2021 was the year of the start of the “Great Resignation”.
With a record 4.5 million jobs quit in March 2022, the Great Resignation continues in full swing.
While many managers and experts thought that it will end once the coronavirus restrictions stop, it's now certain that the changes are here to stay and that employees are not going back to the 'old' world of work we knew in 2019.
But what’s really fuelling the Great Resignation? And what can business leaders do to retain their staff in an increasingly competitive and volatile market?
So, let’s start with some statistics.
Recently, PwC launched its “Global Workforce Hopes and Fears Survey 2022” at the World Economic Forum in Davos, which surveyed more than 52,000 workers in 44 countries.
According to them one in five workers are saying they are likely to switch jobs in the next 12 months. The consulting firm said in a press release that higher pay, more job fulfilment and wanting to be “truly themselves” at work are the factors pushing workers to change jobs.
More money is the biggest motivator for a job change, yet finding fulfilment at work is “just as important,” according to PwC. Some 71% of survey respondents said a pay increase would prompt them to change jobs, yet 69% said they would change employers for better job fulfilment too.
Workers want a workplace that allows them to truly be themselves too, with 66% of those surveyed indicating this as an important factor.
“The findings are very clear ... you see a significant number of employees concerned about their future employment and their job security. The role of employers isn’t to tell workers what to think, but to give them a voice, choice, and safe environment to share feelings, listen and learn about how these issues are impacting their colleagues”says Bob Moritz, global chairman of PwC.
However, “the power is now, we would argue — in the hands of individuals that are employed.”
According to the findings, skilled employees are most likely to ask for promotions and pay raises and to feel listened to by their manager, while those lacking skills lack power in the workplace.
But why is this happening now?
As economies and businesses around the world continue to recover from the pandemic, many organisations are hiring again. A rush of new jobs is strengthening the labour market and offering workers an abundance of choice. With so many options, workers are less likely to stay in a role they’re dissatisfied with.
In a scenario like this one, what can business leaders do to retain their staff during the great resignation?
Work from home is here to stay – embrace it
Working from home is the new normal and a full return to the office is an unlikely scenario for many workers. We all know what is possible now – we can work and get our jobs done more efficiently working remotely than we ever imagined. For a number of employees, being forced to go into the office every day is now a dealbreaker.
That’s why leaders must rethink their workplace culture to be more inclusive of remote work. Hybrid work and 'working from anywhere' is here to stay. And we should all embrace it.
Listen to employees
How do you find out what your employees want? Ask them. And listen to what they are saying. Find out the struggles that your team is facing and ask for the best solution. Your employees’ feedback will guide you in defining the changes that you need to make in your organization. Additionally, this will improve employee satisfaction, productivity, and company image.
At the end of the day, leaders should design their organisational model based on the human concerns in mind, not just the just institutional ones. More and more organizations are focusing on experience management and employee experience - as we discussed in our recent ITSM Crowd.
Money is still important
Higher pay has also been one of the reasons why so many workers have quit/or switched jobs in the past 2 years. Employees want to feel valued by their employer and a higher salary is a one way of showing that. To keep your team satisfied but as well create a competitive workplace for future employees, leaders should invest in salary surveys and benchmarking, at least once or twice a year.
Embrace professional development
If you want your team to be happy and motivated, then we suggest creating and embracing an organizational culture that rewards and recognizes excellent work. By doing this you will create a perfect environment for supporting employee growth and professional development.
Employee growth initiatives and skill-development programs are two long-term strategies that provide the foundation for improved employee experiences. If businesses want to invest in anything in 2022 and beyond, it should be their most valuable resource - their employees.
At ITSM Zone, our aim is to make your team training project as easy and as cost effective as possible. we offer a range of high quality, on demand eLearning courses that can be accessed at times and locations to suit, on any internet enabled device.
How to get your company prepared for eLearning?
Training isn’t just important to any company, it is vital.
One of the top things that holds back a company is the knowledge of their employees and how quickly they are expanding their skills. Internal training is vitally important to keep a company sharp and competitive. Many times, training is viewed as an important task but is put on the back burner because no one knows how to handle it effectively. It is important to highlight that online training gives the same outcome/certification as classroom training. One of the biggest advantages of eLearning from a corporate perspective is that the global training is in your local office. Secondly, it is cost-effective. Compared to classroom training, there are no travel costs and not time out of the office. If you’re training a globally distributed team, you can be reassured they are all receiving the same messages and being trained to the same standard.
Training and investing in your staff gives you better return on investment in terms of staff retention. Existing employees can mentor newer members of the team and help put learning into the operational environment. Pairing a new employee with a mentor is a great component to add to your continuing onboarding process. Mentors can offer guidance and be a sounding board for newcomers, welcoming them into the company. And it’s a win-win: new team members learn the ropes from experienced employees, and, in return, new hires offer a fresh viewpoint to your mentors.
One of the tools that ITSM Zone can give to company managers is reporting. Managers can monitor the activity of their staff and make sure everyone is progressing as they should be.
Make use of the reporting, have a plan, and give your team enough time to do the training. As a manager, check on progress and ensure staff are moving through the course as they should.
Motivate, inspire, every day
And at the end - do not forget to motivate and inspire your team, every day.
Motivating and leading people is critical to an organization's success. It is crucial to share your vision and set clear goals as a leader. This encourages everyone to work together but as will set clear and measurable goals.
Part of clear goal-setting relies on effective communication with your team. Communication is a two-way street and you should make sure that there is a constant flow of communication between you and your employees.
If some of your employees want to go back to working from the office than we suggest you try and create a space that is enjoyable to work in and where your employees want to spend their time. Be conscious of privacy, noise, air quality, natural light, areas to relax, and the ambiance. Healthy and happy employees are more likely to feel motivated and engaged.
About the author
Ivana Trajkovska is a passionate marketing professional with a flair for design and online/offline platforms. As a marketing executive at ITSM Zone, her role is to oversee many aspects of a campaign throughout the entire lifespan of a product, service or idea. Her goal is to make sure that our customers are kept up to date with new products and the latest industry news.
When she is not working she enjoys hiking, traveling and spending time with her family and her dog.