In continuation with our previous article on Great resignation, we bring to you this article on how to retain the most valued employees during the Great Resignation. The pandemic provided all of us with the great opportunity to rethink about our career choices. As a matter of fact, in the US many people have left their jobs at an unprecedented rate over the past one year or so. About four million people in the US left their jobs in July 2021 and a record 4.4 million people or 3 per cent of the entire workforce in the US left their jobs in September 2021, as per the US Bureau of Statistics. The reason behind this move include the search for a better package, the pandemic and option to work remotely.
The Great Resignation is going to continue in the same vein till the next year, as per the various media reports.We published a blog earlier about what is causing the Great resignation, please click here to read that article. About 48 per cent of the total US workforce is actively searching for a new and better job opportunity, according to a 2021 poll. Employers in the industries like retail and hospitality have always been challenged with the high attrition rates. But now, with the availability of the remote work coupled with the workers rethinking about their work life balance have become much more important aspects for the employees as they reconsider their career prospects post the pandemic.
However, we can retain the employees if we empathize with their concerns and develop loyalty in our team by cultivating relationships and taking good care of the employees. Listed below are the different ways how we can retain them:
This employee enthusiasm for a brand is a very competitive advantage for an organization within the industry. For example, we have seen airlines companies where the employees who feel connected to their brands have only one fifth of the consumer complaints as compared to their rivals which have more adversarial labour relations, even if both the airlines have almost identical records for cancellations and lost bags.
As a part of the company’s new design, managers are rewarded for encouraging their team members to stay curious, focused on innovation and manage their own selves. This means enabling and developing employees to better recognize their skills and their values.
The managers should recognize that the “Great Resignation” isn’t a short term issue, rather it’s a long term opportunity for the employers to build a competitive advantage by retaining and attracting the best talent. The most successful companies in terms of employee retention align themselves with the connection, progress and development of the employee. They provide the appropriate incentive systems and convince people not just to stick in their jobs, but stay motivated to throw their entire selves into the company’s mission. Organizations which tap into the power of their brands to deliver meaning to the employees are found to be much better in serving their customer’s needs and as a result, realize higher growth and success in the long run.