Public Interest

Great Resignation to Great Retention

When the economy is healthy and there are plenty of jobs, a lot of people quitting their jobs is a sign of a healthy economy. But the times we live in now are anything but normal. Because of the pandemic, the US economy went through its worst recession ever. Still, employers say they have a hard time finding workers.

This huge increase in people quitting their jobs and looking for new ones has been called the "Great Resignation" by some people. Managers are obviously eager to keep people on their teams. People who didn't want to give their teams more freedom in the past are now doing so. But the steps aren't even close to enough. Many managers think that the only way to stop the "Great Resignation" is to change their rules about working from home. What they don't realize is that employees have much more important things to worry about than whether or not they have to come to work. 

Some of the important points behind the “Great resignation are:

  • Burnout: The pandemic has led to an increase in workloads and stress, leading to burnout.
  • Remote work: Many employees have realized the benefits of remote work and are seeking more flexibility.
  • Better opportunities: With the economy reopening, employees are seeking better opportunities and higher salaries.
  • Re-evaluation of priorities: The pandemic has caused many individuals to re-evaluate their priorities and seek work-life balance.
  • Lack of recognition: Some employees feel undervalued and unappreciated by their employers, leading them to seek new opportunities.
  • Increased competition: With the rise of remote work, employees are no longer limited to local job opportunities, leading to increased competition for talent.

Here are ways to convert the “Great Resignation into the “Great Retention”

  • Study the company data 

Before you can figure out why people are leaving your organization, you need to know how big the problem is and how much it hurts. When employees leave a company, the remaining teams often have a gap in skills or resources, which hurts everything from the quality of work and the time it takes to finish to the company's bottom line. Hence, it is important to find out the business's retention rate and how resignations affect your key business metrics.

  • Find of what employees want

Employees should be polled, and the results should be shared with managers and senior executives. 

  • Support long term retention strategies

When people have more freedom, they are not only more productive but also happier. To keep employees for a long time, companies need to give them benefits that really matter for their long-term health. 

  • Prioritize employee well-being

 Companies need to prioritize employee well-being by providing mental health support, flexible work arrangements, and other benefits that promote work-life balance.

  • Increase compensation and benefits

 Competitive salaries and benefits can help companies attract and retain top talent.

  • Offer career development opportunities

 Employees value opportunities for growth and development. Providing training, mentoring, and career advancement opportunities can help retain employees.

  • Provide recognition and appreciation

People are more likely to stay with a company if they feel like they are important and valued. Recognizing employee achievements and providing opportunities for feedback and recognition can help retain employees.