Organisations are facing the biggest talent crisis since the 2008 recession. But this time around, things are different. People are no longer competing for jobs; companies are competing for people. In fact, according to a Microsoft survey, 41% of the global workforce are considering resigning from their current roles, other research indicates this is a much higher figure – with over two thirds looking to change roles within the next year.
Why are employees on the move?
During the pandemic some employees put their job search on pause in favour of job security, furlough or concern about moving in a time of crisis, and now they are dusting off their CVs. For others lockdowns and changes in lifestyle made them question where they are, they may have already found new passions and are looking to make a career transition. But many are feeling exhausted, disillusioned, stuck and ready for change. Top talent in businesses across the UK are facing burnout, dips in morale, and feelings of disconnection from their peers, family, and friends.
The result? Companies are experiencing a turnover tsunami and could be facing continued resignations as employees consider what’s next
A key factor is burnout. Some teams have been running on the edge for too long. The pandemic has changed how some people think about life, work, and what they want out of both. It’s made people step back and rethink their lives. Covid has reminded them that life is short.”
As a leader, it’s up to you to identify the signs of disillusioned team members and put measures in place to retain your people. So focus your efforts on the things that can make a real difference – like your culture.
Checkout my guide here with a handy checklist to help you identify the signs
Money doesn’t talk long term…
While a promotion or salary increase might keep an employee around for another couple of months, it will not retain them long-term. Often, workers who are considering leaving want more than just money. They might want an opportunity to do something that matters to them. They are looking for growth and development and support. Many people would rather have a boss who cares about them finding meaning and success at work than receive a pay rise. Or maybe it’s flexibility and balance that they value, and the return to the office is pushing them away.
Everyone has unique needs from their employer. Whether through one to one’s, coaching sessions, or engagement surveys, an open and honest dialogue to understand what employees value, what they need to feel engaged at work, what they might be looking for in their next role is key – as is your ability to support them with this. The coaching sessions I offer really help get to the nub of the issue in a totally impartial way and offer the support my clients need.
Is there such a thing as a job for life?
It’s no longer the expectation that employees will “grow up” in one company. Whilst traditionally employees Amy have stayed longer, the Millennials and Gen Z – want new growth opportunities but can’t always find them with their current employer. In fact, a recent poll by Monster found that 80% of respondents do not believe their current employer offers growth opportunities.
So, foster a culture of training, coaching, growth and development. This may extend someone’s tenure with your business – and if they do eventually leave, you will still have a succession plan and talent pool capable of picking up where they left off.
Some workers will resign because they are disengaged and don’t find joy in their current role or workplace, and in many instances these are the talent we can support to stay. But that’s not true for everyone. Sometimes there is an opportunity too good to pass up.
Instead of putting up a wall, create a safe environment where you can support those who are taking the next step in their career journey. By wishing them well in their next chapter and by keeping communication open, you retain a brand ambassador – who may return one day with a stronger skill-set than when they left.
Your best retention tool? Your culture.
As we face the ‘Great Resignation,’ your culture can be your best tool for retaining your top talent – especially as we face an inevitable change around the way we work. Whether companies are going back to the office full-time, remaining virtual, or some combination of the two, the continuation of change and fatigue employees feel as a result will push employees out.
What will keep them is your culture – who you are as a company and what you can offer them in return. What support will you put in place, and investment in their growth will be essential.
Want to learn about how you can use your culture to retain top talent?
Get in touch or download our industry report on retention here