October 11, 2022
The Great Resignation
Companies are facing a big problem on account of losing talented people in the so-called great resignation- what can you do to keep them and make it a win-win situation?
Many businesses have been struck by the pandemic one way or another. We are starting to see the consequences everywhere, and one of them is The Great Resignation or The Great Quit. It is an en masse voluntary resignation of people worldwide, cross-industries that started sometime in the beginning of 2021. It all comes down to one thing- looking for better jobs, or should we say greener pastures. But guess what, the grass is not always greener on the other side. The pandemic might have been just a trigger for such a trend, but toxic workspaces and fatigue were the breaking point. The neglected mental health of employees has been long overlooked, and it was almost inevitable for such a massive movement, and it doesn't seem to be slowing down. Surveys say that 61% of professionals aged 25-35 have changed jobs in the past two years or plan to do so, within the next two years. On the other hand, it has been a year since this trend started and many professionals are starting to show regret and half of them wish they could turn the clock back. The great resignation or the great regret is a big problem for everyone. People are our most valuable asset in any business or company. They are the source of competitive advantage and a big factor in continuous success. But times are changing. With new generations come new behaviours, habits, values and lifestyles. Gone are the days when an individual spent his or her whole life in one company. This new generation is one of the thrill seekers, usually eager to advance, they want it all and they want it now. And that makes sense since we live in such a dynamic and ever-changing world, with a very difficult past, however, all this comes at a high price. The almost impossible tempo has taken its toll on the mental health of many people, and companies focusing solely on performance and profits to stay in the game are just adding fuel to fire.
"Surveys say that 61% of professionals aged 25-35 have changed jobs in the past two years or plan to do so, within the next two years."
What can you do to stop people from leaving your company?
Your employees are a vital part of your business. Understanding them better and their needs will make both of your lives better. As we’ve discussed working Remotely has proven to be a great way to improve employee well-being. Trusting them and giving them more freedom hasn't only been beneficial for employees but has proven to be as beneficial for businesses too. Another option is giving them more flexibility with work hours. A 9-5 workday doesn’t suit everyone, but as long as they finish their job on their terms and do not compromise anyone or anything else, then why not try it out?
Inflation at its finest
Inflation has affected almost everyone globally, so many tend to leave for better-paid jobs. This means that more and more businesses are forced to raise salaries to keep up with the competition and hold on to talent, but paradoxically this keeps pushing up prices. But even with the increase in wages, buying power is reduced and many are struggling to meet their everyday needs.
It's all about the small things and caring for your employees
Small things such as organizing free meals, or free transportation can help you keep your employees. But the most important thing is to provide them with a non-toxic workspace. A workspace where they feel pleasant, respected, appreciated and valued. We are all in this together, so we must all try to make the best of it. Skill development programs and training programs through which they can further grow and expand their knowledge are great ways to motivate your employees to stay. And of course, this also means that you will get a more skilful workforce in return.
Loyalty through the good and the bad
You and your employees are part of the same company and are supposed to work together to achieve the same goal for the well-being of everyone. And only if you switch to that mindset will you be a better leader and manager of your business or organization. Your employees are aware of how you treat them, and if you can create a strong bond and loyalty, you will overcome any crisis easily.