One of the biggest impacts that the COVID-19 pandemic has made is on the workforce.
Americans are leaving their jobs in the highest numbers on record, with over 4.5 million people voluntarily resigning in November alone. This trend, dubbed The Great Resignation or The Big Quit, has been quickly gaining steam since the beginning of 2021, a year into the health crisis. As companies continue to navigate this new paradigm, we will continue to see significant changes in the job market and the employee/employer dynamic.
What is Driving the Great Resignation?
Making sure your leaders and managers understand what is fueling this trend is crucial to retaining top talent. The Great Resignation appears to be less about people quitting their jobs and more a reflection of people switching to jobs that better align with their values and offer more flexible opportunities.
Inc. reports there are five top reasons fueling resignations and a toxic work culture is at the top of the list. "A toxic corporate culture is by far the strongest predictor of industry-adjusted attrition and is 10 times more important than compensation in predicting turnover," according to a recent MIT Sloan Management Review article.
A toxic work environment can include lack of diversity, equity and inclusion initiatives, workers feeling disrespected, or unethical behavior taking place within the organization. Inc. also found job insecurity continues to be a major factor in employees’ decisions to seek other employment. Additionally, many employees report leaving their companies due to their response to the COVID-19 pandemic.
Here are some key considerations to implement to improve your organization’s employee retention.
Employee Retention Starts with Hiring
Employee retention starts the minute the hiring process begins. Potential candidates should be excited about the prospect of joining your company– not just finding a job, but joining your team. Getting off on the right foot is important for establishing a positive and long-lasting relationship with prospective employees.
Employing effective hiring and recruitment practices can help your company determine the right fit for the position and establish a solid foundation for employee retention. Offering flexible work arrangements, sharing insights into your team’s culture, making sure your recruiting tools are mobile-friendly, and tailoring recruiting strategies can all help create a more engaging and exciting experience for new hires.
Rethink Company Benefits & Perks
Offering a competitive salary and benefits, including relocation benefits, are a great way to attract qualified candidates, particularly as The Great Resignation has left employees with a lot more bargaining power. Caring for your employees is more than just creating a positive work culture, it’s making sure they have the resources to live and care for their needs and that of their families.
Employees are placing a high premium on financial well-being, with 75% of people valuing better pay over other perks like in-office snacks, recreation areas at the workplace, or catered lunches.
Onboarding is a phase of employment that is often overlooked; however, it can impact talent retention. Organizations that work with their employees to create flexible and personalized onboarding plans report greater success and help new employees feel confident in their position.
The onboarding process should not only effectively train the employee for their new position, but also share valuable information about the company, its values and culture. Additionally, the support offered during onboarding shouldn’t go away once employees move past the training period. Maintaining a level of support and care with new hires over time can help them learn and acclimate better in the long-run.
The most recent Allied Magnet States Report shows Americans are on the move and they’re looking for opportunities to relocate. With the newfound flexibility to work virtually, more people are moving to locations with a lower cost of living and warmer climate. Organizations that recognize this movement are reconsidering where and how their employees are connected to the physical work world.
One example is Publicis Groupe, an international public relations company, and its launch of the “Work Your World” program that offers employees an opportunity to work abroad for six weeks every year. The program was launched in response to The Great Resignation, said Arthur Sadoun, CEO of Publicis Groupe and focuses on offering employees the flexibility and new opportunities they are searching for.
The pandemic has forever changed how we work. Employees want flexibility and are looking for new perspectives, creating employee-centric mobility programs can give you the competitive edge you need to compete for talent.
The Careful Movers®
By partnering with Allied Van Lines, we can help ensure your corporate relocation needs are managed with your retention goals in mind. Our customer-centric focus ensures your employees’ are put first, whether they are a new hire moving to a new market, or a legacy teammate that is seeking a new environment. Learn more.