With over 4,000,000 Americans leaving their jobs in six months, the Great Resignation will continue into 2022. How can leaders effectively respond to this crisis? Is it possible for businesses to survive and overcome these challenges?
We outline 8 ways to grow and expand your business during the Big Quit. This article provides insight into the reasons why employees quit, the best ways to retain them, as well as how businesses can adapt to the new workplace environment.
1. Information on Leverage
Understanding the problem is key to solving it. Surveys and employee interviews are great resources in cases like The Great Resignation. You will be able to spot improvement areas that can help prevent your company from being negatively affected by the crisis.
For instance, you can perform “stay interviews” aimed at understanding what motivates an employee to stick to their current role. This information will help you to strengthen the benefits your employees see for their retention and increase productivity.
Conversely, you can perform and assess “exit interviews” to understand why past employees left. You can then address any issues you have and help prevent others from leaving.
2. The Employee Experience is the Key
Great employee experiences are one way to retain the top talent. This is why it’s important to put money into this venture during great resignation. Employees who feel valued and heard by the company are more inclined to remain with it for longer.
Inclusion, work-life balance, and psychological safety are all factors that can contribute to an excellent employee experience. Ask your employees for their feedback to measure these aspects.
You can keep your workforce engaged during uncertain times by continuously improving the employee experience. This will help you attract great talent and increase your company’s positive image.
3. You can offer flexibility in time
Time flexibility is another way to decrease employee turnover. Employees should have the ability to work when they want. This is what we mean with time flexibility. Allow your employees to start or end work at different times outside the 9-5 window, so they can attend to life’s demands without feeling extra pressure or stress. Employees love this option. According to Harvard Business Review, 96% of American professionals require flexibility. However, just 47% respond to this need. Flexibility can also be an advantage in your company’s competitive landscape.
You and your employees both can reap the benefits of time flexibility. It may lead to increased employee engagement and productivity. You might also be able reduce tardiness or absenteeism by implementing this strategy. Even though it may be hard to adapt new business models, such as the one described herein, you will reap many benefits.
4. Hire Remote Employees
Experts say that remote work has a future. Many organizations have made the switch to remote working during the COVID-19 crisis. If you haven’t yet, you may be having difficulty finding the right talent as many are prioritizing location flexibility when seeking employment today.
Employees have found greater flexibility in their work and more job satisfaction when working remotely.
People who work remotely have access to more talent. Remote workers can access the top talent from around the globe to perform the task. They can spend less money on office space, and they have the budget available for important other items. The most important thing is that they can cultivate trust among their employees, the basis of any great employer-employee relationships.
5. Encourage empathy through culture
According to research, burnout is the leading reason people leave their job. Empathy is a key component of your company’s culture. This will help prevent burnout from happening. These activities include learning empathy skills, creating dialogues about it, acknowledging individual feelings and listening without judgement.
Empathetic leadership can bring out the best of people. It’s especially crucial to use empathy in times of need. You can increase morale in your workplace by encouraging empathy, greater collaboration and employee loyalty.
“There’s no magic formula for great company culture. The key is just to treat your staff how you would like to be treated.” – Richard Branson
6. Create Advancement Opportunities
Another reason people look elsewhere for work is the absence of opportunities to grow. To keep people in your business, it is important to understand their long-term and short-term goals. You should then consider how those goals relate to what you can offer your employees. You should make this information available to your employees and discuss it with them.
One great maxim to follow is “offer careers, not just jobs.” This means offering not just promotion and advancement, but also room for personal and professional development.
7. Promotion of health and well-being
In part, The Great Resignation refers to a workplace mental crisis. In Mind Share Partners’ 2021 Mental Health Report, half of the respondents said they quit their jobs due to mental health reasons. Employers can help to prevent this from happening. Start by de-stigmatizing mental illness, giving employees more time off and promoting work/life balance.
Many employees leave work for financial security and mental well-being. Employees are now more dependent on their financial resources to meet basic necessities, due to the recent rise in national inflation of around 7%.
It can cost more to replace high-quality talent than just to increase their salaries. For this reason, you should consider reevaluating the compensation package and benefits you offer in response to today’s high quit rates.
8. Give your task to a Virtual Assistant.
The Great Resignation, as well as the pandemic can be overwhelming. It is difficult to think about all of the tasks in this article. You might consider hiring an EVA (virtual executive assistant) to reduce your workload. Virtual assistants (EVAs) take on time-consuming tasks, so that you can concentrate on those which generate income.
EVAs usually have lower wage demand, so they can help your business recover from the financial setbacks of today’s crises. EVAs are less likely than other participants to The Big Quit.
You have many options to stop the Big Quit. This article explains that leaders need to understand why their workers quit. Then, they have to gather information and respond to employee demands today such as time-flexibility, location-flexibility, and advancement opportunities. You can also outsource certain business functions.
In the end, companies may choose to adopt strategies like the ones listed in this article or suffer great attrition. Companies that shift their focus from The Great Resignation to the Great Retention will be the ones that survive and prosper in 2022.
Addicted 2 Success originally published the post 8 Things Companies can Do to Thrive during Great Resignation.