The Great Resignation is the term for the mass exodus of employees from their jobs. The number of resignations has been growing in recent years and it’s not slowing down.
In this article, we will explore what causes people to resign from their jobs and how to avoid this fallout.
After multiple lockdowns and the overall stressful situation during the pandemic, a lot of employees are now resigning from their jobs. This situation has sparked after a number of events and frustrations among the employees. Still, taking the right steps can help you retain employees and save your business from the resignation wave.
Where many companies are suffering, others are adjusting better to the situation and taking steps in the right direction. IT Support Company is smartly adjusting to the situation by introducing work-from-home flexibility. This is just one example and there are many other steps you can take for better employee retention.
You can consider the following steps to retain your employees even in the current situation:
Encourage Communication Between Managers and Team Members
A communication gap can often result in things coming to light when it’s too late. So, before your employees reach out to complain, you can ask managers to open communication with the employees. An employee could be facing a number of challenges like burnout, trouble at home, or anything that can lead to stress. Opening the communication from your side can help them convey their problems more comfortably.
Open communication can lead to solutions before the stress or frustration starts to build up. Therefore, it is something you can and should encourage at your company. But it is also important to understand that everyone has both good and bad days. So, try to relieve the stress off your team to get through the stressful phases by promoting team spirit.
Flexible Working Environment
During the pandemic, the working habits of people have changed a lot. Now many employees ask for the work-from-home working model. Where some companies faced a lot of problems in keeping productivity high, many employees were more productive with this new working model. Many daily challenges for people like commuting and spending time with their loved ones are resolved by WFH.
So, if your employees are asking for flexible working hours, there are smart ways of doing so. You can introduce and implement a policy for the completion of daily tasks. Such policies can increase the level of productivity in work-from-home employees.
If complete work from home is hard to implement at your company, you can take another approach of a hybrid working model. As the name suggests, a hybrid working model is a combination of on-site and remote working models. For example, a hybrid employee can decide the days of attending the office and working from home. It is the middle ground of both approaches and can help both employers and employees.
Increase Salaries and Include Bonuses
Another reason why people are sending their resignations is a problem associated with the salaries of employees. When employees feel like they are not compensated enough, they head toward job-seeking sites. Also, it is best to remember that other companies are facing the same resignation issue as yours. So, the chances of your employees switching jobs are higher.
You should understand that the cost of retaining employees is generally lower than hiring new ones. Not to mention that it takes time to train new employees as well. So, if your salary packages are lacking, you can consider giving your employees a raise.
If your company cannot afford to raise the employees’ salaries, you can introduce bonuses. They can keep the morale of your employees high and help you with retention.
Nurturing In-House Talent
For many employees, the lucrative aspect of working a job is often learning new skills and growing as professionals. And companies that fail to provide such an environment often end up losing employees. Therefore, training the employees and nurturing their skills should be among the priorities of a company.
Another aspect of training your staff and facilitating their learning along the way can be a beneficial investment for your company as well. In this way, you can promote team leads and managers from your existing employees. Also, such promotions within a company can motivate your existing employees to perform their best.
You can take simple steps to nurture the in-house talent. For instance, you can introduce training programs within the company. Further, you can also offer the facility of supporting courses wherever your employees want to be enrolled. To make sure they complete such courses, you can implement the policy of supporting only the courses completed by employees.
If you take the four steps mentioned in this blog, your company can better retain employees. Also, you may see a drop in the number of resignations. So, do consider adding them to your company’s policies.