Most likely, you already know ‘The Great Resignation’.
In 2021, workers looking for more satisfying, flexible work or better work/life balance left their jobs at a record rate. In the IT sector alone, 31% of workers are actively looking for new jobs between July and September.
The increased pressure to attract and retain talent makes it a tedious time for CFOs, but for those who come here with the right approach, it can also be exciting.
So, instead of looking at great resignation as something to fight or hide from, look at it as an opportunity.
I share my thoughts on how we can make the great resignation as a signal to re -evaluate our purpose, evaluate the needs and preferences of staff, and focus on making sure we run the kind of companies that actually tao. like to work for.
Things to do will come out on top in the battle for talent.
Understanding the scene
The COVID-19 pandemic has raged in the world of work, but it has also served as an eye-opening experience for many employees who have been forced to question the long-standing ‘facts’ of the business.
Workers realize that they don’t have to be in the office five days a week, that they can work hours that suit them, or spend more time with family, while doing the work.
Companies that do not understand this, or offer a flexible approach to work are at risk of losing top-level talent and creating high levels of staff turnover, the impact of which can have negative effects on company morale, reputation, and budget.
The total financial burden of a high turnover within your business can be formally calculated by combining the following costs; the cost to cover a vacant position, the cost to fill that position, ride and train a replacement and finally, the cost of increasing productivity. When calculated, on average, each new hire costs businesses around five to seven months of an employee’s salary.
So, the question is, how can we avoid this?
Adaptation to the new environment
The working landscape looked very different three years ago, and employee expectations have changed as a result.
As well as employment flexibility, employers must work to cultivate a better virtual environment. With conversations in the office kitchen or at the coffee machine happening less often, we need to think more strategically about how to create space for communication-both formal and informal.
It’s very important that your talent knows they haven’t been forgotten, and regular career development discussions, performance reviews and creative collaborations still take place despite fewer personal meetings. For example, you can create a virtual schedule, and make sure your staff has full visibility into it or just take the time to talk one-on-one with your direct reports, providing a regular space to discuss any concerns or issues they may face.
Additionally, we need to change our view of hiring as a whole. The working landscape is going through a chaotic patch, and the huge resignation and continued lack of skills means we must look for potential, not for existing skills. This is why this is the perfect time to invest in apprenticeships, youth development programs and other initiatives designed to give young people the skills they need to thrive in the world of work.
Lead with purpose
People don’t leave their jobs for no reason. Whenever a candidate looks for a new job, the main force behind their search comes down to something; purpose.
For whatever reason, their current role is not fulfilling their own personal purpose – whether it’s because they don’t feel passion for what they’re doing, because they want to improve work/life balance, or simply because they’ve found a role closer to their own beliefs.
For myself and my team, the role of being a strategic enabler for the entire business gives me purpose, and drives us to keep doing our job – and do it well.
This approach will vary from staff member to staff member, but if you take the time to figure out what the goal means to them-if it performs a particular role properly , incorporating the tasks they want into their role or otherwise – and then studying how you can better serve that goal, you’re on the right track.
Those who ensure that their employees are not only clear on the purpose of their organization, but on their individual roles, are more likely to successfully retain talent.
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