How to Navigate Through the 'Great Resignation'
The "Great Resignation" is all over the media, causing mass panic for some. But, don't fear! We'll outline what it is, how it can affect your business, and how to retain and attract employees.
What is the Great Resignation?
The Great Resignation started in Spring 2021. Many employees resigned from their jobs. The pandemic fueled the mass exit due to shifting priorities and early retirements.
Everyone had different reasons for quitting. Some quit for jobs with better pay, security, promotion opportunities, or other benefits. But many left for more flexibility, including remote working or a stronger work-life balance.
The resignation isn't over yet, and wavering thoughts are most common in younger generations. 52% of generation Z and millennials said they'd think about quitting this year.
How Will the Great Resignation Affect My Business?
The Great Resignation can impact your business as any turnover does. But right now, it has a greater impact, with more employees resigning. Employee turnover decreases productivity and increases both costs and the time needed for training.
On top of that, since many employees are leaving at once, it's a more competitive hiring market. More companies are trying to hire the same candidates. Most candidates are getting three or more offers before accepting a job offer. There is an employee shortage in most industries and high demand for certain skills.
On the flip side, employees tend to be pickier about the jobs they accept. It's therefore important to have a clear plan to attract new employees and retain current ones.
How to Retain Employees During the Great Resignation
One of the best ways to combat the Great Resignation is to keep your current employees. Position yourself with a strong retention plan to reduce the need for replacements.
Conduct Stay Interviews
Most companies conduct exit interviews but not stay interviews. Interview current employees about their job satisfaction and what would improve their experience. Being transparent and listening to their wants and needs will improve their happiness. So, make sure you act on this data afterwards!
Build Teams Based on Relationships
When hiring, focus on skills and experience but also on employee culture. Sometimes individuals in a company work and communicate differently than others. When hiring for a team, keep in mind how you think they would fit into that culture. Better yet, have a member of that team join an interview to get their opinion.
Improve Employee Recognition
There are many ways to improve employee experience, including culture, events, and benefits. One of the strongest ways you can do this is by giving them recognition. A pay raise isn't the only way to reward high-performing employees. You can also give awards, promotions, or praise within the company.
Review Compensation Structure
Make sure your compensation is competitive by doing industry research. Financial stress impacts employee motivation. If someone is unhappy with their salary, they may keep one foot out the door while searching for other jobs. Stay competitive to avoid a good employee leaving for a role that pays higher.
Review Benefits
Employees are placing a greater emphasis on work-life balance. 47% of people are putting time spent with family and friends over their work lives. Try to foster work-life balance in your culture. You can also improve this by offering competitive vacation packages or remote options.
Understand Company Trends
Do some research within your organization. First, determine who's resigning, including their position and team. Then, see why they are leaving. You can use stay and exit interviews to see which factors increase or decrease resignations. Finally, understand how this impacts your business and what you need to do to remain profitable. You can also use this data to forecast employee turnover and create a strategy to reduce the effects.
How to Attract New Employees During the Great Resignation
With the right approach, you can set yourself apart from other employers and stay ahead in a competitive hiring market.
Be Transparent with Applicants
Be honest about the culture, job description, salary, and promotion opportunities. This will set expectations and lead to higher job satisfaction. You can do this in interviews, the job posting, and on the company's career page.
Refine Your Onboarding Process
Onboarding gives employees a glimpse into the company. Employees with better onboarding experiences are 2.6 times more likely to have job satisfaction. Assess your onboarding process to ensure it's informational and enjoyable for new hires.
Frictionless Application Process
There is no shortage of roles, so make sure your application process is frictionless. If the application seems complicated, candidates may move on to the next job. You may need to re-evaluate your hiring platforms for ease.
Move Quickly
Candidates are getting more offers than ever. We're in a candidate-focused market, so move fast before they accept another job. A great way to do this is by conducting a working interview (which you can post through AmbiMi). It gets them in the door, you can assess them, and send an offer without going through a lengthy and complicated interview process.
Adapt to the Future of Work
Embrace the flexibility that candidates want. One way to do this is by embracing the gig economy. Many job seekers are turning to gigs for the flexibility of deciding when and where they work.
AmbiMi lets you hire giggers on-demand. You can hire temporary workers quickly and give them a frictionless application process.