How to run a business during the Great Resignation?
The work of the world has changed a lot in this recent years. The COVID-19 crisis-affected economies all across the globe badly, leading to the Great Resignation. According to the recruitment agency Michael Page stated in a report that 86% of employees are planning to resign in the next six months.
So the question is, what exactly is the Great Resignation, and why it’s happening?
The Great Resignation refers to the mass exodus of employees, where the number of workers quit jobs consistently, and the numbers are the highest since records began after the pandemic.
Numerous factors influence employees’ quitting decisions, including career growth, a change in career role or industry, dissatisfaction with salary, and dissatisfaction with the company’s strategy or direction. People have become more self-conscious since the COVID-19 pandemic. They are reconsidering their priorities rather than multiple appealing opportunities. Employers are willing to accept lower pay or forego a raise or promotion to focus on a better work-life balance and overall well-being and happiness. Matt Hoffman, head of talent at M13, a technology venture capital firm in New York City, stated, “employees also want to be part of high-performing teams with healthy cultures.”
Businesses are now having a difficult time retaining employees. If you are one of them, here are three things you can do to retain your employee while running a successful business:
1. Offer Work Flexibility:
During a pandemic, businesses change their working style because of safety purposes. Therefore, employees work remotely at home the most. Now, people manage their work from home safely and effectively and prefer working in a comfortable environment. Study shows that if remote work is no longer an option, one-third of people will not return to the office, they would prefer to look for a new remote job, and the rest would relocate or retire. Therefore allow employees to work on hours that best suit their lifestyle. Also, allowing simple things like letting your employees listen to music at work, taking phone calls, allowing employees flexible working hours to work, and creating weekly fun activities can help you with retention.
2. Have a healthy relationship:
Always create a culture where job satisfaction comes first. Speak with your employees to ensure that expectations are realistic and not set too high. Maintain daily or weekly meetings with the teams to evaluate employee workloads and capacity, and don’t forget to keep it short. It will allow employees to express what they can and cannot do to come up with solutions. Managers must ensure that their employees are not feeling overburdened. It will show a simple act of concern for employees that they are not just resources but also a team.
3. Hire Freelancers:
Your team might be quitting because they might be exposed to long hours of work and high expectations for a long time, which may cause a total burnout. To avoid overburdening your employees, hire freelancers who will give support to your employees by bearing some of their workloads and bringing healthier attitudes to the work environment. Hiring freelancers are cost-effective. You don’t have to invest in physical items, distribution, rent, training, and other expenditures while hiring freelancers. In a time of great resignation, businesses that recognize the advantages and benefits of hiring freelancers get an exceptional ROI because it allows them to access an alternative workforce that will help them increase their business goals.
Lastly, the Great Resignation isn’t going away so soon. Businesses will continue to see more people leaving and quitting their jobs for several reasons. If you see such indicators, you should consider changing your strategies and start understanding your employee need. Putting employee’s needs first and making the best offering can help you to retain the best talents.