Despite mounting economic unrest, the Great Resignation wave seen over the past two years continues to intensify. According to a recent survey by McKinsey, over 40% of employees are looking to leave their current jobs. The factors affecting these moves are linked to offers of more senior roles, better pay or more meaningful work. So in times like these, it becomes vital that companies take stock of how they are engaging with their employees and what they are offering in terms of opportunities, culture and connection.
Culture: The key motivator
Gone are the days when people worked for money alone. Rather, people are seeking meaningful work in empathetic environments, working under value-driven leadership. In recent research by PwC involving 3200 employees and managers, almost 70% of respondents said that adapting culture was a key reason for their success. This requires the creation of an environment where staff feel a sense of purpose and belonging and where they are rewarded for their efforts. When employers fail to meet these shifting needs, they are seen as rigid. Further to this employees are looking for a culture that celebrates autonomy and flexibility and those businesses which haven't moved with this trend are seeing a greater number of resignations. Essentially, as employee needs change, so too must the employer. The ones who listen and make the effort to adapt will foster a better culture and this translates into a higher staff retention rate.
Reward ambition with skills development
All staff members crave feeling valued. They want their managers to help them expand. With this in mind, employers should reward ambition with opportunities and resources to grow and learn more. Not only to benefit the company with these new skills but also to invest in the person themselves, regardless of where those new skills may take them. Some companies are taking this on board and creating internal learning platforms and helping staff develop hard and soft skills, encouraging promotions and role expansions. In this way, company-sponsored learning is a very cost-effective and practical way to build an environment where teams really thrive.
Employees may decide they want to leave, but that doesn’t mean you can’t still stay in touch with them. In fact, maintaining connections is a great way to keep the door open to good people who may want to return down the line. Many companies are creating alumni networks of previous employees, keeping them updated with news, events and roles on offer. This is a smart strategy to help you remain engaged with past and present employees and also remain in touch with other trends in the workforce.
The bottom line
The dynamics of employee retention is shifting and companies are really needing to tune in to their staff and adapt accordingly. By keeping these core considerations in mind and rolling out strategies authentically, your business will be well on its way to creating an inviting and responsible culture for current and future employees.