The Great Resignation - What are companies doing about it?

While Covid seems to be coming under control even if it is still far from over, the more significant challenge the organisations are now facing is the mass exodus of talent, which has come to be known as 'Great Resignation' or 'Big Quit'. Anthony Klotz, the organisational psychologist who coined the term "The Great Resignation", believes that the pandemic is making workers re-evaluate what they are getting out of their jobs and whether they are pursuing a life that brings them well-being.?

The pandemic has made the most definitive changes to the way we live and think about life. It has made us realise that things that we have been running after are not as important after all. We have awakened to the fact that our family, relationships, and happiness are more important than the material things we gun for – bigger jobs, bigger cars, and bigger houses. We have learnt to value and enjoy what we have and invest in things that matter. We have also understood that our basic needs are somewhat limited, and we don't need as much to survive well as we thought earlier. Our goals have certainly changed, and our priorities have sharpened.?

In the new normal, employees have taken a hiatus to redefine success and reconsider how we work and what we want from the jobs or professions we pursue. More and more people have left their jobs, and many others are planning to quit. The world has never seen such a massive shortage of skilled workforce. The strong post-pandemic resurgence of most economies has further increased the demand for human resources and widened the gap, thus aggravating the problem.?

Organisations are now having to rethink what their employees really need and how to retain them. Given this, what are some of the things companies are doing or can do to hire or retain talent?

• Make job contracts flexible: In the post-Covid era, jobs in the knowledge economy, with the conventional 8-hour shift, regimented timings and close monitoring of time and attendance, doesn't have many takers. Employees want the flexibility to decide whether to work a 3-day week or 5-day as some want more time for themselves and their families, even if it means lower compensation. Jobs are being re-designed, and job contracts are being re-written to offer this flexibility.
• Provide autonomy: Employees also want more autonomy besides flexibility. They don't want someone breathing down their necks with endless reviews and meetings. They want to be assigned a task and left to complete it. While employees are okay with being fully accountable for the projects they are working on, they don't want tabs kept on every minute of their time. Also, it is essential that despite the WFH environment, the work pressure remains reasonable. One of the complaints in WFH mode is that companies do not appreciate employees' time, and there are no boundaries set to the workday. Despite the challenges of distributed teams working in multiple time zones, a workday must be reasonable, and there has to be adequate time-off for any extra time put in.
• Go Hybrid: The hybrid environment is here to stay; employee policies are being reframed so that employees can have an option to work from home. However, organisations have to be conscious that the time saved by the employee from the daily commute is not something which organisations have the right to; that time belongs to the employee. I foresee most jobs carrying the WFH option, and organisations may even pay extra for employees who opt to come and work in the office. Look at this as compensation for the extra hours put in to commute to work.?
• Provide a sense of purpose: Humans search for meaning or purpose in everything they do. Finding one at work can be a huge motivation for them to stay back in their jobs. An employee is more likely to stay when there is a strong degree of compatibility between their own sense of doing good and the company's purpose. Organisations will have to build their vision around the larger purpose. Companies will have to demonstrate how they are creating impact and adding value to the lives of their customers and partners; this could be a more significant reason for the employee to stay put than what companies may think.??
• Emphasise learning: Employees are not excited anymore by the pay-check alone, they want self-development and growth, and they expect organisations to provide these opportunities. Besides training programs, it is also about action learning projects and on-the-job opportunities to work in areas they have not been exposed to or to take expanded 'interim' responsibilities, which will prepare them for the next level. No one wants to come to the office today to do a job that doesn't challenge them or allow them to learn or add value to themselves and the organisation.
• Create stronger communities: One of the reasons that employees leave work is because they don't find workplaces inclusive. WFH is further leaving people isolated from their colleagues, even if this is their preferred option to work. Organisations will have to provide the means for employees to build and maintain social connections even beyond work-related matters. Opportunities for 'water-cooler' and 'cafeteria' conversations in WFH environment will need to be figured out. Companies are experimenting with many digital tools to build better engagement even when employees are in a WFH mode. These engagement platforms allow employees to show their 'personal' self, which colleagues may otherwise not see and create affinity groups to strengthen the organisation's feeling of belongingness and camaraderie. This is especially important for underrepresented groups, introverts and those new to the organisation.
• Leverage Gig economy: Organisations are learning to leverage the enormous talent that now prefers to work in the gig economy. More and more people want to function as solopreneurs or consultants and they are willing to sacrifice the security of a job, for the flexibility this option offers. Noticing this trend, many organisations have built an operational model by employing managerial staff on flexible contracts and including gig workers even in critical projects.?
• Keep doors open: While the pendulum seems to be swinging to one extreme currently, but it is bound to swing back. Some people for sure will be left dissatisfied with this change of 'being in their own space' and would want to come back to their jobs. Organisations should give resigning employees the comfort that they have a choice to come back and should be ready to welcome them back if they decide to exercise this choice in future. Employees who come back are more likely to stay back the second time since they would have now experienced the world they wanted to experience.?
• Conduct stay interviews: Many organisations understand that exit interviews are passe, as it is too late to take action, at least for the employee in consideration. Conducting stay interviews is a more proactive way. An informal chat with some open-ended questions to understand which of employees' needs for self-development, recognition, flexibility, autonomy are being met and where more needs to be done. Thanking the employees for continuing to remain with the organisation and genuinely recognising what they have accomplished leaves them feeling good about themselves and the organisation.

It will be great to hear from you - How is your organisation facing the 'great resignation' challenge? What strategies are you putting in place to manage this phenomenon?

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