- In the past few months, there have been a significant rise in resignations and Professor Anthony Klotz has introduced the term “Great Resignation” for this.
- Several research highlight that employers can dodge the Great Resignation by developing brands that are captivating to employees and customers.
- Employers that associate themselves with advancement, employee development and offer suitable incentives are most likely to retain staff.
The last several months have seen a lot of resignations in several industries, in the US and worldwide. Anthony Klotz, a Psychologist and Professor at Texas A&M introduced the term “Great Resignation”. It is an understatement to mention that the previous 18 months have transformed how several people think about life, work, and what they want out of both.
How employers can entice quality employees
Increased workloads and stress caused by the COVID-19 pandemic can account for the rise in resignation among jobs that were in high demand during the pandemic. In the US, currently, companies have several open positions, and across the globe, as per Microsoft survey, 41% of employees intend to leave their current jobs this year.
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In this article, we will discuss five things’ businesses can do to attract quality employees-
1. Commitment to employee growth
Employees want to work for the companies who help them to deliver their best, and at the same time offer rewards when they do their best. In response, some businesses are going so far as to provide flexibility to their employees to step up and take more responsibility. In a nutshell, enabling employees to understand their skills and value better can help businesses retain their employees.
2. Hybrid work model
During the COVID-19 pandemic, employees were forced to work remotely. And now, many of them want to continue remote working some days a week. Several media reports highlight that more than half of survey respondents emphasized that they would look for work elsewhere if they were required to return to the office five days a week.
3. Address well-being of employee
Employee care and well-being is a game changer for employees. Some reports highlight that during the COVID-19 pandemic productivity levels were usually up while employees' well-being levels were down. Active concern for employee well-being begins with the ability to see every team member as an individual having a life outside of work.
A hybrid working model includes not only the location but also flexible working hours. Remote working has offered employees flexible scheduling and changed the hearts and minds of people. Experts say that lack of flexibility and not feeling appreciated was the top drivers in the Great Resignation. Some reports highlight that employees are leaving their employers searching for more compensation, flexibility, and happiness.
5. Appropriate incentive systems
Successful employers for employee retention need to provide appropriate incentives and other benefits. For example, some employers convince their people not just to stay in their work but also encourage them to become brand ambassadors and contribute to the company’s mission. Such employees can be given some special company rewards. The rewards do not have to be extravagant, but they do have to be something that would be beneficial to the employee.
Employers need to understand that the "Great Resignation” is not only a short-term concern but possibly a long-term prospect to build a competitive benefit by retaining and enticing quality employees.
Furthermore, the most successful businesses in terms of employee retention align themselves with employee development and offer suitable incentive systems.