7 Things To Consider for Employee Retention During 'The Great Resignation'
<p>&#8216;The Great Resignation&#8217;, &#8216;The Turnover Tsunami&#8217;, &#8216;Job Hopping&#8217;, &#8216;Great Covid Job Churn&#8217; and &#8216;Mass Employee Exodus&#8217;, we’ve heard it all. This revolution is gaining momentum as employees are jumping ship across the globe. We already talked about&nbsp;<a rel="noreferrer noopener" href="https://www.trueprofile.io/partner/resources/how-employers-can-get-ahead-of-the-great-resignation" target="_blank">The Great Resignation</a>, why employers are experiencing this workforce issue, and how they can mitigate it. Employers have been faced with the task of evaluating how and where their workforces work. Failing to do so will result in a low employee retention rate and high staff turnover.&nbsp;</p> <p>It’s well past the time to prepare workforces for the effects of the job-hopping phenomenon and what we can do to keep staff retention rates up. The pandemic has changed how people want to work, and as a result, the hiring landscape has turned into a&nbsp;job seeker’s market&nbsp;for many industries. If you’re lucky enough not to have felt the impact of this issue yet, don’t wait for it to arise.&nbsp;</p> <h2>How are &#8216;The Great Resignation&#8217; and employee retention connected?</h2> <p>The pandemic has had a massive impact on employee retention. Furloughs, changes to the work environment, and layoffs have all allowed the world to take a step back, take a deep breath and re-evaluate whether their needs are being fulfilled by employers. </p> <p><strong>Here are 7 employee retention challenges that must be overcome to survive &#8216;The Great Resignation&#8217; and to thrive in the future of work.</strong>&nbsp;</p> <h2>1. Support for Employee Retention</h2> <p>We previously spoke about how workplace changes and related stresses have significantly impacted employee well-being globally since the beginning of 2020. The shift in how and where we work has created a golden opportunity for organizations to support their staff during times of change. Whether introducing counseling sessions, raising <a href="https://www.trueprofile.io/partner/resources/mental-health-in-the-workplace-a-365-day-focus" target="_blank" rel="noreferrer noopener">mental health</a> awareness or days off, facilitating opportunities for reflection, supporting a positive environment will foster trust, encouragement and happy relationships. We discuss ways that organizations can encourage better workplace practices to&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.trueprofile.io/partner/resources/retaining-talent-during-the-great-resignation-with-employee-support">retain happy and supported employees here</a>.&nbsp;</p> <h2>2. Train and Upskill</h2> <p>Your organization runs on the strength of your workforce. Training, empowering and upskilling your employees will show them how valuable they are to you. Between technological developments, industry changes, or even company culture, devoting time and resources to training and educating your staff will maximize their skills, development, and knowledge. It may be done internally through a mentoring program or externally by hiring consultants or specialists to train your staff. Tuition, webinars, certification, and conferences are some ways to show your employees that you want to invest in their future, providing loyalty in return.&nbsp;</p> <h2>3. It’s a Job Seeker’s Market</h2> <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="535" src="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_793744954-1024x535.jpg" alt="It’s a Job Seeker’s Market" class="wp-image-12206" srcset="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_793744954-1024x535.jpg 1024w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_793744954-300x157.jpg 300w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_793744954-768x401.jpg 768w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_793744954.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>People are resigning to find employment that supports their employment terms</figcaption></figure> <p>Your employees&#8217; careers and personal priorities have shifted. Pre-pandemic physical clock-ins, office lanyards and daily commutes were standard. However, remote work has given many people the chance to reflect on how, why and where they work. People have re-evaluated their minimum expectations of employment. With these newly recognized priorities, people are resigning in droves to find employment that supports their own employment terms. People want more lucrative and rewarding opportunities.&nbsp;<a rel="noreferrer noopener" target="_blank" href="https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/job-seekers-are-gaining-control-over-hiring.aspx">Job seekers are gaining control over hiring</a>, giving employers the chance to get creative to attract new talent and retain valuable employees with incentives and options to match their lifestyles and plans.