The Great Resignation has been triggered by the pandemic – but why are resignation numbers not slowing down as the pandemic wanes?
During the COVID-19 pandemic, many workers quit due to safety concerns or because their organisations are not providing adequate remote work support. Many left to seek autonomy and meaning in their work, linked to self-reflections during the lockdown. And the others resigned for better pay elsewhere as the labour market tightened.
Yet while COVID-19 restrictions and pandemic warnings are easing in most countries, the resignation numbers are still piling up. Many employees who have yet to resign intend to do so in the coming months. In fact, research from Robert Half revealed that 41% of professionals are currently looking or plan to look for a new role in the second half of 2022.
It is no secret that attracting and retaining key talent is critical to the success of the organisation. After all, the organisation is only as strong as the collective talent of the people who work there. Here are some strategies that organisations can deploy to attract and retain key talent.
Demonstrate an attractive work culture
A great work culture is linked to better talent attraction and retention, and boosts engagement scores by 67% when organisations talk about culture. A strong organisational culture is also closely linked to a positive corporate brand. Publishing testimonials from employees and reinforcing the company’s corporate values and mission helps to enhance the overall corporate brand and attract great employees.
Offer attractive compensation and benefits packages
Competitive salaries are key to attract and retain great talent. Researching the market’s average rate within the respective industries and conducting regular compensation benchmarking exercises can help to ensure that employees are being offered competitive salaries. In addition to competitive salaries, basic benefits such as dental, vision and medical benefits have become somewhat of an expected standard with 92% of employees stating that benefits are key to job satisfaction.
Use modern technology
Technology plays a huge role in attracting and retaining talent. Cumbersome and lengthy application processes can be a major turn-off for candidates, with 95% of candidates who are interested end up not applying or do not complete the application process once they have started. To achieve hiring success, organisations need to move beyond outdated hiring software and streamlined the application process.
Similarly, 35% of employees globally believe that outdated processes or technology makes their job harder than it should be. There are a plethora of bespoke solutions and platforms that organisations can leverage on to automate or simplify manual and common processes, regardless of industry or role. Ultimately, using modern technology helps organisations to serve customers better as well as make employees’ lives easier at work.
Offer growth opportunities and programmes
Employees, regardless of career level, want to feel like they are progressing in their career. When recruiting a new candidate, always highlight any opportunities for growth and development within the organisation. Additionally, once someone is hired, ensure that there is a clear path for career advancement. Outline goals and provide employees the necessary resources to help them achieve it. A clear career path and learning programme would keep employees happy and engaged, with 78% of employees indicating that it will compel them to stay with the organisation longer.
Encourage work-life balance
In the post-pandemic era, work-life balance becomes even more crucial, with over 70% of employees indicating that they would be more loyal to an employer if flexible work options are being offered. Today, flexible or hybrid work arrangements are essential in order to attract the best talent. Offer employees options to work flexibility when possible and ensure that adequate tools and resources are provided. At the same time, provide ample vacation time and encourage employees to take leave when they feel burnout or need to recharge.
Create open and frequent communication channels
The shift to hybrid working has highlighted the importance of good and transparent workplace communication. This means openly sharing information about the organisations’ goals, plans and progress. Employees, whether they are working on-site or remotely, should feel comfortable raising their ideas, questions and concerns at any time. Business leaders should provide employees with resources to voice their feedback in a safe manner and allow them to give inputs on decisions. When employees feel that they are in the loop, this will likely encourage them to stay longer in the organisation.
Foster a sense of community
Building a sense of community within the workplace helps to maintain high engagement rates, which forms the foundation of any happy and successful workplace. Team lunches and in-office activities as well as social activities outside of work enable employees to feel like they are part of a community. These activities can be anything ranging from employee sports teams and team outings to community volunteering events or company retreats. In organising these activities, ensure that the workplace itself is inviting and comfortable with plenty of amenities and common areas for employees to bond and enjoy.
Employees are the organisation’s greatest asset. Attracting and retaining employees require a myriad of strategies. The deployment of these strategies will be different for each employee group. Hence, it is imperative to understand what motivates an employee intrinsically and extrinsically. If an employee ultimately decides to leave knowing that they were valued and supported, they are likely to say good things about the organisation and perhaps even come back to work for the organisation again.
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