There are high chances that a lasting effect of this pandemic will bring about a revolution in worker expectations. At the outset of this pandemic, the job industry was full of uncertainty and mass redundancies. Some of the lucky ones who stayed employed barely met ends.
The concept of Great Resignation was proposed by Professor Anthony Klotz of Texas A&M University. This idea predicts a substantial number of employees resigning from their jobs once the pandemic ends and life returns to normal. The ripple effect created by the pandemic is way more significant than expected. Employees have started to re-evaluate their careers and are leaving in record numbers.
As employees return to physical offices, they have started realizing that there are many diverse employment options. According to this hypothesis, there will be a backlog of resignations, which will create an additional HR-related burden on businesses. Companies have started to shrink their real estate footprints and some are even moving towards hoteling. Many researchers expect this to be stressful for medium-sized employers, large corporations, and owner-lead businesses.
Ways to Avoid The Next Great Resignation
As managers and employers have started to familiarize themselves with this concept, they are navigating the impact of this pandemic on the job market. Many pieces of research suggest that out of all reasons, feeling unwanted and uncared for by employers tops the list for employees to resign from their current jobs. With that knowledge on hand, here are some measures employers can implement to avoid losing talent to this change.
Try to be transparent in your communication with employees
Addressing issues and queries related to the employees’ wellbeing is essential, and it is high time you start having these conversations. To get clarity on employee expectations, you should circulate surveys to understand their perception of the company culture. Ideally, you should conduct several employee wellbeing and company environment surveys on an ongoing basis. This will help employees know that you value their input in the company.
Empower creative moves and career development
It is almost impossible to retain every employee who wants to drastically alter their career trajectory. You can help your employees make informed decisions and empower them to make creative moves. If you don’t give your employees the freedom to look for new roles in your company, they might look for better positions in other companies.
You can provide a platform for your employees to learn specific skill sets before applying for another role in the same company. You can give them access to on-demand learning resources to learn and move their career in a different direction. To implement this measure, managers can’t be possessive about their talent. They must be made to believe that it is a win-win situation if an employee finds another role and sticks around as they already understand the culture and are familiar with how things work.
Appreciate your employees
Praising your employees has always proved to be beneficial for businesses. Employees want to be valued and respected in their workplace, and if they are not appreciated enough, they can quite possibly leave. Giving them a paycheck by the end of every month is never enough. An employer must use words of appreciation and affirmation. You can also present them with gifts and bonuses. However, non-monetary incentives, such as highlighting their contributions to the company’s success, have been known to be a very effective appreciation method.
It’s a no-brainer that if your employees feel respected and valued in the current company, they would want to stay and work hard instead of resigning and looking for other jobs.
Revise employee compensation
If you expect your employees to come to you and ask for a raise, you are probably on the verge of being hit by the great resignation. There has been a drastic change in salary demands all over the globe. There are many restaurants in your neighborhood that are not opening up because they are short-staffed. If you don’t meet the salary demands for new hires or raise them for existing employees, that can happen to you too.
You need to ensure you are paying your employees a fair market rate salary. This will result in replacing new employees at the same market rate. To save yourself from the hassle of resignations and recruitments now is probably the best time to boost your employees’ salaries.
As we have seen, there are numerous reasons why employees are leaving their current company. Different job opportunities and changing their career trajectories are at the forefront. While some reasons might not be in your control, getting proactive and driven is well in your hands. Most of the time, this will be all you need to get ahead of the Great Resignation.
You can easily avoid losing your best people by taking time to listen to them and make them feel like an essential part of your business. If you are unable to retain some of the employees, make sure to ask them what your company can do better. Their insights can give you a chance to prevent losing more of your talent, allowing you to work on reducing and eliminating future HR-related shortcomings within your organization.