How to Survive the Great Resignation
Companies now find themselves in the unenviable position of competing with other organisations for talent. It is becoming increasingly difficult to attract potential candidates with the skills and experience required. Many of the barriers in attracting staff are outside of our control and are influenced by the labour market. Although recruitment is dependent on many external factors, employee retention is very much in our hands.
So, what makes an employee want to leave their job? While salary and benefits are important they are not the main reasons people take up or stay in a role. Individual employees have different needs that will motivate their decision to stay. Organisations should focus on retaining the talent they currently have. This can be achieved by creating a company culture that empowers your Organisation to be the best version of itself and inspires employees to say, “I belong here.” This involves influencing employee retention through developing and implementing an Employee Retention Strategy that reflects the culture of your Organisation. This should include the following key components:
- Employee Recognition
Employees who are appreciated and rewarded for their hard work are more likely to stay longer. Acknowledging employees performance makes them feel their work is meaningful and their contribution is valued and appreciated. This provides employees with a sense of accomplishment that drives further commitment and performance. It also boosts productivity within the organisation as others see and understand what success looks like.
Employee recognition can take many forms from informal feedback to formal recognition programmes. In a recent Gallup Survey, 28% of employees reported that the most meaningful and memorable recognition they received was from their line manager. In this context, line managers play a pivotal role in how they recognise employees contribution both formally and informally as part of a Performance Management Framework.
- Employee Engagement
Employee engagement is another key area that not only improves motivation and performance but provides employees with an opportunity to have an input and be involved in what is happening within the organisation, particularly on issues that will impact them directly. Through employee participation and feedback, organisations gain insight into the employees experience of working within the organisation, what is working well and what can be improved.
Therefore, it is essential that engagement is meaningful and not seen as the manager conducting a ‘tick box exercise’. When inviting participation and feedback from employees it is essential that this is acknowledged, feedback given and action taken where appropriate. Employees will disengage and become demotivated in circumstances when they are asked for input that is subsequently ignored. Employee engagement is a critical success factor to increased productivity and loyalty to the company that leads to higher retention.
- Learning and Development
According to LinkedIn’s Workplace Learning Report, 94% of the workforce stays longer if a company invests in professional development. Employers must invest in employee L&D and provide a clear path for career advancement as part of a employee retention strategy.
Investing in employees development and identifying opportunities for them to learn and grow, demonstrates that they are an essential part of the organisation’s growth and success. It also supports the development of the internal talent pool and succession planning, as the Company ensures remaining employees have the necessary experience and competence to operate effectively at a higher level.
- Career Advancement
Develop alternative career pathways to advance within the organisation other than being in a management position provides employees with other options to progress in the orgnisation.
- Flexible work arrangements/work life balance
This may be a challenge in some organisations due to the nature of the work. On the basis that it is an important part of any employee retention strategy, as it makes the employee feel productive and motivates them to stay, appropriate flexible working arrangements should be explored.
- Job satisfaction
Keeping employee interested and stimulated increases job satisfaction, motivation and performance. Therefore, it is essential to the job itself and examine how the job is designed and ways in which the work can provide challenge and opportunities for growth and development.
- Management practices
The management approach adopted dictates how managers communicate and engage with employees. Managers who demonstrate they care about, value and respect employees, and provide them with the necessary supports to do their job is crucial in enticing employees to remain in the organisation. On that basis, the organisation should invest in managers to ensure they have the necessary skill and competency to manage people effectively, and avoid creating a toxic working environment where no one want to stay.
The culture within your is illustrated in how you treat employees. High level so employee turnover is symptomatic of a variety of issues within the organisation. Irwin HR can diagnose the issues and design a strategy to address the issues and support implementation. To discuss how to prioritise your Employee Rention Strategy in 2022 contact vivienne@irwinhr.com or phone (01) 513 4740.
In the meantime, show your employees you appreciate the work they have done in exceptionally difficult circumstances. One way to do that is to provide a tax free bonus. The following article by allgo explains how many employers are missing an opportunity, as Only 56% of Companies using Small Benefit Schemehttps://blog.allgo.ie/56percent_smallbenefit
