have the opportunity to learn and grow professionally. While launching a new learning and development program at your workplace may or may not be feasible, facilitating informal meetings between employees in different roles can help foster learning at almost no cost. Consider implementing a monthly mentorship program as a low-cost strategy for assisting your employees’ professional development.
Employees may look elsewhere if they cannot advance within your organization, especially learning new skills and improving their performance. Check to see if your company offers opportunities for advancement.
Make sure you’re doing something to recognize employees, especially if increasing pay isn’t an option. While a bonus program can help employees align their goals with those of the company, regular performance feedback can also help employees feel valued.
Employees who are part of social and professional networks and communities are more likely to stay in their jobs. Therefore, activities that foster social relationships, such as team-based projects, should be encouraged.
Employees are much more likely to leave if they do not clearly understand their responsibilities before starting work. In addition, if they discover that they are not a good fit for the position, they will understandably be much more likely to leave when the opportunity arises.
The way managers treat their employees has a significant impact on employee retention. HR professionals can act as a liaison between employees and management and work with managers to help them improve their people skills. In addition, excellent management boosts morale and increases the likelihood that employees will remain at their current job
While a snooker table is unlikely to encourage employee retention, more meaningful benefits such as additional vacation days, flexible hours, or the ability to work from home one or two days per week can all help.
Workers with ambiguous responsibilities are more likely to be dissatisfied with their jobs. Consider whether a role has been appropriately defined, especially if you notice a pattern of employees leaving it.
The Xeven Solutions Management has been mindful of employee support and well-being both pre and post-pandemic. For example, at the start of the pandemic, about 75% of the workforce at XevenSolutions pivoted to working from home. With 25% remaining on the front lines and in the office due to the nature of their business.
While productivity levels were trying to be maintained, levels of well-being were down. The Management took prompt action to invest in employee engagement and the ‘new normal’ everyone was faced with regular feedback, more communication, workshops on mental health, and in-house team activities. The Management was quick to identify areas where additional support was required. This made the employees feel valued.
The Great Resignation: It is a reaction to long-standing organizational issues, shifting societal priorities, and a global pandemic. And it represents a once-in-a-lifetime opportunity for all of us—executives and people leaders alike—to create better workplaces for our employees in the future. So take action now to ensure that you can avoid employee turnover. And burnout while also attracting the next generation of workers.