The Covid-19 pandemic has had a huge impact on all of our lives and has prompted many to reassess what they do for work. Significant numbers of workers have started to think about changing employer, changing the industry they work in, have considered becoming self-employed or taking early retirement. Over the last year or so, many people have left their jobs in what has become known as ‘The Great Resignation’.
In this article, we’re going to look at why this might have happened and what employers can do to retain their current staff and attract some of the top talent in the market of today.
What has caused ‘The Great Resignation’?
A survey conducted by Atomik Research for Reed.co.uk found that 47% of employed men and 34% of employed women were looking for a job in August. It also revealed that two thirds of young workers (those aged 18-34) were looking for work. Undoubtedly, the pandemic has acted as a catalyst for many workers, giving them the time and space to reevaluate their careers. However, the true causes of ‘The Great Resignation’ are the things that prompted the dissatisfaction in the first place.
The study showed that many of these workers are looking for higher salaries, more annual leave and a clearer path for progression. It also showed that they are looking at things like improving their work life balance and that this was the single most important thing to nearly a third of respondents.
What can employers do in response to ‘The Great Resignation’?
Here are four things that will go a long way in encouraging those members of your workforce who are thinking of moving on to reconsider. They will also appeal to job seekers in today’s market, showing that you value your employees and understand their needs.
Focus on work-life balance
One of the things that many workers found difficult during the pandemic, especially when required to work from home, was maintaining a healthy work-life balance. When your living room suddenly doubles as your office, it can be very difficult to switch between ‘home life’ and ‘work life’ and the boundaries can quickly become blurred. It’s easy to see how this might take its toll on anyone.
This remains at the forefront of many people’s minds as we begin the slow migration back to the office or whatever the ‘new normal’ is wherever you might work. Is heading back to the 9-5, five days a week in the office really in everyone’s best interests?
The most straightforward thing to do is to find out how your workers feel about their current work-life balance. Ask line managers to bring it up in their one-to-ones with team members or perhaps organise an anonymous survey. Give staff the opportunity to express how they feel their work-life balance is and how it could be improved.
The most important thing is to act on the feedback you get from such an exercise. Implementing changes based on direct feedback from staff will show you value their opinion and wellbeing, while not doing so could deepen frustrations. This is a great opportunity to connect with staff and will show those with itchy feet that you prioritise your workforce.
Once you’ve got your new policies in place, make sure you use this to demonstrate to applicants for vacancies what life is like at your company. Job seekers are looking to work for companies that offer plenty of support beyond an attractive pay package. Demonstrate how you prioritise the work-life balance of your employees on your website, on your LinkedIn page and with the benefits detailed in the job description.
What perks and benefits are available to your workers?
While lots of workers are considering looking for a new job because they’re not happy with their salaries, plenty are saying that they would consider staying if offered better perks and benefits other than a pay rise.
These can go from perks like gym memberships and prizes for outstanding performance to an increased amount of annual leave and medical insurance. It might be time to review your benefits package and see where you can add value for your employees. It might seem an expensive venture to start with, however, it could help your retention rates in the long run.
Additional perks and benefits may also tip the scales in your favour when looking for new recruits. In cases where the salaries you’re offering are there or thereabouts with those of your competitors, a more impressive benefits package might just earn you that top talent.
More flexibility
Many workers have spent long periods working remotely during the pandemic and businesses and employees alike have discovered the many benefits of this. When cutting out the commute, many people who spend hours in the car every week now find themselves with more time to exercise, take the kids to school or prepare proper meals for themselves before they start the working day.
Following this experience, the traditional 9-5 in an office doesn’t make as much sense as it used to and workers are calling for more flexibility over when and where they work. Along with the option of working remotely some or all of the time, more businesses are adopting ‘flexi-time’ or ‘core hours’ where employees are expected to work during certain times of the day but it’s up to them where they make up the rest of their hours.
Policies like this allow working parents more time to collect their children from school and watch their sports matches on weekday evenings. It allows time for doctors appointments without the faff of clearing it with managers or wasting holiday allowance. It allows employees to get to the gym before work without having to get up hours before their bodies want to. This all contributes to happier and healthier workers which, in the long run, will improve productivity and staff retention.
Training and career development
The pandemic, along with long periods of staying at home, perhaps on furlough, has given people plenty of time to think about where their careers are going. Investing in training and career development opportunities for your staff will help show them that you are actively thinking about their progression too. Top workers are unlikely to stay with a company if they can’t see this path of career progression clearly.
If it’s not already part of your process, the introduction of personal development plans with clear steps towards defined goals are key. Ensure that you are offering the correct training to help your staff complete the steps in their plan and that they get help and support along the way from their line manager.
When recruiting, ensure that applicants are aware of this focus on training and development. Those top candidates will want to know what opportunities there are for progression within your organisation.
Redefine your mission
Another impact of the pandemic is that it has prompted many to assess what satisfaction they get from their work. Some of this satisfaction will come from feeling a real sense of purpose behind what they are doing. If workers can’t easily identify the overarching mission behind what they’re doing day in and day out it can be demotivating.
If you get the sense that this may be happening with your workforce, it might be time to go back to your organisation’s core values and mission and ensure that these are still relevant. It’s important to have these stated in a clear and concise way and that everyone who works for you has access to these statements.
Having a clear mission statement which is central to what your organisation is working towards will also help your recruiting efforts. It will help candidates see what you’re about and whether your values and goals are something they share.
Employers should resist the temptation to blame ‘The Great Resignation’ on the pandemic and hope that it’ll all blow over when life starts to approach normal again. Instead they should take it as a sign that it’s time to reassess their relationships with their employees. They should be asking themselves what the workers in their industry are looking for and what makes their company attractive to these workers. Simple steps can be taken to protect your business from ‘The Great Resignation’ and to attract those dissatisfied workers now looking for a new employer that understands their needs. Follow the tips above to help improve your retention rate and catch the eye of those top job seekers now on the market.
Castle Hill House