Workers are quitting their jobs in record numbers. Recent figures of the U.S. Bureau of Labor Statistics show that 4 millions of Americans left their job in July alone. This has led many to refer to this pattern to be “The Big Resignation.”
Very often nowadays we see an article on the challenges of attracting and keeping the best talent in the current job market. A recent survey on the state of workforce by McKinsey has further highlighted the ongoing challenges facing organizations. Of the more than 5,800 respondents 40% of respondents said that they were at least “somewhat probable” to quit their current employer over the course of the next 3 to 6 months. In addition 36 percent of respondents who quit their employers did so without an offer of employment in hand.
Why do so many employees find themselves leaving their jobs, even with any new opportunities coming up? What can companies do to retain their workforce without losing their employees to competitors?
Table of Contents
Know employee’s needs
To retain their employees, businesses must recognize the reason(s) for workers opting to stay in the company or to leave. Employers must understand that workers leave for more than simply better pay. They desire to bring their real self to work, feel an uneasy feeling of belonging and feel valued for their contribution and feel connected to their coworkers
According to McKinsey among the main reasons for attrition during the pandemic are:
- Unappreciated by their manager
- Unappreciated by their company
- Inability to feel an identity in the workplace (which was more so for employees of non-whites or multiracial backgrounds)
People are looking for employment that makes them feel loved and appreciated. Inviting diversity and inclusion into your workplace that allows employees to do their best at work will enhance your capacity to attract and keep talented employees.
Are you interested in creating a strategy that promotes the inclusion and feeling of belonging to all employees? Find out more about gender-based discrimination at work.
Get feedback and act on it
For executives and HR professionals corporate culture is typically top of the checklist of things that require constant improvement and refinement. Being able to understand the perception of employees within an organization requires not only time, but a lot of effort.
Leaders must be able to listen and act. When surveys on employee engagement are carried out, the results are not always shared in a timely manner, and action plans aren’t created in a timely fashion. The employees are left to wonder, “Why should I even bother to share my thoughts?”
If your company has conducted an Employee Engagement Survey, make sure to communicate in a clear manner positive feedback and opportunities to improve with your employees. Once you have shared this information, develop action plans based on the results. Managers should actively participate in the sharing of the results of surveys and action planning, because this isn’t strictly an HR-related initiative. Rather, it’s a leadership initiative.
It is crucial that leaders meet with their teams and develop plans for action that can be implemented soon and preferably by the end of 90 days. Encourage employees to think of issues that fall within their control, for example, changing the structure of team meetings or taking part in an DEI webinar and seeking ways to be involved in the community. By taking action, employees are able to communicate that their input is valued.
Are you having issues with employee engagement when working from home? Take a look at these innovative ways to keep your employees engaged while working remotely.
Throughout the outbreak that struck, millions of companies changed to a remote working model. While some businesses remain completely remote, others have shifted towards a hybrid system or have even started a massive initiative to bring employees back to work.
Although there are certain advantages to working in person Employers must remember the fact that employees in many cases have experienced the advantages of remote work and are keen to be able to work remotely for a minimum all the time. According to a study by McKinsey in the year 2000, 87 percent of employees who took on an offer to work in different cities were not required to relocate , and were permitted the option of working remotely. This is an obvious sign that the employment and recruitment market is evolving to be more responsive to candidates who are looking for a job and their needs.
A lot of employees have reported that they’re more productive working remotely, and have come to appreciate the improved time-to-work balance. If they have youngsters, elderly parents or pet squirrels, Work-from-home arrangements allow employees to better manage their personal and professional obligations.
In analyzing McKinsey’s survey findings that revealed many employees felt unappreciated and not valued in their jobs. The ability to let employees provide their feedback regarding return-to-office strategies can build buy-in and can provide valuable data that your business may not have considered initially. Instead of taking rash decisions that may be disastrous, it is beneficial to your company to involve your employees and get their input regarding return-to-office planning.
The past 18 months have witnessed a period of remarkable shifts in the workplace. Since then it has been a time when many employees have reviewed their priorities in terms of personal and professional. The road-tripper has begun to cherish time with their families, while two hours of commutes are replaced with workout routines and family dinners.
The ability to gain a deeper understanding of what is most important to your employees is no longer just a “nice to be able to.” Instead, it has become a necessity for organizations to retain and attract top-performing talent. Businesses that invest the time to know their employees will enjoy an advantage in strategic terms over their rivals. If they do not? They could miss out on the top-quality workforce that they need to flourish after the pandemic.