5 strategies to combat the great resignation and hold on to your top talent
The labor market is in turmoil.
Have you heard of the term, ‘The Great Resignation?’
Last year, a Psychologist and Professor of Business Administration at Texas A&M University, Anthony Klotz came up with the term in an interview with Bloomberg Businessweek.
He said, ‘The Great Resignation is coming!’ The sad part is that it is already here and is not showing signs of leaving anytime soon.
The repercussions have been felt in the global job market. It is worse when top employees, with the most in-demand skills, are the ones who leave in hordes. If a top performer just quits one day, out of the blue, the effect is felt across the entire team. How so?
In the absence of the top talent, the responsibilities of the remaining team members increase, while the management searches for a replacement. Even if a replacement is found on short notice, it will take a considerable amount of time for the new hire to get used to the work.
It isn’t late before the remaining employees reach their tipping point and think about leaving. Even if it does not come to that, the chances of employee morale, productivity, and engagement getting affected are high. We don’t want that, do we?
The pandemic has brought with it a shift in doing business. The ongoing digital transformation has sped up and is finding new areas to grow. A direct result is seen in how employees are looking at their careers.
Through exit interviews, a company can gain insight into what is contributing to an employee quitting their job. Some commonly received answers include the following.
- Need for better work-life balance
- Lack of recognition
- Limited advancement in career prospects
- Unsatisfied with management
- Work pressure and lack of support
- Better opportunities
This is not just a case of the grass being greener on the other side. The motive behind retaining the top talent needs to be addressed. An organization can factor in the money spent on finding a replacement, but the loss of productivity and time to bring the new hires up to speed should also be considered.
As mentioned above, the reason an employee is leaving may not always be monetary. The top reasons do not include their salaries. They look for benefits that go beyond pay.
Addressing these concerns will not only benefit a company by mitigating the financial risk of losing a valued employee but will also attract others in the long run.
5 strategies to retain the top talent
Turn the great resignation into great retention with these 5 strategies.
1.Facilitate employee engagement and inclusivity
You do not want your employees to feel left out. Disengaged employees bring down the overall productivity and work morale. Employees want their voices to be heard. They want a workplace that respects their individuality while providing all the avenues required to shine in a team.
Working for a company is a two-way street. Employees are kept up to date with their performance reports; these help them be aware of where they need to improve and in which areas their work is getting appreciated. The same principle should also be applied to the company in the form of employee feedback.
The grievance areas need to be known for an organization to improve and work on issues to ensure a better experience for the employee.
2.Make way for employee development opportunities
It is through an employee’s skills and hard work that an organization grows. It is only fair that the contributor expects the same in return.
As the organization grows, show the top talent that they are a part of the plan too. Help them understand their place in the company’s future. In one-on-one performance reviews with managers, include career development and lend a considerate ear to what your employees have in mind for their professional journey. Help them plan for their career.
Workplace training and upskilling programs are a great way to show that you care about your top talent and want them to prosper. It assures them that the company is ready to invest in their talent and consider them when an opportunity for a promotion turns up.
3.Prioritize the praise and reward system
It is important to show employees that they are valued. This involves letting them know, explicitly. Employees want to feel appreciated for all the hard work they do. A healthy work environment prioritizes recognition and praise where it is deserved.
In a recent survey that evaluated the most important factors that drive an employee to give their best, 37% of employees mentioned recognition from their employers as the biggest factor.
There are many ways to incorporate a system of recognition in the workforce. This can be done in the form of perks gifted to employees when they reach their goals or by introducing formal recognition programs that certify those that go above and beyond.
Incentivizing great ideas and innovation will let the employees know that their inputs are valued and motivate them to do better.
4.Ensure a healthy work-life balance
With the pandemic forcing organizations to go remote, employees got a taste of what it is like to work from home, to manage time in a way that they can be with their families and work simultaneously.
They realized that their lives need not revolve around work all the time. Companies cannot expect their staff to be available round the clock.
Employees need to know that their managers recognize the importance of life outside work. If a project demands late nights and staying back after working hours, recognize the importance of compensating for the extra time that the employee gave out of their personal lives.
5.Provide training in soft skills
The top talent is already good at what they do, technically speaking. So, what will make them stay back if there is no option of growth left?
According to recent research by SHRM, the top skills also known as the power skills are ‘soft skills.’
Leadership, critical thinking, and problem-solving are some of the areas where this set of skills equips one to do their best. Provide training in these skills to make life better at the workplace. This will go a long way in making employees satisfied with their job.
Check out zapilio’s AI-powered assessments that are a perfect fit for gauging and improving soft skills. The top talent is always on the lookout for better opportunities. Make sure you provide them with one, within your company itself.
Takeaway: Make it sustainable
Advertising your measures to build a better workplace will not suffice, the promises made need to be delivered. The post-pandemic scenario has resulted in a hiring surge and new opportunities are opening up in plenty. There is a lot of competition in the market.
Walk the talk and make it a point to implement these strategies proactively and to the fullest. Some employees will leave. It is inevitable. However, look at the bigger picture and strive towards making the workplace reflect values that your employees will connect with and respect.