</p> <h2>4. The Value of Non-Monetary Compensation</h2> <p>Hybrid work, flexible timings, work from home and job sharing are all attractive benefits to attract talent that may otherwise not apply to work at your organization. Employees are motivated by both monetary and non-monetary compensation. Consider whether your non-monetary compensation truly benefits fresh graduates, new parents, older employees, or employees with disabilities. Job seekers want and need more than just a salary. A recent IBM survey reported that&nbsp;<a target="_blank" href="https://www.ibm.com/thought-leadership/institute-business-value/report/employee-expectations-2021" rel="noreferrer noopener">51% of respondents placed work-life balance as the top form of compensation</a>. Offering employees and candidates a sense of security, belonging, purpose, growth, and support are all key to preventing your staff from jumping ship. There is no one size fits all approach here, so deciding what compensation and benefit to offer is up to you. However, a good starting point is to listen to your current employees and find out their needs and motivations.&nbsp;</p> <h2>5. Hire and Promote Internally</h2> <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="535" src="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_1792769263-1024x535.jpg" alt="Employee retention" class="wp-image-12209" srcset="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_1792769263-1024x535.jpg 1024w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_1792769263-300x157.jpg 300w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_1792769263-768x401.jpg 768w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/09/shutterstock_1792769263.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Mapping how employees can move horizontally or vertically within an organization is very valuable</figcaption></figure> <p>Identifying your most valuable talent will allow you to improve retention <a href="https://www.trueprofile.io/partner/resources/recruitment-strategies-for-a-changing-world" target="_blank" rel="noreferrer noopener">strategies</a> within the workplace.&nbsp;<a target="_blank" href="https://mattwallaert.com/" rel="noreferrer noopener">Matt Wallaert</a>, Head of Behavioral Science at&nbsp;<a target="_blank" href="https://www.frogdesign.com/" rel="noreferrer noopener">frog</a>, recently said, “If a team runs itself for six months while you hire a manager, you shouldn’t be hiring, you should be promoting.” A lack of career development opportunities will deter current and future employees, so mapping how employees can move horizontally or vertically within an organization is very valuable.&nbsp;</p> <h2>6. Focus on Technology</h2> <p>Between meetings on Zoom, communication tools and emails, project management tools, and data storage, seamless technology experiences are productive for remote and hybrid workforces. But not only that, technology affects most touchpoints in the business sphere. Having the right tools in place, and training staff on how to use them efficiently, will reduce stress and increase productivity.&nbsp;</p> <p>In addition, employers and recruiters need to improve their data security, so job seekers and employees know that their data is protected and stored securely. Data protection strategies will mitigate security risks, data misuse, information leaks and cyber threats. Using innovative technologies like blockchain to secure and keep data will inspire confidence in applicants and clients while making employees feel safe knowing their information is being looked after.&nbsp;</p> <h2>7. The Hiring Process</h2> <p>From onboarding to long-term staff,&nbsp;<a target="_blank" href="https://www.trueprofile.io/partner/resources/9-effective-employee-retention-strategies-for-2021" rel="noreferrer noopener">employee retention strategies</a>&nbsp;must be at the forefront of all human resource decisions. If you’re hiring, it’s just as important to know what you can offer an ideal candidate once they’ve been onboarded and in the future. Give your retention strategy a lot of consideration and attention as it literally affects every single job applicant, employee, manager, colleague, client and competitor. Consider how you onboard, mentor, incentivize, communicate and work.</p> <p></p> <p>If you need any advice about <strong>increasing your healthcare workforce</strong>, please reach out to a member of our team via <a href="mailto:businesspartner@trueprofile.io" target="_blank" rel="noreferrer noopener">businesspartner@truepr</a><a rel="noreferrer noopener" href="mailto:businesspartner@trueprofile.io" target="_blank">ofile.io</a>.</p> <h2>Other Blogs on &#8216;The Great Resignation&#8217;</h2> <ul><li><a href="https://blog.trueprofile.io/retaining-talent-during-the-great-resignation-with-employee-support/" target="_blank" rel="noreferrer noopener">Retaining Talent During &#8216;The Great Resignation’ With Employee Support</a></li><li><a href="http://How Employers Can Get Ahead of 'The Great Resignation'" target="_blank" rel="noreferrer noopener">How Employers Can Get Ahead of &#8216;The Great Resignation&#8217;</a></li></ul> <p></p>