The Covid-19 pandemic has created a huge impact on all of our lives and has in fact prompted many people to re-evaluate what they do for work, and more importantly, how they work. Significant numbers of workers are changing employer, considered becoming self-employed, or even considering changing industries. Over the last year, so many people have thought about leaving their current positions that it has been labelled as 'The Great Resignation'.
In this blog, we look at why 'The Great Resignation' may have happened and what employers can do to retain their staff, whilst still attracting top talent today.
What Has Caused 'The Great Resignation'?
The Great Resignation was first noted in the United States in April 2021 - with indications that it has now spread to the United Kingdom, Europe, and even Australia.
The USA's resignations have remained abnormally high for the last six months with 10.9 million open jobs. Whilst in the UK, a survey conducted by Atomik Research for Reed.co.uk has found that 47% of employed men and 34% of employed women were looking for work in August - and a further two thirds of young workers are looking for work.
The pandemic has definitely acted as an incentive for many workers, giving them plenty of time and space to re-evaluate their careers. However, the real causes of 'The Great Resignation' are a result of factors that prompted the dissatisfaction in the first place.
Studies show that a lot of these workers are looking for higher salaries, more opportunities for annual leave, and a clearer path for progression in a business - not only this, but one of the most important things that workers look for when applying for new roles, is to improve their work life balance.
Your Response To The Great Resignation
Perks & Benefits - Although a lot of workers consider looking for a new role as they're not happy with their salaries, more people are now saying that they would consider staying in their current position if they were to be offered better perks and benefits over the pay rise.
In recruitment, we see all the different perks and benefits companies offer to their employees, such as, gym memberships, increased annual leave, access to mental health advice and help, and even private medical insurance. As an employer, it may be time to review your benefits package to see where you can add value for your employees. It can seem like an expensive investment to begin with, however, in the long run it will definitely benefit your retention rates and overall talent pool.
Work-life Balance - One of the biggest issues that many workers found difficult during the pandemic, especially when required to work from home, was trying to maintain a healthy work-life balance.
When your living room or bedroom suddenly becomes your new office, it makes it very difficult to switch between the usual 'home life' and now your 'work life', resulting in these boundaries becoming very blurred - understandably, this will take a toll on anyone.
With everyone slowly coming back to the office, you need to find out how your workers feel about their current work-life balance. You can ask line managers to bring it up in their one-to-ones with employees or you could even conduct an anonymous survey.
Giving your staff the opportunity to express their feelings about their work-life balance is the way to help improve it. The most important thing to do is to simply act on the feedback you receive. Implementing these changes based on feedback from staff will show that you value their opinion and wellbeing. Once your new policies are in place, it's extremely important to demonstrate to new applicants, to show them what life is like at your company. Most job seekers are looking to work for companies that offer plenty of support that's beyond the pay package.
Flexibility - Many workers spent the pandemic working remotely, so much so, that businesses and employees discovered the many benefits of this working lifestyle. When you cut out the commute, a lot of people found themselves with more personal time in the mornings and evenings - allowing them to fit in the school run, exercise, or prepare homemade meals before they start working for the day.
Since the pandemic, the traditional 9-5 in the office seem's to be fading away - workers are now calling for more flexibility over when and where they work. Along with the option of working remotely some, or all of the time, more businesses are now adopting 'flexi-time' or 'core hours' where their employees are expected to work during certain times of the day, but it's left up to them to decide where they make up the rest of their hours.
Introducing policies like this will also allow working parents more time to do the school runs and have more family time for example. Furthermore, it also allows time for medical appointments without having to clear it with managers or using up any holiday allowance. There are many perks that introducing flexibility has - this all contributes towards having happier and healthier employees, which in the long run, will help to improve productivity in the work place and also staff retention.
Career Development - The pandemic has definitely given many people more than enough time to think about where their careers are heading. Investing in training and career development opportunities for your staff would help to show them that you're actively thinking about their progression as most top workers are unlikely to stay with a company if they don't see a clear path for progression.
When recruiting, make sure that the applicants are fully aware of the focus you have on training and development and be prepared to show this in action - after all, actions speak louder than words. The top candidates will want to know the opportunities that are on offer for progression within the organisation, in turn widening your existing and future talent pool, giving you more opportunities for business growth/diversity.
Your Mission - Another impact of the pandemic is that it has made many people assess the satisfaction that they get from their work - this usually comes from feeling a sense of purpose behind what they're doing. If an employee can't identify the mission behind what they're doing every day, it can be completely demotivating.
If you feel as though this could be happening to you and your employee's, it could be the right time to go back and take a look at the company's core values and mission to ensure that they're still relevant.
Giving your company a clear mission statement that's central to what your organisation is working towards will help you in a recruitment journey. It will help the potential candidates to see what your company is about and whether the values and goals match up to their own.
The pandemic has caused a big impact on all industries across the world, but considering the fast pace change we experience today, it most likely won't be the last disruption we have to the world of working. Simple steps can be taken in order to protect your business as much as possible from 'The Great Resignation, whilst attracting those who are dissatisfied from their current position.
Here at Talented Recruitment Group, we think that this is an open opportunity for businesses and employers to develop in order to better their organisation, employee's well being, and also the recruitment journey. Retaining your staff is extremely important and following some of the steps we mentioned is a simple yet effective way to do so, whilst also making it known to potential future candidates.
Let us know your thoughts on 'The Great Resignations' and what can be done to help!