Rethinking Retention and Reining in the Great Resignation

Rethinking Retention and Reining in the Great Resignation

If you’re an HR professional, you are well aware of the stats by now. A majority of employees (65 percent, according to PwC) are on record saying that they are at least entertaining the idea of leaving their workplace for a new job. This August, a record 4.3 million workers actually took the leap and quit their jobs. In short, businesses in all industries are facing an employee retention crisis. 

The question is no longer, “Is the Great Resignation really happening?” In the wake of the effects of COVID-19 and the economic uncertainty that has come with it, the U.S. workforce has answered that question with a resounding, “Yes!” For organizations looking to stabilize their teams, the billion dollar question now is, “How do we rein in our great resignation with a healthy dose of great retention?” 

One thing is clear: The old ideas for keeping employees engaged and employed simply are not cutting it anymore. Thankfully, three building blocks for rethinking retention - identifying what makes your situation unique, reevaluating career paths and getting creative - provide a starting point for leaders in need of continuity in their workforce. 

Identify What Makes Your Situation Unique

The Great Resignation may be a catchy name, but lumping together millions of life-altering career decisions into one neat package can be misleading. Buried within the shocking statistics and clickable headlines are millions of individual personalities, motivations and behaviors driving these choices. The reasons for increased turnover can vary widely from company to company, team to team and person to person. Therefore, it’s important to zero-in on what makes your situation unique. 

Employing quick-fix solutions, like increasing compensation for particular high-turnover roles, may be tempting, but can also prove to be short-lived in effectiveness. Instead, consider utilizing company-wide surveying and soft skill assessments. These scientific tools can give leaders measurable insight into what’s driving change, as well as what might be more likely to encourage employees at a team and individual level. After all, if the factors driving employees to leave aren’t one-size-fits-all, why would a single solution get retention back on track?

Reevaluate Career Paths in a Changing Workplace

A recent survey commissioned by The Conference Board revealed that 58 percent of talent acquisition and HR leaders report that their employees are concerned about upward mobility if they are not physically in the workplace. These results highlight that the disconnect from the shift to remote and hybrid workplaces runs much deeper than missing out on water cooler conversations; employees are increasingly losing a grasp on the opportunities for growth available to them within their organizations. If employees cannot see a future for themselves where they’re currently at, it stands to reason that they’d look elsewhere for fulfillment.

How can companies counteract resignations stemming from this disconnect? The report goes on to recommend that organizations reward leaders for facilitating internal movement of employees, develop a cross-functional talent mobility program and find ways to give virtual employees added exposure to these opportunities for mobility. The motivations that drive an individual’s career decisions naturally change overtime. For better or worse, the COVID-19 pandemic has accelerated these changes for many people. Before losing talent to greener pastures elsewhere, leaders need to provide their employees with opportunities for upskilling, growth and lateral moves internally. 

Get Creative Early and Often

When an employee decides it’s time to move on, there are plenty of options available to organizations trying to find ways to keep the talent in-house. While money can be enticing for many employees, it’s not a panacea (and some organizations simply cannot withstand a counter-offer war for top talent given their current financial situation.) It’s time for companies to become creative when finding ways to retain employees. Using people analytics derived from surveying and soft skills assessments, HR professionals can better identify incentives that are personalized to the individual. For example, while an increased annual salary might be a key driver for one employee, more flexibility in scheduling and work environment might rank higher for another. 

However, one major takeaway for the HR Community in light of the Great Resignation should be that preventative measures need to be taken before workers begin to leave en masse. Let your creativity shine long before it needs to be used in a last-ditch effort to hold onto employees! According to Inc.com, some CEOs have begun relying on exercises such as “anything but work” check-ins, gratitude sharing sessions and games to connect with employees on a personal level in the era of hybrid work.

Will these efforts help boost your organization’s employee retention in the face of the Great Resignation? The only way to know is by building personalized solutions tailored to the needs of each employee. Otherwise, you'll be resigned to riding a rising tide of turnover. 

Are you ready to identify what motivates your candidates and employees? Experience how MyPrint can uncover a better way to hire and retain a top team by clicking here