The Great Resignation might sound immense, absolute, and final. While macroeconomic data indicate that many people have been reevaluating their present positions and their outlook on work, the Great Resignation phenomenon may be beneficial for both individuals and businesses if we reflect on it and respond to its lessons in an appropriate manner.
This development gives a new perspective on the Great Resignation. Despite the fact that it is reasonable for companies to be concerned about employee turnover, the Great Resignation is not the end of the tale. Your company might just be at the door of the Great Revival when former coworkers return to the fold and dropping revenues begin to increase under the guidance of seasoned professionals.
The term “Great Resignation” was used to characterize employees leaving their jobs in huge numbers amidst a rush of job offers and counteroffers as corporations embarked on a recruiting binge following two years of COVID-19-induced stagnation.
But 2023 brings with it a different tale. While industries such as IT, IT-enabled services, and startups reevaluate their recruiting strategies, autos, manufacturing, and retail will boost labor demand due to a resurgence in consumer demand.
Here are some techniques to increase former employees’ skills and desire to stay with your organization.
Employees often want to feel linked to the company’s purpose, so be transparent about its mission and values. This must be in line with regular pay evaluation with strategic considerations to remain competitive in terms of compensation. This could either be done by concentrating more on equity, pledging to pay above average, analyzing intangible compensation options, etc.
Also, in this post-COVID era, it is wise to assess all sorts of flexibility options that will benefit your employees, such as working hours, location, autonomy, and/or asynchronous work. This can further assist you to help your team in avoiding overwork and being sensitive to the reality that many homes are now offices while proactively trying to promote a fair working environment.
Employees return to their former workplaces for a variety of reasons; nevertheless, certain characteristics are more persuasive than others. Belonging is one of the most crucial factors. If a person feels as though they belong in a team and workplace, they are bound to be more attracted to that position and company. This is mainly true when compared to a new position that does not provide a pleasant welcome or appreciative managers.
When discussing boomerang employees, a culture of belonging is slightly different. It is not sufficient to develop a friendly culture for current workers; the work environment must also embrace returning personnel with open arms. This implies there will be no exclusions and no judgments at all.
In the workplace, workers anticipate flexibility. HR professionals shouldn’t see flexibility as a band-aid, hoping the wound would heal. For long-term staff retention, recruit independent contractors to alleviate the workload, hence increasing employee flexibility and reducing stress.
Human resource methods must become centered on individuals. Create an employee experience in which employees feel linked to the organization’s mission, are energized by their job, and the workplace has a good atmosphere.
Support more aggressive one-on-one outreach, all-hands gatherings, team bonding, and Ask Me Anythings by recognizing the significance of your team (AMAs). This could lead to the long-term goal of maintaining openness and transparency when changes inevitably occur. Thus, your company can develop a workforce in which individuals from all walks of life feel welcome.
Also, while you provide your employees with mental support, don’t forget about the technical support that makes workers more productive and efficient at their work. Human resource professionals are proven experts at providing much-needed training for the development of new skills for handling new tech. And lastly, focus on the advancement of key managers and provide chances for professional development to all workers.
According to research undertaken by the Limeade Institute, which polled 4,500 employees from five nations, 56% of employees were never asked for their opinion about returning to work before being called back in. This is a perfect illustration of how NOT to establish trust in the workplace. And if there is a lack of understanding of what workers want, HR will be unable to develop retention measures that meet their requirements.
The results of an employee survey should be shared with managers and top executives. Efficient surveys can be created and handled by an effective human resource team to ensure confidentiality and proper handling of the feedback. The organization will be set up for failure and very difficult lessons if its employees’ demands are disregarded.
The Great Revival anticipated in 2023 will not be a result of temporary fixes like free food, bean bag seats, and ping pong tables. These modifications need to be deliberate and long-lasting. A company’s success will be determined by a leader’s capacity to solve table-stakes concerns such as salary, flexibility, and overwork, as well as to foster a culture of involvement and care. In the end, these characteristics permeate everything, including customer experience, employee turnover rates, and creativity levels.
While 2022 witnessed polar opposite trends such as silent resigning and hustle culture, 2023 is anticipated to be a stabilizing year when the emphasis will be on keeping teams lean, upskilling them, and retaining them through stock options, retention bonuses, and clawbacks in senior positions. The best human resource and placement team will make sure your company is ready to assemble and retain your dream team and build a culture that your brand will be known for.
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