Don’t let ‘the Great Resignation’ hurt your company

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.

You May Also Like

Avoid These 4 Common Investing Mistakes People Make in a Slow Economy

You probably remember hearing all about the Titanic in great detail during history class. You might remember how this ship was described as the epitome of luxury and had been

Avoid These 4 Common Investing Mistakes People Make in a Slow Economy by Dr. David Phelps
Where ‘Smart’ Money Is Going As the Economy Declines

Despite most TV pundits loudly proclaiming over the last few years that the US economy is strong, inflation is just transitory, and capital is plentiful, they’ve finally started to admit

Where ‘Smart’ Money Is Going As the Economy Declines - Dr. David Phelps
Ask the Experts: Beware of the underdog

Underdogs are highly regarded, and celebrated, throughout history and sports. Think JK Rowling, Robin Hood and King Arthur. The “Cinderella team”— Miracle on Ice.  Underdogs are legendary because they defy

Ask Debbie Lundberg: Out of office, out of mind

Dear Debbie,  Can you help with some Out of Office (OOO) coaching? I recently took some time off from work, but I always try to be available for urgent matters

Other Posts

Crafting company culture: The power of workplace design

By Gilbert Broco, president, CI Group In the evolving landscape of business, where competition is fierce and talent is sought after, fostering a strong company culture has become a critical

Ask the Experts: Selling in an AI World

In case you haven’t noticed, a shift in the profession of selling is underway. This shift – the digital empowerment of buyers – has been rumbling for a while but,

What are your sales forecasts this year?

By now, you should have already completed your sales forecasting for 2024 and be well on your way to laying the groundwork for a wildly successful year. Sometimes I find,

What’s a strategic partner and do you need one?

Have you ever found yourself pondering, “Do I need a strategic partner or is my executive assistant ready to level up and become the MVP in strategic moves?” Let’s ditch