2021 has been labelled as ‘The Great Resignation’.
A Microsoft survey of more than 30,000 global workers showed that 41% were considering quitting or changing professions this year, and a study from HR software company Personio of workers in the UK and Ireland showed 38% of those surveyed planned to quit in the next 6 – 12 months.
These statistics pose a mild threat to your organisation. The Covid-19 pandemic has initiated an entirely new perspective on work amongst employees worldwide. Many business owners now employ staff who are drafting their resignation letter – and something needs to be done to retain your key talent.
Why retaining your staff is so important
The staff retention rate of your organisation is a significant contributor towards success. When your employees hang around, rather than being churned out every year or two, it helps to:
- Forge strong friendships amongst your staff
- Increase efficiency as all employees know what works well (and what doesn’t)
- Improve quality of output, as employees are experienced at their jobs
- Save time and money, which would otherwise have to be spent on recruiting and training new staff
- Improve staff motivation, as they feel secure in their jobs
All of the above benefits are hugely significant for your organisation’s bottom-line and company culture.
A high employee turnover will also negatively impact the reputation of your company in the wider community. As a result of this, the most talented individuals in the industry may refrain from applying for your job roles – and therefore, you will be losing out to your competitors on the best talent in the market.
Why employees are resigning their jobs
The noticeable increase in resignations has taken effect since the Covid-19 pandemic. This is not a coincidence – the pandemic has shifted the perspectives of billions of people around the globe, and these individuals have now shifted their workplace priorities elsewhere.
Three of the main reasons employees are resigning their jobs are:
- Burnout
- Lack of workplace flexibility
- Feeling underappreciated
Before the Covid pandemic, most people had not considered the possibilities that hybrid or remote working could bring. But now, these ideas have been brought to the front of everyone’s mind.
A combination of burnout and feeling underappreciated are two other major factors. After the monotony of the past two years – including staying at home every day, a lack of face-to-face meetings, and repetitive tasks while client acquisition is low – means that some people want a change of scenery. Likewise, if their company is still refusing to demonstrate their appreciation for employees, then workers are no longer afraid to leave. After all, with all these resignations, there are lots of job opportunities elsewhere!
Acknowledge the different motivation factors
With all the factors outlined above, it is therefore essential that your business does whatever it can to retain its employees. As a business owner, you must therefore identify the different factors that motivate your staff members – and then provide personalised solutions to each one.
Some of the most common motivating factors to employees include:
- Money
- Holidays
- Perks
- Working from home
- More responsibility/autonomy
But now, after the Covid19 pandemic, you need to think beyond these obvious solutions. Many people now care equally as much about hybrid working opportunities, mental health support, additional child care support, or flexible working hours/days.
You cannot expect to retain your employees if you take a ‘one size fits all’ approach. Instead, you must adopt a bespoke solution to every individual at your company – sit down with them, hear what they have to say, and ask them how you can make them happier.
In the long-run, this will help your organisation to step into the ever-changing 21st century business landscape – and ultimately, improve your bottom line.
Provide ongoing opportunities for employee feedback
It is absolutely essential you find out what is motivating your different employees, and what is bothering them. However, this cannot be a one-time-only fix. You must adopt an ongoing commitment to hearing your employees and empowering them to provide feedback. Only then will they feel truly appreciated and heard.
You can provide ongoing opportunities for employee feedback by:
- Scheduling monthly meetings to discuss progress
- Create an environment of ‘always being open to feedback’
- Put a suggestion box in your offices
Your business can sidestep ‘the great resignation’ and hang on to your key talent by implementing systematic opportunities for your team to provide feedback.
If you want a more in-depth discussion about how your company can retain its key talent, then HR Initiatives can help. Contact us today on 01438 742 056 or email info@hrinitiatives.co.uk