‘The Great Resignation’ became a new buzz phrase last year, as an unprecedented number of people quit their jobs following an extended period of working from home during the pandemic. The revolution is not abating, with one in five workers in the UK planning to quit their jobs this year, citing pay as a key reason, with job fulfilment also high on the agenda.
However, the Great Resignation has given organisations an opportunity to fill employment gaps as we now enter a new phase dubbed as ‘The Great Rehire’. But with changing employee expectations as more people evaluate their work-life balance, this could prove challenging for talent acquisition teams.
Why are so many workers quitting their jobs?
With time spent away from the workplace, some felt less connected to their employers and although technology became a salvation during the pandemic, it also blurred the boundary between work and private life. This resulted in ‘burnout’ for some employees who inadvertently worked out of hours or continued to work even though they felt poorly.
The pandemic gave some people a much-needed wake-up call which made them focus on the importance of family life and priorities beyond work, and with the job market improving at the fastest pace we have ever seen, there are more opportunities out there for people wanting to make the move, who perhaps didn’t have the confidence to do so before.
Flexibility has become increasingly important with a demand for hybrid working and workers looking to make a career change if their employers do not agree to their choice of working arrangement.
Some workers have questioned their own skillset, feeling the need to move organisations to progress their career and achieve their goals, and amid the cost-of-living crisis, some employers are poaching staff from their competitors by offering better conditions.
What can employers do to recruit the best candidates and retain employees?
Here are some examples of what employers can do to improve recruitment and increase staff retention.
- Listen – Provide a channel for frequent and honest communication and listen to employee feedback/requests. This could take the form of 1-2-1 job chats, open forum meetings and working groups.
- Transparency – Be transparent with employees with regards to business stability and performance as this will instil their value and importance in the success of your organisation.
- Collaboration – Ensures your employees feel part of a team. Collaboration improves the way your team works together which results in increased communication and problem solving.
- Flexible and hybrid working arrangements – Important for employee satisfaction, can provide a work-life balance opportunity for employees and improve employee health and wellbeing. These arrangements will also increase the recruitment pool to attract and retain talent.
- Incentivise loyalty – Offer competitive pay and benefits to keep in line with competitors who may be tempting staff with higher pay and better rewards.
- Career progression – Provide opportunities for career progression and tuition reimbursement so employees can advance and upskill, which will in turn benefit the organisation.
- Foster a strong workplace culture – Employees are more likely to stay in an organisation with a strong workplace culture and events and team building activities can help achieve this. Diversity and inclusion initiatives have become increasingly important to employees. The impact of a poor culture can lead to low morale and an unhappy workforce.
- Exit interviews – Conduct exit interviews to understand what might need to change within the business and make necessary changes before recruiting.