The pandemic has brought us to a turning point where employees are evaluating what is truly important to them in a work environment. After working remotely for a year and a half, workers are being called to come back onsite to the office, and many of them don’t want to work in that old paradigm. The Great Resignation is here. Employees are quitting their jobs in record numbers, searching for organizations that offer more flexibility and greater work life balance.
Microsoft recently surveyed over 30,000 global employees and discovered that over 40% of them are considering leaving their current roles. Monster.com, a global job search site, reported that 95% of workers are considering changing jobs.
We all know the staggering costs of employee turnover… it costs roughly 150% of someone’s salary to replace them when you consider recruiting fees, loss of productivity from the vacant role, loss of productivity from the hiring manager and their team, ramp up time, and potential bonuses for the right candidate, not to mention the loss of IP from the seasoned professional that just resigned. Retaining top talent is paramount to the success of any business.
What can you do to avoid the Great Resignation happening at your company?
This is the perfect time to evaluate the policies, procedures, benefits, and culture of your business to ensure that you don’t lose your best people to competitors offering more.
- What kind of culture do you want to foster?
Employees are looking for cultures that align with their own values. Younger workers are interested in cultures that are inclusive, diverse, open, fun, and engaging. They want to feel appreciated, heard, and part of a community. Are you living your company’s values in your daily business operations? Perhaps it’s time to reevaluate your team culture and come up with a mission statement and ways of engaging with one another that inspires greater connection.
- What kind of policies will you offer to support greater work life integration?
One of the main reasons employees are seeking new opportunities has to do with burnout and a desire for greater flexibility. After working from home for over a year, many employees don’t want to deal with long commutes and time away from their families. Organizations that offer flexible schedules, remote work, hybrid solutions, generous PTO, and family leave are setting themselves up to attract and retain top talent.
- What kinds of benefits and mental health support will you offer?
We all know that this has been the most challenging time in recorded history. We are dealing with a global health pandemic, economic crisis, political crisis, racial crisis, environmental crisis, and financial crisis all at the same time, which has largely become a mental health crisis. Employees have been struggling this past year and a half, and it’s taking a toll on their mental and emotional health. It’s essential that companies do a pulse survey to find out how their employees are feeling and what areas of support they need. Don’t be afraid to ask the hard questions, because the data will be both insightful and strategically valuable.
Additionally, organizations that recognize the need for comprehensive wellness and well-being programs to support their staff are one step ahead of everyone else. Employees need practical tools to handle the stress and intensity that they are experiencing so that they can feel better and show up as their best selves at work. Fitness and nutrition are important, but well-being programs that incorporate a wider range of healing modalities and personal development topics to help employees process the trauma they have experienced in a productive way, is a winning strategy.
Balance by Nature is launching a new Wellness Studio TV experience that will bring healing modalities such as EFT tapping, hypnotherapy, reiki healing, energy healing, meditation, and trauma-informed yoga to employees when they need it most. There will be a schedule of live fitness classes (with everything from Cycling to Zumba), video on demand, wellness challenges, and specialized series for anxiety and sleep that employees can watch anytime, from any device, anywhere in the world.
Above all, the most important thing is for your leadership team to embrace the opportunity to innovate and evolve your culture to meet the needs and desires of your #1 asset – your people. Engage your employees into meaningful conversations, provide them the support they need to feel heard and appreciated, and take your whole business to the next level, retaining your top talent, and attracting the best of the best to join you on the rise to the top.