How to keep your employees from leaving ?
In a world where employees have more power than ever before, it’s no surprise that companies are struggling to keep up. The Great Renegotiation is a real thing and it’s happening right now.
This isn’t just about money or benefits—it’s about employees being able to live their lives on their terms, which means not having to spend 12 hours a day in an office that doesn’t suit them or having to relocate for a job that takes them away from their friends and family, hence the Great Renegotiation.
Never before have employees had such a high degree of control over their careers, and they are well aware of that — according to a survey from a global consultancy, 87% of executives and managers are currently facing or will soon face skill gaps and from a 2022 Qualtrics report, half of the workforce in Asia could switch jobs this year.
Companies, the stakes are higher than ever, and you’re about to lose. It’s time for you to come up with a new game plan. Because your employees have more power than ever before—and they’re not afraid to use it.
So, how can you stay competitive in an economy where employees have the upper hand? The answer may be simpler than you think…
Give them what they want!
And what is that you may ask? Read along, we’ve summarized some key trends and actions you can start doing to ensure employee retention:
- Place Employee well-being as business-critical: a thoughtful examination of the culture and finding solutions on how to foster such an environment is critical.
- Implement Hybrid week with better employee experience: HR and IT will have to work hand in hand to provide smooth, equitable WFH/office transitions and conditions. Are you ready to jump to a 4-days week if your employees are requesting?
- Be ready to re-energize your employees: Some employees may have left your company during The Great Resignation, but many stayed. Companies will need to focus on motivating and engaging this workforce, giving them more purpose and boosting them by re-onboarding or re-skilling them.
- Provide good employee orientation: Especially for those onboarding virtually. There should be a clear, precise process. We’re talking about a deliberate step-by-step workflow, administrative task lists, and other orientation courses. Everyone in the company will be engaged in the onboarding process from HR to managers to IT.
- Promote & Offer Internal mobility: To retain talent, companies will no longer offer old school career progression where they must “work their way up” and await promotions. Instead, employees are looking for: personal growth, trying new things, purpose, earning flexibility in work, safe relationships and environment.
In conclusion, the main reason for this Great Resignation is a change in employees’ demands. Offering purpose, flexibility and seamless job experience should be at utmost focus this year for companies.