Staff retention and recruitment remain significant challenges following the global pandemic
According to data collected by the Bureau of Labor Statistics, 47.8 million US workers quit their jobs last year – averaging 4 million each month – in what was the highest year average in US history. The so-called “Great Resignation” is attributed, of course, to the global pandemic – with other factors, such as Generation Z entering the jobs market and a burst in venture capital, creating a perfect storm. Although the stars may have aligned in these unprecedented times, attracting and retaining the right talent has frequently been a challenge for HR Leaders over the years. In a 2018 survey sponsored by the WorkHuman Research Institute at Globoforce, forty-seven percent of HR leaders agreed employee retention and turnover was their biggest workplace challenge.
Did employers cause The Great Resignation?
The first years of the 2020s have been anything but normal. For many, the global pandemic has inspired life-changing decisions, like pursuing their dream career or becoming a full-time parent. But for many others, it was their employers’ actions, and specifically their response to the pandemic, which sent them out the door in search of something else. For many workers who were already unhappy, the stress of the pandemic, combined with unpopular or outdated decisions by their employers, were the final straw. In other cases, previously happy employees were driven away by companies’ failure to embrace new options like remote working and flexible scheduling, or their failure to adequately address health and safety concerns. As well as proving unable to keep staff in current positions, employers are struggling more than ever to attract new employees to fill these roles.
How to boost staff retention and find new hires in the Great Resignation
Of course, the most obvious things to do are to offer competitive compensation packages, benefits that align with the wants and needs of the workforce, and job prospects. However, something that takes a lot more effort is ensuring your employees feel heard and valued. As the WorkHuman survey confirms, adopting a people-centric culture — including elements such as ongoing peer feedback, employee recognition programs tied to the company’s core values, and frequent performance reviews — can help build trust in the workplace and establish a sense of belonging and respect. Employee recognition programs, specifically, can help improve a number of aspects, including employee relationships and organizational culture, according to roughly 85 percent of HR leaders. In addition, employees at companies with diversity and inclusion programs, in addition to a people-centric culture, are more likely to feel like they belong and believe diversity is truly valued by the company.
Talent Intelligence Is Here to Help
As HR leaders and business CEOs in the current climate will be painfully aware, it takes considerably longer to recruit and onboard new talent than it does for one of these employees to serve their two-week notice. Navigating this issue at this time carries unique challenges for each unique sector and organization. Get in touch to find out how Talent Intelligence can help you recruit the right talent and hang onto them for the long-haul.