As we enter 2022, the Great Resignation has many considering why people are quitting their jobs and why employers are having difficulty recruiting.
Early retirement, a lack of available childcare and an increase in self-employment are some of the many reasons that we’re facing difficulties in the recruitment pool.
Americans were quitting jobs at a record pace in the second half of 2021, and it’s no secret that more plan to resign in 2022. The tight labor market has pushed companies to offer more or better benefits and higher salaries.
As we try to navigate The Great Resignation, we have to adapt to the ever-changing workplace. This means that flexible work arrangements will become more popular amongst the masses and not the exception. What we’ve discovered throughout the pandemic is that many have the freedom to work from anywhere and it has become the most sought-after benefit. According to new research from the WFH Research Project, people value flexibility as much as a 10% pay raise.
In today’s job market, candidates hold all of the cards. Many say they have received multiple job offers when seeking a position, and many more have been sought out by recruiters on platforms such as LinkedIn. This hectic hiring environment has put pressure on staff retention as many recruiters try to entice loyal staff with high-value offers.
Through the pandemic, it made the switch to remote work easier for many workers to manage their personal commitments, such as childcare and education. This also saved time each week by cutting out the commute to and from the workplace.
HOW TO MINIMIZE STAFF TURNOVER
Deferred resignations may have already peaked in 2021, meaning that voluntary staff turnover may go back to more normal level in 2022. Even if there is an economic downturn, it is always hard to hang onto your most valuable employees — especially if they are being sought out by headhunters. To combat this, here are some things that you can do:
- REVIEW YOUR EMPLOYEE PACKAGE
The main driver in the market, today, is salary. If a rival of yours offers your employee a 25% raise, there’s a strong chance that they will take the offer. This is why your first step should be to perform a salary review using current salary data.
This is only one element that you want to review. Ensure that you offer additional perks, benefits and bonuses that genuinely speak to each of your employee’s needs. You can also leverage remote work and flexible schedules to offer a sustainable work-life balance. That is key with many marketable employees.
- REVIEW YOUR DE&I STRATEGY
Where does your DE&I strategy stand now? Do you know? Has the level of diversity on your team changed since the pandemic? Have minorities seen their salaries increase at the average company level? Are all of your employees receiving the same kind of opportunities and support?
A proactive approach to DE&I will prove to your team that you take this issue seriously.
- REVIEW INDIVIDUAL CAREER PATHS
Many employees say that their careers took a setback during the pandemic. To help avoid these employees feeling like they have gotten left behind, you’ll want to take time to review their career goals and laying out a realistic career path. You can help support these career goals by offering meaningful professional development. Some options may include continuing education, certification courses or subsidies for higher education. Mentoring, job shadowing, opportunities to work on exciting projects, or professional association memberships can also spark a world of interest and importance amongst your team members.
If people feel that their careers are moving forward at a trajectory that they are comfortable with, they’re less likely to consider a change.
- REVIEW YOUR ORGANIZATIONAL CULTURE
With the many changes over the last couple years, one thing we’ve come to realize is that remote working is here to stay, even if that means the employee has more of a hybrid schedule. As these changes are made, it’s time to consider how to build a thriving organizational culture that includes in-office, remote and hybrid workers. With the right strategies and communication tools, it can be done.