Retaining Talent In The Great Resignation

As of recently, the Great Resignation has been a hot topic and quite the concern for employers. In September 2021, an astonishing 4.4 million Americans quit their jobs... the question is why? Research by Zety found that factors such as low wages, limited career opportunities, not being valued by managers, and relationships with colleagues were the biggest drivers of this trend. Here are four ways companies can retain talent during the Great Resignation.

1. Offer employees flexibility

Now more than ever employees are looking for opportunities that offer flexibility. Hybrid and remote jobs are the new norm and are highly sought-after. Over 70 percent of workers want flexible remote work options to continue. It’s not all bad though, flexible jobs allow employers to choose talent from a wider candidate pool. Another way in which companies may offer flexibility is by incentivizing productivity instead of hours. When employees have control over their work schedule, they have a better work-life balance. This increases employee’s satisfaction within their roles. 

2. Practice empathy

Employers need to understand their workers. The ability to empathize with your employees' working environment, as well as their unique problems, desires, and values, is critical to their retention. Companies can also practice empathy by providing employees with mental benefits. In Mercer’s 2021 Health on Demand report, 42% of employees with access to mental health benefits reported that they’re more likely to stay at their current organization than if they didn’t have those resources. This demonstrates the significance of benefits which employers may have traditionally overlooked. 

3. Create meaning in your workplace

Employees want to believe in the mission of their organization. They want to know how their work is helping achieve that goal. 84 percent of millennials say that making a difference is more important than professional recognition. Employees want to look forward to coming into the office or hopping on that zoom call to collaborate with coworkers on meaningful projects. By creating a sense of tribe, which share common interest and values, employees can find joy within their roles.

4. Prioritize existing employees 

Sign on bonuses for new hires are great incentives that attract new talent but what’s being done to show appreciation of employees that are already a part of your company? It is important to compensate employees competitively so that they do not start looking for opportunities elsewhere. It’s also important to listen and respond to employee needs. Making changes within an organization that address employee’s concerns show that a company is invested in the satisfaction and success of its employees.

Hence, RaezerConnect predicts that companies who focus on these initiatives will be successful in retaining talent even during the Great Resignation. By offering flexibility, practicing empathy, creating a meaningful workplace, and prioritizing existing employees, employers will be able to reduce employee turnover.

Lucy
RaezerConnect