Don’t let ‘the Great Resignation’ hurt your company
How to ensure it doesn’t cost your company valuable staff members
As we enter 2022, it’s an opportune time to both reflect on challenges, and successes, from this year and to finalize tactical plans to address potential obstacles for the upcoming one.
In 2021, the new phenomenon of “The Great Resignation” began. It refers to the massive number of workers quitting their jobs, sometimes without even securing another one. The Associated Press reported that in August 2021 more than 4.3 million workers resigned, the highest monthly total ever recorded. Why? Because people are fed up and want more compensation, more flexibility, better work-life balance and several other reasons.
Of course, the pandemic exacerbated the situation. As a leader, or the founder of your company, are you prepared to ensure your organization does not become a victim of this new threat to retaining talent? As we discussed previously, your people, not your products, or services, are your most valuable asset. You must treat them as such.
So, what can you do in 2022 to protect against “The Great Resignation?” Here are four tactical actions you can take:
• Make sure you are listening. Use what you hear to gain knowledge about what’s important to your team. As Stephen Covey taught, “Seek first to understand, then be understood.” Use technology and communications platforms like Slack and Teams, to establish permanent channels where staff can express their concerns. Additionally, create a way for them to do so, anonymously.
• Each manager must work one-on-one with team members to understand their career goals and help them develop a path that leads to the achievement of those goals. One of the key reasons for leaving is many do not see a clear, and realistic, career path so they go where they think they may find one.
• Offer flexible, work-from-home and hybrid options. Hybrid options give the opportunity to work a certain number of days at home and in the office. This is now a common request and companies that are not prepared to negotiate more flexible arrangements will likely pay for it in higher turnover.
• Illustrate to the entire team that you are not only focused on making money but that you truly value them. Remember “People don’t care how much you know; they want to know how much you care.” How does your company show that it cares? Recognition? Company outings? Extra time off to deal with family matters?
Taking these steps can reduce turnover, increase employee satisfaction and strengthen the bottom line.
Deon Bradley is a national business consultant and executive leadership coach. He is one of only 10 percent of certified coaches in North America with a track record of more than 30 years. He works with groups and works one-on-one with executives and business owners. For information, or a free 90-minute strategy session, contact him at bradleycoaching.com.