A worldwide phenomenon is hitting the world's labour market. The Great Resignation, fueled by the ongoing pandemic is causing workers to reevaluate what they want out of their job, their lives and how the two intersect. Workers currently employed in tech, logistics and construction are the most secure in their ability to find a new job, with those in manufacturing being the most confident.
But what has caused this great desire to switch, how will it impact the labour force and what can businesses do to guard against it.
What is the Great Resignation?
The Great Resignation is an idea coined by Professor Anthony Klotz of Texas A&M University. He predicts a large number of people leaving their jobs after the COVID pandemic ends and life returns to "normal." During the pandemic, a lot of employees, worried about life, death and the future stayed in roles they weren’t happy with, with bosses and companies that saw them as a piece of the machine and not an individual.
A year and a half of stress, anxiety, and burnout mean people have taken a step back and reassessed their lives. Reflecting on whether they are valued and whether their skills are put to good use, people have emerged with a stronger sense of what they want from work and are willing to accept.
According to a recent UK survey, 48% of men and 45% of women intend to quit in the next year; pre-pandemic this was 27.5%.
How to Retain Employees
The hiring princess doesn’t stop on your employees the first day. You must ensure that your employees have a productive, fruitful and positive onboarding experience. Making sure day 60 is as important as day one will go a long way to making your employee feel as though they are a valued member of the team. This is especially important as we enter what is known as an employees market. Typical tenures are getting shorter, so waiting for 12 to 18 months for an employee to get acclimatized to your work culture and ethos isn’t going to work. To make sure they are happy and productive in their new role, you must help them feel at home and happy from the beginning. The hiring process has many crucial steps starting with the onboarding process.
Recognise your Employee’s Hard Work
We don’t mean add an employee of the month award. A recent survey by OfficeTeam found that 89% of senior managers said their organisation is effective at showing appreciation to workers, this didn’t tally with the 30% of employees that agreed with them. Employees who routinely feel like their good work and =achievements are ignored are twice as likely to say they’ll quit in the next year. It doesn’t have to be grand gestures. An email, a meeting or small benefits to say a job well done will help employees feel like they are a part of the overall picture, increasing their desire to stay with the company.
Flexibility with their schedules
The pandemic has shown that employees don’t need to be chained to their desks from 9 to 5 anymore. Unless your sector needs them to be, then working from home and incorporating flexible schedules will be beneficial to both you and the employee. Of course, some sectors such as manufacturing will not be able to offer working from home, but that doesn’t mean you can’t offer any flexible working patterns. As long as you are open and honest with the employee about what you can and cannot offer, such as early finishing, days off and more family time, then you have a great chance of retaining your employees.
Competitive benefit packages are second only to salary when it comes to employee satisfaction. However, a blanket benefit package will likely backfire considf=dering that many workforces c0ould have up to five generations working within the, Targeted benefits can improve workplace engagement. But it isn’t just the work benefits that can make an employee more likely to stay. Ensuring that their workplace insurance policy is comprehensive will give them peace of mind when coming into work each day. This is especially apparent when looking at insurance for manufacturing or construction, where no matter how safe the workforce is, the possibility of injury and serious harm is higher. Knowing they have a safety net to fall back on should the worse happen will help retain your employees.