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Written by: Mandi Hawke
Walking into the office building, all you can think of is how to get rid of the feeling that one more resignation would be waiting on your table.
Sounds like something out of your business day?
We can relate!
“Quits,” as the Bureau of Labor Statistics calls them, are rising in almost every industry during and as seen now – after the COVID ‘19 episode.
What started in April, termed by the economists as “Great Resignation” actually came as a startling temperament from the workforce. Business owners and the HR management team couldn’t comprehend the exact reason for such a high job quitting rate in companies.
Little did they know that America’s quitting spirit was just getting started. In July, even more, people left their jobs. In August, quitters set yet another record.
That Great Resignation? It just keeps getting greater.
Dubbed “The Great Resignation,” the exodus of workers has created hiring challenges for companies and left millions of jobs unfilled. Despite the depressing economical changes due to COVID, it seems like the workforce has now learned the value of quality of life during the lockdowns as well as adjusted to more remote working than the hectic work-place schedules. The pandemic has had a cascading effect on job dissatisfaction.
According to recent research by Microsoft, more than 40 percent of the global workforce are considering leaving their employers this year.
Employee turnover and staff retention is a major problem, and there are many factors at work, including generational factors, the economy, sweeping changes in the workplaces, and more.
Employee Retention Techniques 101:
Encourage Equal Opportunity
It is critical to understand that the employees look up to organizations that provide positive opportunities to all team members, regardless of ethnicity and gender. Companies that promote inclusivity are rated to be strongest in employee retention, as the team associates themselves to be a part of the company, thus investing their utmost time and efforts to grow it.
Motivate for Career Growth
Having a clearly defined professional path is what is bound to engage the employees in the company. If the company provides key learning and growth opportunities for its team members, not only in terms of monetary benefits but also job descriptions. Every individual deserves to get opportunities of the following from their employers:
- Stability
- Compensation
- Respect
- Health benefits
- Work-life balance
Provide Skill Learning Opportunities
By promoting from within and implementing a training program, or by leveraging outside resources and tools (such as workshops, books, online courses, and videos, etc.), you can create a powerful incentive for your team members to stay over the long haul.
Employees see these initiatives as an investment in their future.
Empowering your employees is the right way to go if you want to beat the “Great Resignation” and develop your company into a highly profitable company.
Related: Why You Should Pay Attention to This Thing Called the Great Resignation