The Great Resignation or the Great Reset?
What is the great resignation?
Globally, millions of employees are leaving their jobs in historically high numbers. This phenomenon has been dubbed “The Great Resignation.” An autumn 2021 study found that nearly one in four UK employees planned on switching jobs in the next few months. And the trends have only continued through this spring.
The Covid-19 pandemic has transformed the traditional work environment in many ways. Businesses and employees have adjusted to an unpredictable new work environment, conducting business virtually over video calls and messaging apps. They said goodbye to the commute, expensive parking, and professional clothing.
Why are people leaving?
According to a Pew Research survey, the top reasons that people quit their jobs in 2021 were low salary, insufficient growth possibilities, and feeling disrespected. The study also found that most workers who now have new jobs maintain that these new positions provide better pay, more growth opportunities, and improved work-life balance and flexibility.
Many factors have contributed to the transformative Great Resignation, such as burnout, overwork during the pandemic, a global emphasis on well-being and a talent shortage. But what does this shift mean for the future of work? Here we are two years later. As life returns to a pre-pandemic pace, there is no return to the early 2020 work environment.
What lies ahead: The Great Reset
The Great Resignation is more than just a movement of people quitting their jobs from one day to the next. It seems to point to something bigger. People are evaluating their relationship with work. Many employees want more than just a paycheck. They are seeking out fulfillment from their 9-5 jobs.
Unpredictable times have caused people to reconsider their priorities in life and make now-or-never job shifts, from switching job industries to breaking out on their own and becoming business owners. They are empowered to take action and opt for a career in line with their values, which gives them more flexibility in their hours or improved growth opportunities.
What your employees find most important might vary from work-from-home policy to views on sustainability. It is more important now than ever to understand what your employees prioritise. That way, not only can you find top candidates, but you can help care for them and allow them to learn and grow along with your business.
How to Stand Out as an Exceptional Employer
Luckily, organisations can do more than accept the Great Resignation. They can seize this rare moment, which we call the Great Reset, to evaluate and take meaningful action to recruit, develop and retain the people they need to establish a thriving post-pandemic company.
Hit the Mark with Attraction
In today’s job market, employers must do more than post their vacancies online and explain the benefits of joining their company. As organisations strive to find the ideal candidates at the right time, it is vital to understand candidates’ expectations.
How does your employer brand reflect your values and help you stand out? An attractive employer brand can help you win over talented candidates. Are you assessing what candidates are looking for in this new job environment? Your HR team needs to stay in tune with what your ideal candidates want in a company and their job. Companies are no longer shying away from taking a stand on current events and concerns. From sustainability to social issues, employees seek to be a part of organisations with values in line with their own.
Retain Top Talent by Fostering Development and Diversity
Encouraging open communication with your employees and providing a safe environment to express their feelings and concerns will enable the company to understand how workers feel. Prioritising taking care of and supporting your current employees is a key to attracting and retaining skilled candidates.
The only way to keep your employees happy is to understand what you are doing right, where you might be falling short, and what tangible changes you can make to improve. Being open to incorporating employee feedback in the company culture reflects an interest in employees’ well-being and will provide them with room to grow and opportunities for internal advancement.
Employees who are interested and challenged will stay longer. Fostering a culture of learning and developing essential skills will create an environment that promotes career growth and support. People want to feel their daily tasks contribute in a meaningful way and that their organisation is committed to employees’ personal and professional development.
A vital area of focus must be diversity, equity, and inclusion. People want to feel included- to be seen and heard, regardless of their age, race, gender, or religion. How are you assuring that your employees feel respected and appreciated? Do your policies uphold a diverse company culture?
Understand and Engage Your Employees
The joining and onboarding experience is critical for new employees. Once they are on the team, do you listen to and prioritise employee feedback? Incorporating employee feedback can help increase their connection to work and your organisation and allow employers to create a meaningful experience for them.
Your company culture and values must mesh with those of your workers. Once you have feedback, are you incorporating it into your policies and procedures? Is management upholding these values? Trust is essential if you want your employees to feel appreciated and recognised.
Culture of Well-being
Salary is not the only criteria for employee attraction and retention. The future of work is understanding what your employees want and what well-being means to them. Work-life balance and flexible work have taken centre stage.
Remote work took the world by storm during the pandemic. It has become much more commonplace in ways that were never imaginable and have transformed work culture for the foreseeable future. People have shown that they can be productive and efficient from home or with a flexible work schedule. Employees want to work on their terms, with more control over their personal time. They want to devote more time to their family, friends, and leisure activities. Having this flexibility contributes to their overall happiness and their happiness at work.
The Future of Work
Ultimately, companies that want to hire great talent and retain and engage their employees will foster a positive work environment with less turnover. Establishing opportunities for workers to work on their terms, provide a safe feedback culture that creates change, contribute in a meaningful way, and learn and grow with the company are the basics in a thriving organisation.