Due to the fear and ambiguity generated by the pandemic, resignation rates fell in 2020. Individuals quit their employment at historic rates one year later, as the workforce suffered collective burnout, prompting some to label this phenomenon as the “Great Resignation.”
Keeping, maintaining, and developing personnel with the correct capabilities is critical not only for your workforce plan but also for business growth. The COVID-19 pandemic, the world's most serious catastrophe at the moment, has caused many people to reassess their alternatives. Safety is a major issue for many employees, starting at the lowest levels of their hierarchy of demands. As a result of being forced back to work earlier than others, many important workers in healthcare, pharmacy, hospitality, supply chain, and education have faced heightened hazards. And when businesses ponder returning their professional staff to the workplace, the number of employees who are concerned is growing.
Clearly, expanding companies cannot continue to draw talent via the front door just to have them go through the back. Companies must instead keep the people they already have and not disregard and overlook those who stay when there are so many people quitting. These developments have combined to create a climate in which business and HR managers must play catch-up.
The gap between the job environment individuals want and expect and the one that is provided to them by employers is ever-widening. Numerous surveys have indicated that workplace satisfaction for an employee is secondary to none. It is imperative for an organization to make its people feel heard and valued.
This explains why employees are leaving their jobs. To solve the issue of Great Resignation, an alternative must come into play. It alludes to an immediate, albeit partial, solution to the talent shortage: lower employee attrition by making the organization more appealing to stay with. Experts call this solution The Great Retention. Organizations should take this solution seriously and work on making it work as retention is cost-effective, whereas, hiring new talent is costly because a new hire might come with expectations of a hike in salary. Also, it takes time for the organization and the new employee to strike a balance in their ways of functioning. Not only does it takes time to sync in, but also procedures like training and grooming for a position take time and money. Retention reduces expenditure and gives a rise in productivity which is often lost when an employee is in his notice period. Hence, in order to carry out The Great Retention, HR may follow the following ways:
1. Emphasis on Connection and Culture
It is important to understand the need to make time and establish cordial relationships with the employees and not to think of work for a moment. This will not only strengthen their bond with the organization but will also have a considerable favourable impact on productivity. This must also include communication among the co-workers which gives rise to teamwork and a sense of belongingness.
2. Invest in your employees and their families' well-being
Extending adequate support to the employees and their families at the time of need and acting humanely in case of personal losses as witnessed during the pandemic is of utmost importance. Assisting parents with little children by providing or subsiding day care and give extra paid time off is also a way of showing that the organization values the employee and its services. Not any two people are the same; hence, certain employees require more assistance than the others. It matters to the staff that the company takes care of them in any way that is necessary.
3. Allow yourself to be flexible
Flexibility is the need of the hour. Companies should now be accommodating in terms of location, duration, job requirements, and career routes as this will be the norm in the future of work. Talking of flexibility, organizations should loosen up on "qualifications." Companies should consider recruiting people that don't quite suit your ideal applicant profile. People who lack on paper can acquire what's missing with the correct mentality and help.
4. Enhance your mission
The purpose of an organization is the very reason for its existence. It's why people decide to join and stay. It is safe to say that in difficult times, belief in the goals of an organization is much more vital than in calmer times. This is why it should be demonstrated to the employees that the company is more than just a mere business.
5. Encourage loyalty by rewarding it
You must pay employees well enough to eliminate the question of money. Consider offering one-time bonuses, assisting employees with student debt repayment, and providing work-from-home stipends in addition to revising your total compensation package. Re-levelling compensation has the extra benefit of allowing you to identify and rectify pay inequalities for racial minorities and women, particularly mothers with young children.
6. Appreciation and recognition
It is human nature to want to feel valued for their contribution, especially at a place where they toil day and night in order to elevate the name of the organization. It is known that the major reason for people putting their papers is that they feel unappreciated at work. Recognizing employees for their hard work and input can be of great help in retaining them. It is not important that recognition has to be monetary or material as one can also be appreciated with pleasant words from a senior, peer, manager, or the entire team.
7. Growth opportunities
It would be the worst nightmare for an organization to receive resignation applications from their best employees. In order to never experience such a situation, one must look for ways to retain talent. Many organizations have been able to foresee the problem of resignation, hence, they have started conducting retention interviews where they ask the employees how to make their organization an ideal workspace where they can use the employees’ full potential. This not benefits the organization but also shows the workforce how much the company values them and their services.
Organizations and employers can use some of these methods to retain their workforce.
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