How to retain your talent during the Great Resignation
The pandemic has significantly impacted our everyday lives, it has turned the economy on its head and taken with it many employees who want more from their employers.
An article by the Telegraph informs us that over half of British 16 to 34-year-olds have considered quitting their jobs or actively looked for a new role.
But what does that mean for UK employers?
The Great Resignation has continued into 2022 and whilst unemployment is at its lowest level for years, the rate of resignation is high, which means that these employees are not finding it difficult to find alternative employment. It is important that employers adapt and act in accordance with the needs of their current and future workers in order to retain their talent. To achieve this, it is necessary to become aware of what employees want from their employer.
Employees want to be:
• Listened to 👂
Employers should encourage employees to be vocal in the workplace, giving them the opportunity to discuss issues and provide meaningful contributions to decisions. It may be helpful to do regular check-ins to become aware of how employees feel. They will be more likely to stay at a company that shows genuine interest in what they have to say (emphasis on the genuine!).
• Offered salary bonuses and/or share options 💸
This is a very effective way to retain employees, it provides them with an incentive as they are given rewards on the basis of their work performance or loyalty to their employer. We are aware that salary bonuses can be harder for small businesses to implement in the workplace. Investopedia has an article informing employers how to add salary bonuses without negatively impacting company profits.
• Valued 🤝
Employers must prioritise employee wellbeing and celebrate their achievements to show how much they are valued. Don’t be afraid to give them their props and show appreciation, use encouraging words to affirm their hard work, acknowledge their life events, and reward them with a budgeted lunch. These acts of kindness and recognition will build high morale and create solid relationships between employer and employee.
• Part of a diverse workforce 🧏🏾
Employers hiring a diverse team show that they prioritise creating opportunities that are accessible to all. This is something which is highly valued by employees. According to a study by Globe Smart employers are 19% more likely to retain employees when there is diversity in the workplace.
• Part of a company mission 🚀
Creating a strong company mission will allow employees to feel a part of a bigger but specific goal that they are working towards. It will increase motivation as there is a clear North Star. Try and form a company statement that enforces the purpose of the company and what it stands for. Doing this will give employees something to invest their time and energy into, making it more likely for them to stay.
Our founders here at CareerEar, Claudine Adeyemi and Precious Ene have formed a mission for the company, which is to make sure that everyone can find a path that’s right for them (you can get to know more about us here). This mission acts as our motivation as it allows everyone to collectively strive for something worthwhile.
Still not convinced? Then take a look at our International Women’s Day instagram post and find our very own Macaulay Hamp’s testimonial about the positive impact a company mission has had on him!