Many companies are going through a significant loss of talent in what’s being called the “Great Resignation.” Many employees are asking themselves if their current career is worth their time, money, and flexibility because they most likely can find a new job to offer them what they feel – or are – lacking in their current role. This is also forcing companies to question how they can avoid losing their top talent and what makes people stay long-term. Here are four things your company can do to avoid the Great Resignation.
Emphasize Employee Well-Being
Happy employees are one of the most valuable assets to any company. It only makes sense that well-being is an essential part of a healthy working environment. If you want to get the most out of your employees, help them have “me time” by encouraging making work-life balance a priority. This may involve encouraging your team to schedule vacations, allowing flexible work arrangements, offering creative team outings, and providing health and wellness programs. When people feel like they have a good balance in their work and personal life, they are able to really focus on the work that needs to be done to succeed.
Build Trust
Creating a safe space for employees to be vulnerable is a simple way to establish trust. If your team members know you will invest time and effort to get to know them on a more personal level, they’re more likely to feel comfortable sharing feedback and pain points they’re experiencing.
For leaders, this may mean being vulnerable to your team first. To start small, you can try asking how others feel about something at work. Share your own challenges and ways you’ve found success. Another way to build trust is by getting comfortable with situations that make other people uncomfortable. In other words, becoming comfortable with healthy conflict or providing constructive criticism. You owe it to your team – and provide them more value overall when you’re able to communicate where there might be room for improvement. Balance this as well by being sure to celebrate their wins. Put the expectation out that your team can have healthy conflict with you as their leader as well. Building trust is a two-way street that starts with having good and open communication between you and your team.
Create a Positive Workplace
A positive workplace is essential to help employees work better together and enjoy their time at the organization. If your employees are committed to your company and you recognize their value, you’ll have employees who are committed to staying with your company. Create a positive work environment by scheduling regular check-ins with your employees, encouraging collaboration and communication, emphasizing company culture, and just having fun in the office will make it easy for your employees to communicate with one another, and they’ll feel comfortable enough to give you their honest feedback.
Growth Opportunities
With all the challenges and changes within the last year and a half, people have time to reflect on their careers and determine if their current position gives them the growth they want. One way to show employees that growth is possible is through cross-departmental involvement. Employees should understand the company’s inner workings better and develop firsthand knowledge of how their work impacts other departments. Also, fresh eyes might just notice something about a specific department that could be improved.
Rather than having managers set developmental goals, take a collaborative approach to goal setting. Managers share overall goals and then guide employees to reflect on their own work and how they can individually contribute to the company goals.
The “Great Resignation” is a very real threat for companies losing their top talent. Employee retention should be a high priority for many organizations. To help stem the loss of talent at your organization, emphasize employee wellbeing, build trust with your team, establish a positive workplace, and promote growth opportunities.
About EG Workforce Solutions
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work, or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding, and with it, we’re able to facilitate lasting relationships between businesses and people.
By now, you’ve probably heard the term the “Great Resignation,” but what exactly is it? After the stay-home orders went into place last year, millions began working remotely or became unemployed. However, now that companies want their employees to return or back up and running, many organizations struggle to attract and retain talent. This has put the labor market in a precarious position as thousands and thousands of people are resigning if their companies will not or cannot support the flexibility they’ve grown accustomed to over the past year and a half.
Why are Employees Resigning?
Millions of employees are resigning because they no longer want to work in the same ways they did pre-COVID. If people went remote at the beginning of the pandemic and then suddenly are supposed to return to the office full time without the option to work remotely on occasion or have the option for a flexible schedule, organizations are at serious risk of losing their employees.
Many people found the new work-life balance of working remotely or having a flexible schedule an increased quality of life. However, others no longer want to return to the monotony of desk or industrial jobs. They’ve learned new skills during the downtime brought on by the pandemic and want to find a new role that fits these new skills and passions. Still, others want to find jobs where they can work shorter hours or flex their schedules to spend more time with their families or doing other hobbies. Finally, others have decided to join the “gig economy,” which allows them to completely set their own schedules since they contract themselves out to different organizations or projects.
How Will Companies be Affected?
Companies that do not adapt to meet the needs of their employees will experience high turnover as a result of the “Great Resignation.” With turnover, your remaining employees will be affected by larger workloads and will be more likely to disengage from their work or even burnout, leading to more turnover.
Companies will also see their bottom line be affected if they have a sudden high turnover. Obviously, with less staff, there will be a loss in outputs and productivity, negatively impacting your bottom line. Organizations’ bottom line will also take a hit in the higher recruitment costs. Finding employees is a large financial undertaking in this tight market. In fact, the average cost per applicant in 2020 is $12 – this is likely even higher now.
How Can Companies Stop the Turnover?
To stop a high turnover rate resulting from the “Great Resignation,” put your employees first in every way possible. For example, hold open communication forums or town hall meetings where your team can share their thoughts and concerns, make sure they feel heard and value, continue to offer flexibility whenever possible, and provide development opportunities so they can continue to grow. You can learn more about top retention tactics in one of our earlier blogs.
