Long before an employee officially resigns, they’ve already taken a considerable chunk of time to list the pros and cons of putting in their papers. This simply means that whatever the problem is, it has been bugging them for a while.
Millennials and Gen-Zers now account for the majority of the workforce and have a very different work style than previous generations. They believe in switching jobs, changing careers, and moving around, at the drop of a hat.
Enter, The Great Resignation
A phenomenon when employees voluntarily choose to leave the company with zero willingness to reconsider their option of rejoining. And it was the pandemic that actually gave rise to this concept.
What did COVID 19 have to do with attrition rates?
For starters, it made employees more aware and led to some major changes in the way they work. While mass layoffs were in the news around the corner, what we failed to acknowledge was the fact that 40% of employees willingly chose to quit their jobs during the pandemic. They were extremely exhausted, not getting paid enough, and recognised that the workplaces did not care about them as much as they should have.
Nearly three-quarters of Indian employees are actively looking for new jobs!
Numerically speaking, that’s 75 PERCENT out of 100.
By the looks of it, we are in a state of crisis. Sadly, workplaces cannot dial 911 and hence, we must come up with a strong and sustainable retention strategy at once.
Promote being vocal
When you ignore your employees’ opinions and feedback, you close the room to evolution. Include surveys and interviews that take the employees’ opinions into consideration, from time to time.
Keep an eye on industry standards
Many people leave the workplace because they are dissatisfied with the salary they get for the work they do. Yes, appraisals happen every year but industry standards keep changing and so does the workload of your team. Make sure that once in every six months you actually sit down with your team and try to understand their workload and salary expectations. You should also ensure it is meeting industry standards.
Ask yourself, are my employees truly engaged?
Employee engagement leads to job satisfaction which leads to better retention. Keep an eye on whether your employees are happy and satisfied with their work. A couple of ways to improve employee engagement include selecting the right managers for the right team, constantly providing individual growth opportunities for everyone, and setting realistic expectations when it comes to achieving goals.
Have a flexible mindset
It takes the efforts of a number of people to run your company. The least you can do is be empathetic towards them and their demands. Start with having a flexible mindset. It means accepting their way of working and listening to them. Some employees function best in the office while others deliver better when working from home. Some employees divide tasks into smaller chunks while others tackle heftier tasks first.
Don’t forget the ones who throw in the towel
If, despite everything, an employee decides to quit, remember that goodbye can often be an opportunity rather than a disaster. Conduct exit interviews and have a heartfelt conversation about what made them take this decision. Discuss how you can improve as an organisation to ensure this doesn’t happen with other employees.
Attrition is like an iceberg
We sometimes shrug it off by looking at the surface of the problem and blaming the departing employee for the decision they’ve taken. However, as you dig deeper, you discover there is so much more to it. Often, it can be loopholes in your own work culture that drive top talent away. Diving into the heart of the matter can help you find a better solution.
Lastly, learn to let go
When an employee quits, the wisest thing you can do is acknowledge and understand that individuals often have growth plans separate from a company’s growth. It’s okay to let them go and give them the opportunity to explore other possibilities. This often remains unnoticed but supporting your employees extends beyond the workplace and work hours. Supporting them also means letting them find their way.
Psst! This blog was made with💚 and created after some thought by a real person.#NoGenerativeAI