Limiting turnover in a post "Great Resignation" world
Updated: Oct 11
By spring 2022, over 60% of turnover was voluntary, according to SHRM. Employees are more willing than ever to move positions and switch companies.
Here are 6 ways to limit turnover in a post "great resignation" world.
According to the summary provided by the Bureau of Labor Statistics (BLS) for July 2022 regarding Job Openings and Labor Turnover (JOLT), worker quit rates continue to be elevated at 4.2 million voluntary resignations for the month, which accounts for 2.8% of the entire workforce in the United States.
Even more worrisome for employers, the majority of recent turnover is voluntary (approximately 60 percent at the time), according to the Spring 2022 issue of People + Strategy Journal by the Society for Human Resource Management (SHRM).
Employees (and the executives who hold organizations together) are quitting their positions, and a sizable fraction of them do not appear to be concerned with having another job lined up.
According to the State of Work in America survey conducted by the consulting firm Grant Thornton, 40% of workers who changed occupations in the past year are already seeking new employment. This shows that job-hopping has become its own phenomenon, whether due to poor onboarding, better opportunities — or both!
The Great Resignation is having unprecedented effects on the labor market, with significantly diverse outcomes within industries and between companies and workers.
In the meantime, businesses that learn the appropriate lessons from the Great Resignation will have the chance to develop their culture, better support their people, and attract top talent from inside and outside their industry.
The Great Resignation is closely associated with the future of labor. Therefore, forward-thinking businesses are well-positioned to withstand it, assuming they see it for the workplace revolution that it is. This blog will discuss how we can limit turnover during great resignation.
Tip#1- Invest in retention
A solid people strategy is among the best ways to ensure that your current workforce feels respected, valued, and appreciated. When addressing how to tackle The Great Resignation, one of the first places to begin is by transforming your retention efforts. Although most of the following categories can be incorporated into a retention strategy, the three most important to consider are:
1. Competitive pay and benefits — evaluate your compensation structure, bonus programs, employee perks, and other staff recognition programs to identify areas for improvement.
2. A solid corporate culture with expressly stated principles that leaders uphold is necessary. Ensure that the characteristics of your company culture reflect what your employees desire.
3. Low employee engagement is a negative indicator of employee retention. Focus on identifying your employee engagement levels and develop programs to work with managers, employees, and executives to improve employee engagement and satisfaction.
Tip #2- Encourage employees with growth opportunities
Opportunities for growth and learning are frequently regarded as desirable by employees. The majority of employees wish to continue developing their abilities and growing their knowledge. Not all training and development opportunities are prohibitively expensive. The following are low- or no-cost methods for investing in the professional development of your workforce:
1. Describe their career path within your organization and the qualifications for reaching the next level of advancement.
2. Offer mentoring sessions or the chance to work on special projects.
3. Conduct lunch-and-learn programs to build new skills and enhance morale. Guests may also come from different divisions of the corporation.
"Over 60% of employee turnover was voluntary in spring 2022" – SHRM
Tip #3 - Concentrate on Creating a Remote-Friendly Company Culture
To remain competitive in the post-pandemic era, businesses must offer workplace flexibility, such as working remotely and flexible schedules. The general use of remote work solutions has not only enhanced the standard of living for the typical worker but has also created a substantial increase in employment prospects.
Simply put, many employees believe that remote work and other flexible work options are crucial to their job satisfaction. In fact, 76% of participants in a study conducted by Global Workplace Analytics expressed a desire to continue working remotely after COVID-19. In addition, according to a survey of 1,000 U.S. people, 39% would contemplate resigning if their companies were inflexible regarding remote employment.
A company culture that prioritizes remote work significantly increases employee satisfaction. In fact, Stanford researchers discovered that remote work increased employee satisfaction and decreased turnover rates by up to 50 percent.
When it comes to the retention of remote employees, people want their companies to handle remote work arrangements properly.
By implementing a remote-first or remote-friendly corporate culture, you can ensure that your recruitment, daily operations, and onboarding initiatives all take into account the needs of remote workers.
Tip #4 - Get Critical and Honest Feedback Before Employees Quit
Exit interviews are a common method used by HR professionals to gather input from departing employees regarding the factors that led to their decision to leave their positions.
But here's the thing: why wait until it's too late to alter anything for that employee when you can make a difference now? Human resources professionals should proactively enhance their retention strategy with candid feedback by holding regular one-on-one meetings, conducting pulse surveys, and other similar activities before it is too late.
In the study conducted by Joblist, approximately one-third of respondents said that they would alter their minds about quitting their jobs if their management addressed even part of their complaints about the workplace.
Tip #5 - Facilitate Healthy Work-Life Balance
Now, more than ever, a growing number of workers are realizing that they do not live to work; rather, they work to live. Employees who are routinely overworked are more likely to experience burnout, which increases the likelihood that they may become disenchanted with their work and look for new possibilities elsewhere.
Maintaining a healthy work-life balance on the part of each worker should be an integral component of any employee retention strategy. Maintaining a good work-life balance helps reduce burnout and boost productivity, and overall job satisfaction, which are critical components of an employee retention program.
Tip #6 - Establish Explicit Work Expectations
Uncertainty surrounding future work expectations (for example, work hours, job location, and preserving flexibility) is a crucial source of employee discontent. Companies have adopted various tactics when publicizing (or not disclosing) clear work-from-home vs. work-in-office policies. Some employees are departing to find employers who support their preferred approach to work. While an explicit policy may alienate some employees and result in some unpleasant turnover, establishing clear working expectations can build trust and reduce one source of employee uncertainty.
The Great Resignation is now the new norm.
In conclusion, The Great Resignation has been going on for several years, and it is unclear whether or not it will slow down in the months or years to come. Consider putting into practice solid, evergreen engagement and retention practices we have outlined here to gain the best chance of keeping employees at your company – or at the very least, mitigating any long-term talent gaps.
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