By now, we are all familiar with the term “Great Resignation.” Millions of people lost or vacated their jobs due to the COVID-19 pandemic. Some of these resignations were voluntary, and for obvious reasons. Despite the global rebound, a sizable chunk of the labor workforce did not return, proving that the Impact of the Great Resignation on IT and other industries has been astounding!
Even those currently employed are feeling empowered to either switch jobs or request additional compensation, including a better salary and benefits such as flexible schedules and remote work.
In the midst of such turbulence, businesses are struggling to keep their operations running. As per the monthly job report by the National Federation of Independent Business (NFIB), 51% of small business owners had job openings they failed to fill. Even more alarming is the fact that 92% of the employers searching for candidates had few or no qualified leads for the roles.
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What Can Businesses Do About the Great Resignation?
If companies make an effort to understand why employees are leaving and take meaningful action, they can tackle this shift and gain a competitive edge in the race to attract, source, and retain top talent. Below we have outlined some set of strategies to help businesses remain competitive:
Understand That Employee Priorities Have Changed
Most businesses have determined to have their employees return to the office premises. Since the onset of COVID, personal and professional lives have changed substantially. Some employers have been homeschooling their children. Others have started personal businesses on the side.
In other words, everyone has a new daily routine that includes new priorities and expectations. Therefore, managers must speak with their employees to understand what their needs are and accommodate them accordingly. This will demonstrate that your organization empathizes with its employers and cares about their unique life situations.
In-person connection is beneficial no doubt, but as health and safety concerns are evolving, laying the ground rules for precautions is no longer simple. The unprecedented nature of the Coronavirus pandemic has created the need for embracing flexibility, not simply in terms of offering the perk of remotely, but also flexibility in terms of qualifications.
Employers must loosen prior, pre-pandemic protocol and consider hiring candidates that don’t perfectly fit the profile. Even the best Pittsburgh staffing agencies recommend this. If the candidate fits a significant majority of the job requirement, consider on-job education to supplement the remainder. With a winning mindset and the right support, these candidates can evolve to become successful and well-rounded quickly.
Don’t Make the Relationship Transactional Only
If an organization’s response to the attrition rate is simply raising compensation, it’s a subtle way of telling employees that the working relationship is merely transactional. Remember: a company’s best workforce will always find better compensation offer elsewhere.
They could be switching roles because of a toxic work environment or some other workplace issue. The right approach is to get to the root cause and address the underlying problem of the individual employee.
When asked about the aspects of the job that undermine their mental and general well-being, employees frequently cite unreasonable workload, the expectation of always being available, limited autonomy, and lack of empathy and support.
An organization may end up paying a high price for failure to address workplace factors that contribute to employee burnout. Take a hard look at your culture to see if it’s the one that values and cares for its resources.
The first step to preventing burnout is fostering a supportive environment. Showing compassion through communication also has an impact. Positive words of encouragement must come directly from the leaders.
Conducting thorough workplace investigations from time to time can help unravel several hidden workplace issues including those related to burnout. Furthermore, check up on your employees and ask about their workloads. Be empathic enough to make the necessary adjustments without holding change against them.
Offer Career Progression Opportunities
The benefits and importance of employee motivation extend beyond efficiency. A motivated employee is typically also a satisfied employee. The key to keeping your workforce motivated and engaged is to invest in their careers. Even under the present circumstances, employees prefer jobs with stronger career trajectories.
To cater to the impact of the Great Resignation, companies must reevaluate their existing performance appraisal system, and revise the compensation packages and rewards programs.
The best employers don’t just offer a job they offer careers. One way to support employee development and progress within the organization is to introduce a career growth framework. This framework will help your employees see where their present skills lie and what they can do to climb the ladder of success. Mentoring sessions, feedback from colleagues, and constructive reviews with managers can help in the process.
Regardless of the size of your business, remember that Great Resignation is real, and it may get worse before it gets better. As you work with mortgage recruiters to hunt top candidates and take proactive measures to retain current talent, lend a listening ear and hear your employees out.
Acting thoughtfully and practicing decentralized hiring and other proactive HR strategies might allow businesses to wither the storm caused by the Great Resignation.