Have you heard of the Great Resignation? It’s a global phenomenon affecting companies everywhere, across most industries. It’s also known as the Big Quit and the Great Reshuffle, and what it is, is an ongoing economic trend in which employees are voluntarily resigning from their jobs en masse.

It started in early 2021 and while it is most noticeable in America, it’s happening increasingly all over the world. The bad news for employers is that this trend isn’t going away. The good news is that there are things that you can do in order to prevent it from happening in your company.

Let me help you with 4 essential strategies to combat higher staff turnover, and even set up a consultation to take it one step further with a bespoke retention strategy that does more than pay homage to great ideas.

Why People Are Resigning In Their Droves

On the surface, the majority of workers who quit their jobs in 2021 have cited low pay, no opportunities for advancement, and feeling disrespected in their positions. But the reality is that people resign for a variety of reasons – and some of these are extremely personal to their specific circumstances.

That said, there are a number of common factors, including:

  • Low pay

  • Lack of respect

  • Poor internal communication

  • Misalignment with the company’s values

  • Health risks

  • Burnout

  • Better benefits

  • Increased flexibility

  • Growth opportunities

4 Strategies To Retain Top Talent

Many companies tend to make demands on their employees in order to drive performance and increase productivity, however what ends up happening is that the top performers feel pushed past what is acceptable to them and then they become unhappy, burnt out, and leave.

Here’s a brief review of my most common strategies to combat this and help you retain your best and brightest.

1. HAVE REAL CONVERSATIONS

The fact is that employers don’t talk enough to their existing teams about what they want and need. As a leader, it’s your responsibility to connect with and communicate to your people and find out what resources they need, how they feel about the processes they use, if they’re supported, and what would help optimise their performance.

2. FAIR & TRANSPARENT COMPENSATION

Obviously people want to be paid fairly for the work they do, but increasingly more people also want transparency. According to a report by Payscale’s Fair Pay Impact Report, employees who felt that their organisations weren’t transparent about their pay practices were 183% more likely to look for another job. It costs a lot to lose and replace top talent, so the simple solution is to pay them what they’re worth now, rather than lose money trying to replace employees.

3. INVEST INVEST INVEST

Investing in talent goes beyond compensation and training. If you want to stop your people leaving, take the time to identify non-traditional places to invest in them. In this strategy, I recommend taking steps to gather employee feedback on company objectives, establish mentorship programmes, and foster approachable and supportive leadership. This kind of investment breaks down hierarchical barriers, opens the lines of communication, and encourages employees to be actively involved in the decisions, successes, and failures of a company they plan on staying in.

4. INCLUSIVITY

The business world has changed. Employees are no longer faceless points of production, they’re real people who have personal beliefs, battles, strengths, and contributions. And they want to recognised as individuals in both their personal and professional lives. To this end, companies should revisit their workplace policies and update them to be more inclusive and show that they care about their employees as whole people. This builds loyalty and trust. For example, you can update parental leave policies, improve mental health programmes, allow flexible working arrangements, and evaluate your holiday calendars to be more inclusive to those who have different spiritual, cultural, or religious beliefs.

These are just four strategies that can be explored in order to ensure that your best and brightest don’t join the Great Resignation. Talk to me today about how we can create a comprehensive strategy that will successfully retain and attract talent, even in the most trying of economical times.