The Wake-Up Call: A Siren call for organizations across the globe
According to a recent Microsoft research, 41% of the worldwide workforce would contemplate leaving their current company within the next year. And, according to a Monster study, 95% of workers are considering changing employment. Several experts predicted another recession when the pandemic first broke out, but instead, we are now experiencing a unique phenomenon: the “Great Resignation”, in which people are abandoning their jobs in droves and seeking new ones. This is a source of concern for HR departments, who were originally unable to determine what was driving employees to take such actions. The reasons people are departing in masses are the same reasons people have always left their professions: a lack of flexibility and opportunity—in other words, a lack of work-life balance.
Employee today, aren’t only seeking a raise in income, more vacation time, or longer days at home
(though those things would surely help in the short term). They are questioning the significance of the daily grind. Companies are retaining employees who are burned out by giving them a break and more support. They are offering employees more accommodating work arrangements, including remote work, hybrid work, and flexible schedules. Instead of making tone-deaf, top-down choices, they are attempting to listen to what employees say they want and need.
While there are no sure-fire techniques, here are a few measures that organizations may do to retain employees and make them feel appreciated:
Formulating Employee-Centric Policies and Systems
For the majority of firms and employees, working remotely was an eye-opening experience. While many firms were hesitant to operate from anywhere prior to the pandemic, the COVID-19 epidemic proved that it could not only be done but that it could be done successfully. The idea of returning to the 9 to 5 commuting slog is unbearable for many workers. One can continue to use a remote or hybrid solution to retain employees.
According to research, 73 % of workers desire flexible remote work and 67 % want to spend time with their coworkers in person. There are several approaches that a firm may use to address this issue. One such way is employee engagement surveys, which can be used to identify what employees desire and how to best satisfy their needs. Measuring the key drivers of engagement within your organization will allow the firm to assess whether the employees are engaged or disengaged. This will help organizations in assessing their needs and drawing a plan of action that satisfies their workforce.
Speak their language, need and style
One thing HR members should look for throughout the recruiting process is applicants that can interact well with your organization. Some individuals prefer to communicate over the internet, while others flourish in a face-to-face setting. People that suit your company’s communication style should be hired. It’s also crucial to examine the value of good corporate communication abilities in your company. If required, don’t be scared to make changes to your present policies.
There are numerous ways that a company may use to handle this problem. One such way is the 360 assessment, which is a straightforward feedback technique that assists in identifying key strengths and areas for growth. It is a method in which an individual receives information from people with whom they are in contact on a regular basis. The aim is to provide feedback on performance behaviors, their potential, and the outcomes, as well as to define and create growth objectives.
Build Your Employee Value Proposition
Invest in intentional and significant initiatives that help individuals rather than just the corporation. This might include giving staff opportunities to learn more about what wellness means to them. Compensation and benefits at Naman HR are based on a common daily practice of “taking care of yourself and others.” The stipend may be used to pay for internet access, coffee for the home office, or a coworker’s meal. The most essential component is to concentrate health efforts on the individual because you are the creator of your own story.
Ensure Fairness in Treatment across all levels
The way managers treat their employees has a significant impact on staff retention. HR experts can act as a liaison between employees and management, as well as work with managers to assist them to improve their people skills. Excellent management raises morale and increases the probability that employees will remain at their present job.
Build Future Capacity
Employees are more inclined to stay at their present job if they have the opportunity to learn and advance professionally. Naman is highly experienced at recognizing the need for customized learning and development solutions that benefit employees in a number of ways. It helps in the correction of employees’ flaws as well as the development of new skills.
It also helps individuals improve their productivity and performance by requiring them to provide their very best. A company’s goal is to be proactive and stay ahead of the industry’s future demands to get an edge over its competitors. They can do it through accommodating different learning styles, make training and development opportunities readily available and affordable for their workforce and empower employees to choose their path.
Managers must realize that the Great Resignation is not simply a short-term problem, but also a long-term opportunity to gain a competitive edge through the retention and attraction of outstanding personnel. As the economy continues to grow despite the pandemic, labour reshuffling may be beneficial. Workers can discover roles in which they feel more at home and respected, and managers can learn how to better lead their staff.
Communication may be the key to surviving the Great Resignation. Individually, in groups, and as a whole, talk to your employees. If managers don’t think employees will be honest with them face to face, provide anonymous questionnaires to evaluate work satisfaction. They understand what they want and what will keep them employed.
The most successful companies in terms of employee retention focus on the GROWTH TRIANGLE
The intent of this triangle is to persuade individuals to do more than simply remain in their employment; they inspire them to devote their entire lives to a company’s goal. Companies that use the power of brands to give their workers purpose and agency will be better at servicing their consumers and, as a result, will see stronger bottom-line growth.