COVID-19 has kickstarted what has been coined the Great Resignation whereby millions of people in all kinds of professions are actively resigning from their jobs. One of the vital elements to achieving success and meeting business targets that is often disregarded is staff retention which is now at an all-time low. This is highlighted by the 41% of 30,000 global workers that considered changing their profession or quitting all together this year. One common justification used by employees to leave their job is poor or a lack of treatment by employers during the pandemic period. Therefore, the pandemic alone has shown that sufficient support is a vital requirement for staff retention. This phenomenon has meant it is more important than ever to consider the implications this will have on business, in addition to methods that will directly tackle the issue.
How will low staff retention rates affect your business?
Training staff that then resign is not an optimal for your businesses. Spending time, money and resources on training an employee who resigns hinders business development and is a waste of training that could have been utilised on an individual that would be worth your while- by working for you long term and truly becoming an asset to your business.
Focus on mental health
- Consider investing in training for managers, in particular, but employees too, to ensure your business is able to recognize early signs of mental health conditions. This will help to address issues before they become severe. This training will also mean affected individuals will receive the appropriate support if issues to arise. Consider implementing regular mental health assessments so that no one’s mental health deteriorates under the radar
Focus on inclusivity
- Make efforts for all employees and managers to be up to date with training and discrimination legislation. whether this be referring to discrimination due to sex, age, ethnicity, sexuality, it should be at the forefront of company policy. By making the workplace more inclusive, workplace relations will inevitably be more positive which will improve overall job satisfaction, reducing resignation rates
Provide employee benefits
- Enforcing benefits will make them feel cared about. Some examples of employee benefits are allowing holidays or birthdays to be taken off, providing a private health care service, offering free eye-tests for people who work on screens and so on
Focus on stress reduction
- Too much pressure at work is counterproductive as it can decrease productivity levels as a result of a depletion in physical and/or mental well-being and cause resignation in search of a less stressful job
- Offering things likes flexible working contracts and well-being services like confidential or distance therapy are two effective methods of stress reduction
- Providing a comfortable working environment is another good method as if employees are working a comfortable and positive environment then they are more likely to push through difficult tasks as well as work productively.
- Remember to recognize good work as simple words of affirmation and appraisal can help employees to feel appreciated which increases positivity and provides motivation which aids productivity.
- Most importantly, recognize the early signs of stress to be able to immediately support employees and develop individual strategies to work through it
Provide opportunities to grow as a lack of career progression is another main driver of career change WE ARE HERE TO HELP! For all other enquiries or questions, contact our team today.