How to Go From the Great Resignation to the Great RetentionFeb 09, 2022
How to Go From the Great Resignation to the Great Retention
The pandemic altered everything, and it has a profound influence on how most workers work and perform. With monthly leave rates in the millions, workers today want more from their employers than just "work" and "money."
With the Great Resignation in full swing organizations must invest in helping their managers relearn skills that will enable them to address the new, unique needs of their teams.
To navigate this new world of work, here are ways that will set these leaders apart as we head into a new year.
Top reasons for the mass exodus
The findings of many studies are not surprising: better compensation and more growth opportunities.
While leaders can't pay every employee what they want, they can provide development opportunities that correspond with workers' personal and professional aspirations.
Traditional bonuses and benefits won't cut it anymore, particularly as younger people want meaningful employment that matches their beliefs, interests, talents, and goals.
Here are two strategies to start future-proofing your retention strategy and ensuring employees are happy with their work:
- Dismantle barriers to internal career opportunities and growth
Today's workers will not accept a 30-year employment tenure. They desire the chance to advance in their jobs as well as explore new ones.
Job advancement means putting on new hats and gaining new talents, as well as transcending the career ladder. Employees want to pursue opportunities that match their skills and interests and allow them to define their own career path.
The issue isn't whether your workers want change, but where they want it. Currently, most employees who wish to try something new search outside their business. One-third of respondents (66.1%) say their current job doesn't provide the options and opportunities they seek.
Employers must replace conventional career ladders with lattices that allow employees to advance horizontally and vertically.
- Communicate your company's values to employees
A corporation that shares its beliefs is more appealing to workers. People's jobs are increasingly seen as part of their identity rather than a means to pay their bills. As such, job seekers are searching for a more genuine relationship between corporate and personal values.
Many of the newest employees believe their companies don't do enough to reconcile company ideals with personal values, and only one-third (34.1%) of 18-24-year-olds believe they share their employer's beliefs.
Keeping top employees in today's marketplace means making sure they believe in the job they're doing.
- Provide ongoing opportunities for employee development
Degreed polled 2,400 workers worldwide, including team managers and executives, from all industries and sizes to properly understand employee expectations.
The study looked at the differences between people who regarded their business learning cultures as favorable (named promoters) and those who ranked them as bad (called detractors) (detractors).
In positive learning environments, managers take an active part in their teams' development. It involves formulating development strategies, identifying new growth prospects, and giving progress reports. Promoters are 270 percent more likely than non-promoters to say their management encourages growth.
The study also discovered that professional growth is acknowledged more often than mere annual promotions. Lateral movements, stretch assignments, and mentorships all help individuals grow.
- Make employee mental health a priority.
Although the pandemic's effects may not completely play out for years, one thing is certain: you cannot overlook your workers' mental health.
Leaders may build a caring culture by addressing mental health issues and removing common roadblocks. As an example:
Examine your current health benefits: Do your employee health plans include mental health services? Would more services to reduce stress, anxiety, and depression help? If you're a leader today, highlighting mental health perks indicates you care about your employees' well-being. As a result, workers are more likely to use such services.
Among the facilitative steps you can enact are:
- Including mental health information in new employee training.
- Promote self-care and reduce burnout by being transparent with your new staff.
- Reiterate the value of a mental health culture throughout the onboarding process and employee lifecycle to build a community around the subject.
Opening up about mental health starts with leaders. Leaders should actively encourage mental health talks. The most effective corporate leaders are transparent, honest, and genuine, which should also apply when it comes to mental health.
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