The “Great Resignation” is changing the recruitment and retention landscape forever. Employees hold the power over what they value most in their careers – if your company no longer meets these value needs, you’re at risk of high turnover as part of the “Great Resignation.” Taking care of your employees and valuing their needs will be the best way organizations can combat losing their top talent.
About EG Workforce Solutions
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work, or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding, and with it, we’re able to facilitate lasting relationships between businesses and people.
The “Great Resignation” is upon us. Employees are leaving their jobs in droves for “greener pastures.” Companies are struggling to find and retain talent through this unprecedented time. While some turnover is normal, retaining your top talent will be crucial for maintaining your company culture, employee engagement, and your bottom line. Here are three retention tactics your organization can use to avoid the “Great Resignation.”
Encourage Your Team to Take Time Off
Your employees have PTO; encourage them to use it. Your team should be taking real time off from work every now and then – especially considering all the stressors they’ve experienced over the past year and a half. They’ve probably taken some time off here or there but did they really unplug from work?
For many people, taking time off didn’t mean going on a vacation or changing their environment – it was sitting on the couch binging something on Netflix due to it being unsafe to really travel. Even if your employees don’t or can’t “travel,” encourage them to take some actual downtime away from more – for more than one day at a time – to rest, recharge, and refocus.
Talk With, Not At, Your Employees
Managers are not babysitters to their employees – and shouldn’t treat them like children. These people were hired for a reason – because they are fully capable of doing the job and exceeding expectations. Organizations should talk with their employees and not at them when it comes to company changes or policies.
For example, when it comes to a company determining its flexible work policy, engage your team. Does the best and most productive fit for your team mean fully remote for some members? All in the physical office or workspace? A hybrid model? Give your employees the space to be heard and let them know their opinions are valued.
Treat Employees Who Do Leave Kindly
Losing your great employees is never easy for many reasons. Still, organizations who take the high road and treat those who leave kindly won’t risk lowering remaining employees’ morale and engagement. When someone leaves and the organization mistreats them for it, other employees will take notice and may lose interest in remaining at the company.
When your organization focuses on keeping your employees happy and supported, you’re most likely to weather the “Great Resignation” with success. Retention tactics you’ll need to use to keep those employees satisfied include encouraging them to take real time off, talk with them and not at them, and treat those who do leave with compassion. In addition, retaining your talent means retaining your company culture and your bottom line.
About EG Workforce Solutions
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work, or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding, and with it, we’re able to facilitate lasting relationships between businesses and people.
Company culture is about the shared values, norms, and beliefs of your employees. It’s about trusting each employee to come up with their own unique solutions to problems. It’s about rewarding people for doing things right the first time around. Your company culture can be defined not only by your leaders but also by everyone who is a part of it. Whether you’re a new hire or have been with the company for years, there are countless ways to contribute to positive work culture. Here are five tips that could help you contribute to company culture.
Be Accountable
An accountability culture is a commitment to practical, systematic honesty and openness. The goal is to have an environment that invites people to call each other on their nonsense and hold themselves accountable for what they say and do. Be accountable—to yourself and others. Then deliver on your promises and commitments. It is your job to deliver; it is your job to ensure that you are creating something you’re proud of, and it is your job to get results
Be Agile
Agility is the ability to respond to change. It is crucial for not only business but also for individuals. By coming up with new ideas and positively responding to new opportunities, it’s about identifying the talents within your organization and nurturing a culture that values open communication and learning from mistakes to push toward success.
Be Patient
Developing patience can prove to be challenging, but it is necessary. It is important to remember that there will be ups and downs within any organization, and working with other people can be an inspiring experience. However, not everyone is going to like the same things that you do. It would help if you spent time getting to know each other and let your personalities connect. Keeping a clear head will remind you of why you began the journey in the first place.
Communicate Often
It’s important for companies to maintain clear communication; regular meetings will promote a friendly working environment and encourage open communication between employers and their employees. So set aside some time every week for one-on-one sessions, break down company goals and objectives into specific goals for each employee.
Engage Outside of Work
With culture builders, employees continue to learn and grow both on and off the job. Engaging beyond work creates awareness that there is more to life than work. Whether it’s going out to lunch with a colleague, participating in a wellness challenge, or having an after-hours meeting off-site, you’ll have the support and encouragement to stay connected with your team.
About EG Workforce Solutions
We’ve been in this business for decades and have developed a deep network of professional connections. Whether they’re companies looking for talent, job seekers looking for work, or an up-and-coming store in need of some temporary help, we know the right people to bridge the gap between the hiring and the hired.
But what’s more, we get to know people. From employers hiring to candidates looking, we take the time to listen and learn. We hear your likes, talents, and needs. We gain an understanding, and with it, we’re able to facilitate lasting relationships between businesses and people.