How To Avoid The Great Resignation
“You will never feel truly satisfied by work until you are satisfied by life.” – Heather Schuck
When COVID-19 really hit hard in March of 2020, an estimated 20 million jobs were lost in the United States in just a few weeks. Millions of people scrambled to assess their savings, their work options, their bills, their very livelihood. However, this time in lockdown gave people time to think about what was really important to them. They reevaluated their values in their life and made decisions on how they want their jobs to fit into that. As we are coming out of lockdown, people are quitting their jobs–voluntarily. This now leads us to something called ‘The Great Resignation’.
According to the U.S. Bureau of Labor Statistics, 4.3 million Americans, or 2.9% of the US workforce quit their jobs in August 2021. Another study done by Gallup finds that 48% of the US working population is either waiting for new job opportunities or they are actively job searching. You can see why ‘The Great Resignation’ might be a problem for employers that are trying to stay afloat and open. These are some of the reasons that employees are quitting their jobs.
Here are the problems that are sticking out to employees. For a more in-depth look, you can look back on DyNexus’ past blog ‘How to Make Your New Hire Poach Proof.’
Low Pay: There is nowhere in the country that a person earning minimum wage can afford a two-bedroom apartment. 93% of minimum wage earners can’t even afford a modest one-bedroom. The trend we are seeing is workers refusing to settle for less than what they feel they are worth.
Little To No Benefits: Time off and benefits have always been big selling points for employees. Priorities are changing and it is important for employers to be malleable. Workers are less interested in 401K plans and more won over by a better work-life balance and good health and mental benefits.
No Option To Work Remotely: Working from home in lockdown was a desperate measure to keep businesses open. Now, employees see that working from home is actually a viable option. If your company isn’t offering this or at least a hybrid work option, this might affect your employee’s decision to stay or find alternative employment.
Five ways to avoid The Great Resignation
Unfortunately, there is no sure fire way to keep your employees from quitting. But, there are things you can do to make them want to stay. You can incorporate these suggestions to dissuade them from looking for greener pastures. Focus on the employee’s experience at your company. Beyond just benefits or flexible hours, there are aspects of the company that affect how your employees feel about their current work place. Here are five tips to help avoid becoming a victim of “The Great Resignation”.
Creating a Positive Work Environment
A sense of belonging and community are key factors in creating a positive work environment. When employees feel supported and that their work environment is a positive one, they are more likely to remain loyal to your company and less likely to look for work elsewhere.
Have an Opportunity For Growth
Since the pandemic, employees have begun to reflect on their careers. Many people are looking for an opportunity where they can grow within the company. In a LinkedIn survey, they found that the #1 reason people look for new jobs is because there is no opportunity to learn or grow.
Understand Your Employees Needs
Understanding what your employees need to be successful in their current role and in their personal life can go a long way with retaining talent. You must view every employee as an individual with a life outside of what they do for work. Do your employees have the proper training and equipment to do their jobs? Are you enabling a healthy work-life balance? If your employees are working in person, do they feel safe and cared for, especially in a pandemic? Are you able to provide remote options for those who want it? A Microsoft study found that 73% of employees want flexible work options.
Reward the Good Work
Reward employees when they achieve or exceed their goals. When employees feel appreciated, they are more likely to care about the quality of their work, not just meeting deadlines and quotas to keep you off their back.Boosting the morale of your workers can reassure employees that you care. Try to look for reasons and ways to provide rewards and say thank you for being a team.
Conduct Stay Interviews
We’ve all heard of exit interviews but they don’t really do a lot of good to keep an employee after they’ve left. Stay interviews can help to build trust between the employer and the employee by allowing an open conversation to find out what is really important to the worker.
Ultimately, you could be doing all of this and more and your employee might still choose to leave. But, being proactive in identifying what is most important to your employees and how to cater to those needs will result in less turnover. While there’s no magic formula, implementing these tactics will help your company avoid ‘The Great Resignation’.