Just about every company has been affected in one way or another by “The Great Resignation”. Recently, some 4.5 million Americans left their jobs, and employers were left scratching their heads. Why is this happening? Some point to “COVID Clarity” while others tout a long-overdue need to balance fair wages, increase flexibility, and an overall refusal of employees to accept toxicity within work environments. While we all struggle to understand the root causes, employers are finding it difficult, if not impossible to operate to their normal standards. XPertHR reports that 89% of employers say that they believe recruiting and hiring will be challenging in 2022. Whatever theories exist around the causes for the challenge, all agree that something needs to be done. It’s more important today than ever before for your company to be resilient in order to endure the struggle while we figure out the long-term solutions. So what are the best steps you can take now to stay above water while navigating the overhaul of the workforce as we have known it?
Start at the top
According to a survey done by Korn Ferry, almost one-third (31%) of professionals they surveyed said they were thinking of leaving their job even though they didn’t have another one lined up. That is an alarming number of employees ready to walk out. There is an old saying that “people don’t quit their jobs, they quit their bosses”. Increasing employee retention is not only about having strong, supportive leaders, but it is certainly a first step to take and a no-brainer. For a long time, people have been promoted into leadership roles because of things like personal above-average performance and exceptional dedication to the company. While those things are to be rewarded, whether or not that person is truly leadership material is a larger set of questions. Whether you are new to the concept of evaluating leadership material or have spent years understanding it, there is no better place to start or to revisit than with empathy. Learn about how empathy in leadership can be an essential factor in strengthening relationships and reversing the Great Resignation trends in this episode of ICommunicate with Mark Altman, founder and CEO of MindsetGo.
Provide a path
As the labor market began to tighten up, many companies realized the benefits and necessity of upskilling and reskilling in response to the labor and skills shortage. Employees are more likely to stay in a position with growth potential, and with a company that has proven to promote from within. Having processes in place to keep a finger on the pulse of your employees’ career and life goals and establishing milestones for them to hit with you, means they are less likely to leave you. As an added layer, implementing mentorship programs can be a great way to reinforce employee development and that means that all the burden need not fall solely on the employees’ manager.
Raise your standards
It may sound like over-simplification, but the truth is that increasing success in any area of life and business starts with a decision to raise your standards. In today’s labor market, you have the choice to raise your standards and get out in front of the issues employees are telling us are causing them to leave their jobs, or your employees, rather, your former employees will eventually force it. Employees have said that they will no longer stay in “toxic” work environments. This is a blindspot for many business leaders and we must learn to practice extreme honesty in this area. I’m grasping to recall any business leader who has readily admitted to me that their work environment is toxic. Yet, there are countless employees who say they work or have worked in a toxic environment. Employees are demanding a workplace in which they feel valued and are recognized. Check out our tips on improving employee retention.
Keep up with the market
According to the Bureau of Labor Statistics (BLS), there are 10.4 million unfilled jobs in the U.S. alone, so why are they not getting filled? Employers are experiencing an increase in offers being rejected, or candidates simply ghosting them. Why is this? A survey conducted by The Harris Poll revealed that 63% of U.S. adults felt that pay is a top factor in decisions, 37% cited flexible work hours and 36% said benefits/perks. A big part of the flexible work hours is finding a position with a hybrid option. Candidates like to have the option to lessen their commute. Are you ensuring that you are keeping up with the market? Are you on par with what you are offering candidates, and what you pay current employees? If you are losing your top talent, avoid letting it happen again with these three tips to win top talent.
Eliminate lag-time
How long does your process take? Many candidates are engaging with multiple employers at once, so now is not the time to have a 30-day process, unless necessary. Is your process smooth, and providing the candidate with insightful information? Are you ensuring that your candidate feels as though they are a top priority for you? A Korn Ferry survey revealed that 75% of candidates say it’s unlikely they would accept a job if they were treated poorly during the interview process and lack of timely follow-up is a major source of people feeling this way. Are you staying communicative? Are you being honest and upfront? If you do decide to move forward with a candidate, have you taken a minute to review your onboarding process? The onboarding process is crucial and sets the tone for what the employee should expect from the company. Do they feel welcome, included, and appreciated? Are they given the specifics on their role, and what to expect? To some, a week is a reasonable wait time, yet to others, one day is too long.
The Great Resignation seems to be spiraling out of our control, but there are ways that you can help mitigate the challenges it poses. Starting from the inside of our own companies is the first step. Introducing a healthier work environment, supporting growth from within your own company, and just taking a step back and appreciating all that your employees do is a great way to start. Keep up to date with the trends of the market, and adjust accordingly. If your company is in good standing, introduce more raises, give your employees opportunities to learn new skills and take on new challenges, and do your best to be flexible with them.
If you happen to need some support along the way, feel free to reach out to Melissa Glenny at mglenny@franklinprofessionals.com.
