Who would’ve thought that in the wake of a global pandemic, people would be quitting their jobs in droves? Well, that’s exactly what’s happening. Workers across the globe are deciding it’s time for a change, in what’s been dubbed ‘The Great Resignation’. It seems like after multiple lockdowns, everybody’s after better work-life balance, the flexibility of remote working, and most importantly, a job that feels worth doing.
Now, this might sound like a bit of a headache for HR and business leaders, especially with job vacancies at an all-time high. But here’s a different way to look at it: this is a golden opportunity to transform this ‘Great Resignation’ into the ‘Great Retention’. We’ve got a chance to create a work culture that really ticks the boxes for employees in this brave new world. After all, this isn’t just about the here and now; it’s about the future of work.
So, join us on this journey as we explore the reasons behind the Great Resignation and share some winning HR strategies to keep your team engaged and eager to stay on board.
The Great Resignation might initially seem like business jargon, but its effects are palpably genuine and spreading rapidly. According to LinkedIn, in the aftermath of COVID-19, the UK labor market has taken a significant hit, with a noticeable surge in job openings. This has resulted in an imbalance between the vacancies and skilled workers available to fill them. Reflecting a global trend, the UK saw a record-breaking number of employees resigning from their roles in June.
For businesses, a high staff turnover rate can present serious challenges. Losing skilled workers leads to a dip in productivity, and the costs associated with hiring and training new employees can mount up. It’s akin to trying to fill a bucket with a massive hole at the bottom – tiring and disheartening.
The question many are asking is: “Why?” The pandemic has caused a seismic shift in workers’ priorities, according to research conducted by the UK’s Office for National Statistics. Factors previously taken for granted have become deal-breakers. The daily commute, balancing work-life pressures with in-person meetings, and the relentless long hours – many are now saying “enough is enough”.
Workers are seeking flexible, hybrid models of work that offer a better blend between home and office life. They’re attracted to roles that offer opportunities for advancement, not just a wage slip at the end of the month. According to reports in The Guardian, higher pay and an improved work-life balance rank highly on the list of demands. On top of that, there’s the burnout factor. Healthcare professionals, tech industry employees, and service sector workers are all feeling the strain of longer hours and high demand.
However, it’s crucial to remember that the Great Resignation isn’t all doom and gloom. There are opportunities lurking within these challenges, chances for HR departments to rethink the status quo and create environments that people are excited to be part of. It’s about understanding what’s driving the resignations and then flipping the script. With that in mind, let’s delve into how we can achieve just that.
Caught in the crossfire of the ‘Great Resignation’, HR has a pretty big task at hand. But remember, with great challenges come great opportunities. Your mission is to turn this tide of resignations into a wave of retentions.
First things first, let’s get to know our people better. Why are they unhappy? What do they want from their jobs that they’re not getting? The best way to find answers is through regular surveys, feedback sessions, and open conversations. Once we know what’s going wrong, we can start putting it right.
There’s a huge advantage in playing the long game here. Short-term perks might stop a few resignations, but for true retention, we need to think bigger. Consider strategies that support work-life balance, offer clear paths for advancement, and champion health and wellbeing.
This pandemic has completely transformed our workplaces. What was once a steady ship sailing in familiar waters has now embarked on a journey in uncharted territory. Many of our team members have had a taste of remote work benefits, leading us to realise that the future of work is leaning heavily towards a hybrid model.
A hybrid work model is no longer a luxury – it’s a necessity. Offering employees the freedom to choose when and where they work can prove to be a game-changer. But it’s not just about happier employees – flexible working arrangements can boost productivity levels, as suggested by the findings in Microsoft’s Work Trend Index.
The implementation of hybrid work extends beyond merely deciding which days to be present in the office. It’s about nurturing a culture that supports flexibility in its fullest sense. This involves reducing the workload, providing more time off, ensuring fair pay, and showing your team that their work-life balance is of paramount importance to you.
In order to turn this ‘Great Resignation’ into the ‘Great Retention’, we need to implement these insights promptly. The time has come for us to re-envision our workplaces and develop environments where everyone feels valued, engaged, and thrilled to be part of the team. It’s time to redefine the workplace norms established pre-pandemic and embrace the ‘new normal’ – because the future of work is hybrid.
Taking action on these insights won’t happen overnight, but rest assured, your efforts will pay off. Let’s start with making sure you’re using data effectively. Quantify the scope of the problem and its impact on your business. How much does turnover cost? How is it affecting productivity or customer satisfaction?
Once you’ve nailed the metrics, it’s time to drill down into why people are leaving. Is it burnout? Low pay? Lack of advancement opportunities? Wage growth in a new job? An unsustainable work-life balance? Dive into exit interviews, conduct employee satisfaction surveys, or simply have open conversations with your team.
Now comes the fun part: crafting strategies that directly address these problems. Whether it’s redesigning the way you conduct performance reviews, introducing new learning and development programmes, or investing in mental health support, make sure your solutions are directly addressing your employees’ concerns.
Lastly, always remember that retention isn’t a one-and-done deal. It’s an ongoing effort that needs continuous attention and occasional tweaking. Be ready to adapt as your business grows, as the job market changes, or as your team’s needs evolve. Remember, every step you take towards improving your healthy workplace environment is a step towards making the ‘Great Retention’ a reality.
Engagement is a critical factor when we talk about employee retention. Employees who feel engaged in their work are less likely to seek greener pastures. This means creating a culture of recognition where everyone’s contribution is appreciated and valued. It’s about fostering a positive work environment where people are motivated to perform at their best.
Also, let’s not forget the importance of personal and professional growth. Career advancement opportunities can be a powerful motivator, so ensure there are clear paths for progression within your organisation. Whether through training programmes, mentoring, or reimbursement for further education, when employees see a bright future for themselves in your company, they’re more likely to stay.
Converting the ‘Great Resignation’ into the ‘Great Retention’ might not be straightforward, but it’s far from unachievable. It requires commitment, innovation, and a genuine dedication to prioritising your employees above anything else.
You’re uniquely positioned to drive this change as a Human Resources professional. Recognising the challenges, responding proactively and tailoring strategies in line with the ‘Work Trend Index’ can significantly impact the lives of your employees and new hires and the success of your organisation.
Remember, the aim is not merely to curb the large number of resignations triggered by the pandemic or to share on social media but to create a vibrant workplace where people genuinely wish to stay. The ‘Great Retention’ is more than a catchy phrase – it’s a powerful vision of a more engaged, fulfilled, and loyal workforce. With the right strategies in place, this vision is indeed attainable. And with lessons learned from the spike in resignation rates, next year could look very different.
Ready to transform your workplace and boost retention? Let our experienced HR recruitment specialists guide you on this journey. Discover how we can help you build a resilient, engaged workforce ready for the future.
