Many companies have already started to return to the office as restrictions under the lockdowns are being relaxed the world over. And there are many others as well that are planning for the return sooner rather than later. Companies, on either side of the spectrum, are having to deal with a very peculiar problem – employees quitting in large numbers. This is something that companies never imagined would happen, especially during this economically uncertain period. And so, most of them aren’t well-prepared to handle such mass exits. So, what exactly are the reasons for the great resignation, as it is being referred to as in the media?
Remote working has opened new employment avenues for many employees. And employers are also coming to terms with a new model of working that could completely change the future of work. Many employees, who have grown used to working remotely, are no longer interested in going to the office anymore. They have realised the benefits that remote working offers. For women, it is a forced stay-at-home scenario. They can’t go to work because they are expected to care for the family. Another reason for The Great Resignation is that some employees are just burned out and have had to deal with too many things in the last one year or so. So, they just want to take a break from work.
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However, this job-hopping scenario isn’t going well with organizations, no matter their size or industry. There is a difference between what employers think and what talent, especially the new generation, thinks is important for them. And unfortunately, many employers are not able to strike a match. This is the reason why many have already left their jobs while others are weighing their options before they make a move.
So, what can employers do to retain talent? To begin with, employers need to find out the factors that are making employees leave by looking at the data available to them. Organizations also need to realize that focusing on the pay alone won’t take them anywhere when it comes to employee retention. Pay is a good way of bringing people in, but it doesn’t really work when it comes to retaining them. Organizations don’t realize but the fact is that if they have top talent, they will always be just holding on to them because there will be many other companies willing to pay more to get their signatures. Doing a benchmarking analysis and making employees understand that their pay and total rewards are competitive with the market is one of the things that employers can do.
The retention strategy shouldn’t be too dependent on wages. What organizations should look to do instead is look for employees that are the right match for their work culture. It is important for organizations to communicate with employees and work out a long-term goal that they will help them achieve. When employees get familiar with the work culture and understand that their managers and supervisors will help them get better at what they do, the likelihood of them leaving is very less.
Reference: The Great Resignation? Retaining Talent in a Job-Hopping World | The One Brief | 25 August, 2021
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