How to Bring Back Talent and Retain Them | Working in the Great Resignation
More than 40 million people left their job in 2021 and 2022, and we’re dealing with the Great Resignation right now. Although we don’t imply that the pandemic is the main reason for people quitting, it still stimulates and aids the movement. Workers are leaving faster than companies can replace them.?
COVID-19 has reinforced the importance of work-life balance and workplace mental health. Many realize spending time with family and kids is no less meaningful than earning a big fat check. Before the pandemic, some people may have placed greater emphasis on making a high income or achieving professional success, often at the expense of personal relationships and overall well-being. They tolerate unacceptable behaviors of the customers, boss, or even co-workers, just to make ends meet. However, the pandemic has caused a shift in perspective for s many.
The restrictions and challenges posed by the pandemic forced people to realize that they could find better ways to earn a living with higher pay, stable hours, flexibility, and mental stability. Workers now have more voices. Not to mention the cost of switching jobs has decreased significantly, and with the current shortage of workers and greater acceptance of remote work, many are encouraged to quit without a second job in hand.
But the good news for businesses is that these employees do tend to return, especially for the white-collar workforce. There are specific strategies businesses can deploy to bring the talent back and retain them. Here are our top three pieces of advice that all companies can consider:
1. Revise compensation and benefits offers.
Gone are the days when employees stay in a job solely for paychecks. One big mistake that many businesses made during the pandemic is that they increased salary ranges by 15 percent while not addressing the concerns about untenable hours and high-pressure assignments.
Businesses should revise the compensation and benefits package. It would be beneficial to adopt a policy of pay transparency in the workplace. One suggestion is t set a payment rate for each position and level within the company and be flexible when appropriate. Additionally, you can consider other benefits that can help employees achieve a work-life balance. For example, offering on-site childcare services would enable employees to have lunch with their children, or providing more time flexibility for employees who need to pick up their kids after school would also be helpful.
While restructuring compensation packages, it's important to remember that there is no one-size-fits-all solution in this case.
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2. Make your workplace sticky.
After reviewing the compensation and benefits, the next step is to make your workplace sticky, meaning ensuring that your company has a strong retention factor: listening to your employees and anticipating and addressing their concerns. You can also foster other safety practices and a sense of community within your organization.
Consider adding the “stay” interviews rather than only the exit ones can help you understand your employees better, what makes them want to stay, and what you can do to improve their working experience and condition. One of the top five reasons why people accept their current job, according to a McKinsey & Company study, is that they can see career development and advanced potential.
3. Keep the communication lines open.
It's important to maintain an open-door policy that allows every employee to share their ideas and questions and raise their concerns at any time. This can help your team, whether working on-site or remotely, to feel connected to the company and each other. As mentioned earlier, fostering a sense of belonging can help win back talent and increase employee retention.
Employers now face a new challenge in attracting top talent. It's not just about competing with other companies anymore, but also acknowledging the many options available to today's workers. Traditional methods won't suffice, and even if companies manage to bring some employees back, they must find effective ways to retain them or risk losing them again. Even for those adopting a solid retention strategy, there will be inevitable setbacks, and further attrition waves can occur.?
By implementing the principles provided here, companies can develop a genuine ability to attract and retain employees, become desirable workplaces, and adapt to the evolving demands of current and future generations of workers.?