The pandemic of 2020 has reshaped the workforce in the US. Previously, professionals had to work their lives around their positions, but the pandemic has made society look at work differently. Individuals are now looking for jobs that work around their lives instead and are reconsidering their personal priorities.
Since the spring of 2021, approximately 33 million Americans have quit their positions. This is known as the “Great Resignation” as month after month we have seen historic records as the number of individuals handing in resignation letters continues to increase.
The reason for this shift is because professionals are looking for positions that have the right pay, benefits, and work arrangements that will benefit them in the long term instead of forcing themselves to fit into a position.
Unfortunately, there were no industries that were left untouched by the Great Resignation. This means that employers need to find the best strategies to retain talent. Employers will also have to learn how to thrive when the need for talent is at an all-time-high and there is a low supply of candidates.
The first step is to revamp your company’s retention practices. One survey of 900+ professionals showed that the leading causes of the “Big Quit” are due to low salaries (67%), limited career opportunities (66%), feeling unvalued by their employers (65%), strained relationships with coworkers (64%), and inadequate pandemic health measures (64%).
Other reasons included wanting to switch industries, negative interactions with customers, poor benefits, and not having the opportunity to work remotely. However, the participants of the survey confirmed that the following factors would help attract them to new positions: better benefits, flexible work practices, a better salary, more stable work, career growth opportunities, and more meaningful work.
Employers should keep in mind that candidates are now looking for positions that are more suitable for their lives and are reassessing their priorities, so businesses should consider ways that best attract new talent.
Many companies are now offering better benefits with higher salaries in order to slow staff turnover and entice new talent. However, the best way to create an attractive environment that maintains staff, is by simply researching what people want and providing it. You should also push your company’s culture to the forefront and remember if you prioritize your employees then they will most likely do the same for you.
Although this may sound simple, it’s not always easy in practice. Here are the best practices you can take to help your company’s culture as well as help your firm thrive in the years to come.
Do your research.
It is important that you know your company from the inside out. You should understand what your current and potential employees desire. The best way to do this is by spending time with them individually so that they can express their concerns and needs. Another way to do this is by conducting regular surveys and evaluations so that staff can share their opinions.
Many workers are looking for positions that offer them options and flexibility. Your company should offer staff members solutions in order to help create a greater work-life balance.
Manage schedules based on needs.
In order to maintain your staffs’ happiness, it is essential that employees are able to take control of their schedules. This helps ensure that they are working at times that fit best with their lives.
Provide competitive benefits.
Most employers believe that high compensation is what it takes to have competitive benefits in today’s market, however, this is not always the case. Great benefits could include education or technology stipends, an inviting work environment, all-expense paid day trips, or personalized gifts for staff members.
As you take these items into consideration, remember that a healthy work culture is no longer negotiable. For 2022, the greatest determinant of employee retention will be an excellent work culture that provides employees the tools they need to flourish.