The recent global health crisis has been affecting the corporate world for quite some time now. Some ways for the better, and some for the worse. One issue is what is now being termed "The Great Resignation.
According to the U.S. Bureau of Labor Statistics, by the end of October 2021, there were 4.2 million reported resignations across every sector and industry. While that number was down from the previous month when the rate reached a 20 year high at 3%.
People are leaving their jobs, and employers want to know why. More importantly, they want to know how to keep their top talent.
What is the Great Resignation of 2021?
A professor at Texas A&M University, Anthony C Klotz, was the first to coin the term “The Great Resignation.” Initially, he stated that employees would begin to resign in droves because of the global health crisis and burnout. He also predicted that working remotely would trigger a shift in morale.
Klotz went on to say that the increased flexibility led to a better work/life balance, and some people were afraid they would no longer receive this benefit when they had to return to the office. Some even fear what the new normal for the office would look like.
Furthermore, according to Klotz, “a lot of people now realize, ‘I’m more than just my job.’” This realization is the basis of the Great Resignation.
Why are Employees Leaving?
There is no single reason employees are leaving their jobs. Many don't want to go back to the office. Others enjoy the quality of life they get with remote work schedules.
Some individuals have developed new skills during their time at home and are pursuing their dream jobs. Also, there are significant opportunities in the labor market that gives people the choice of which career to work.
Economists speculate there are other reasons for the increased resignation rate. These include:
- Low motivation
- Lack of connection with company culture
- Worries about possible career growth or advancement
- Market instability
- Unhealthy work environments
- Lack of substantial leadership
Workers feel this crisis is stalling their careers. In a poll taken by the employment giant, Monster, 34% of the respondents feel the best way to advance their career is to find a new job with a different employer.
Signs Someone is About to Quit
Usually, when employees are unsatisfied with their job, they attempt to communicate this with their managers or someone with higher authority. Sometimes this communication is ineffective.
Other times, employers don't seem to care about those who work for them. If you're reading this article, chances are the former is truer than the latter.
So, how do you know if an employee is getting ready to quit? When your top talent is getting ready to leave, you'll notice some of these behavior changes:
- Productivity dramatically decreases
- They give less effort
- Do only the minimal amount of work
- They lack focus on job-related tasks
- Are less engaging with managers and colleagues
- Overall, attitude seems to be negative regarding work
4 Tips for Helping Keep Top Talent
Retaining top talent during the Great Resignation is less difficult for organizations that care about their employees. Improving employee experience needs to remain a top priority for employers looking to keep the best staff members.
From recognition to fostering enhanced company culture, employee experience is vital to keeping top talent. Your employee retention strategy should include the following:
1. Focus on Your Compensation Package
According to a survey by Microsoft, Gen Z feels the least appreciated and the most underpaid during the Great Resignation. If you want to keep this demographic engaged, you will need to meet them where it matters most — their finances.
This group of employees faced some of the most substantial challenges recently. They were the most overworked, underappreciated, and underpaid. Make sure to pay them what they are truly worth to your organization and offer non-monetary benefits that help them feel more appreciated, like assigned time off for personal endeavors.
2. Provide Equipment for Remote & Hybrid
Remote work is one of the top priorities for Millennials and Gen Z staff members. Most want to continue to work remotely.
PwC published results from a Workforce Pulse survey stating 45% of Gen Z while 47% of Millennial employees would take a 10% pay cut of future earnings to work remotely.
To retain these employees, have a proper setup available for those working from home and members of your hybrid workforce.
3. Offer Schedule Flexibility
Hybrid schedules and flexibility are a must during the Great Resignation. Employees want the fluidity to work from home sometimes, in the office, whenever the employee wants. They know this is how to have the best work/life balance.
Furthermore, employees want to work for organizations that support them in pursuing meaningful personal endeavors. They’re even willing to forego potential salary increases in exchange for less traditional benefits such as unlimited vacation days and time off to volunteer for causes they are passionate about.
These data insights prove employers must embrace workforce flexibility. It is the only way to attract and retain the best talent.
4. Emphasize Wellness
To retain top talent, you need to make wellness and ergonomics a part of your benefits package. You can do this in several ways. Invest in their mental health, fitness, and physical health.
Gym memberships, superior health insurance benefits, and lifestyle incentives for those who participate in wellness activities are just a few benefits to incorporate into your company culture.
Keep Your Top Talent, Get the Tech Gear They Need at Kensington
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At Kensington, understand how essential efficient, effective, and easy-to-use business tools are to keep your top talent feeling invested. Our mission is to help people become more constructive, confident, and comfortable living and working with the latest devices.
Stop losing your top talent. Offer the benefits that keep them engaged every day. Contact us here at Kensington to get the tech gear you need from the Ergo Experts.