The COVID-19 pandemic caused a seismic shift in the workforce. With the rise of working-from-home, businesses across America are falling prey to a common predator: rapidly rising resignation rates. In July 2021, over 4 million people quit their jobs. A record 10.9 million jobs were vacant by December.
Watching top earners depart from your company is never an easy thing to swallow, especially at rates like these. Over 87% of those employed claim that a career change is something they have been thinking about. While the motivations may vary, there are several avenues employers can take to halt the frequency of resignation.
Disgruntled workers list burnout, long hours, lack of recognition and low compensation as the biggest problems. Management must implement new strategies so that these common complaints stay in the past. For example, burnout affects productivity and can even cause negative health effects. Once you have identified the issue, you can begin identifying solutions.
Working from home was a revolutionary side effect of the pandemic, changing the way businesses and their employees view productivity forever. Giving team members the freedom to continue working from home if they please is one tactic employers can offer their staff. This could mitigate burnout and promote a healthy work-life balance. Employees today are less likely to prioritize their job over their personal lives. Consider revisiting the policies regarding time off, such as PTO and maternity leave. Not only does this promote retention, it also makes your company a high-value destination for job seekers.
Recognition begins by bolstering relationships between managers and their employees. It’s recommended that employers do routine check-ups on their employees and notice when an individual or group has exceeded their goal. Recognizing accomplishments can improve morale dramatically.
Finally, it may be time to ask for a raise. While not the sole reason, pay is a major issue with many employees as they are faced with inflation among other ballooning costs. Fair compensation is paramount in this era of “job hopping” as less people are willing to work for a stagnant wage. If raises are out of the question, benefits or other performance bonuses can be a good alternative.
Making the changes necessary and implementing techniques aimed at aiding in the employee’s day-to-day functions will give you better odds to retain your employees during this “Great Resignation.” To learn how to reduce talent loss further, please see the accompanying guide.
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