What Are You Planning to Do About “The Great Resignation”?

4.5 million Americans quit their job in November 2021. 

I published an article on Forbes sometime back on “The Great Resignation”, where I shared some notes on the upcoming wave of employee turnover that businesses are set to face. It looks like we are already in it.

Today, I want to delve deeper into this and possibly provide more strategies to help organizations tide through this Tsunami. 

Fortunately for businesses, some effective ways can solve the high employee turnover problem. While an issue as critical as high turnover calls for professional help, I’d like to list a few strategies that can work-

1. It all Starts with Hiring

As per a Harvard Business Review study, 80% of employee turnover is due to bad hiring decisions. While you might be hiring people with skills that match the open positions in your organization, what if they are not the right fit for your company’s culture? 

If that’s so, it is only a matter of time before they start searching for another opportunity. How can this be avoided? Here are a few possible tips-

  • Hire people who are cultural and behavioural fit not only for the job but your company.
  • Ask behavioural questions during interviews to understand their reaction to certain situations.
  • Show the candidates around the office during interviews and talk about your workplace culture, as this will provide them with a clear idea of what it will be like to work for your organization.

2. Onboarding – The Next Piece of the Puzzle

Various surveys indicate that about 1 in 4 employees quit their job in the first 3-6 months. That’s about 30%. On the flip-side, about 69% of the employees are likely to stay for 3-years if the onboarding is done right. Just as you place employees on probation for the first few weeks or months, remember, they’re doing the same too- they’re putting you on probation. This is why effective onboarding is important. Here are a few tips that can help. 

  • Create an effective onboarding strategy that focuses on talent acquisition, onboarding, and retention.
  • Align the employee with your company’s vision.
  • Rope in an expert if you’re dealing with high attrition in the first few months.

3. Allocate Right Job to Right People

An overqualified employee will feel that your company is not utilizing their talent and lose interest. Conversely, if an employee is underqualified, it can result in burnout, frustration, and delays. In both cases, the chances of turnover increase. 

Here are a few steps that can help you delegate tasks more effectively-

  • Select a person with the skills needed for the task and explain why you are delegating.
  • Provide all the instructions they might need for completing the task.
  • Provide additional training or resources, if required, for successful completion of the task as per your expectations.
  • Create a timeline to keep the employees focused and accountable.
  • Check their progress at regular intervals and provide encouraging feedback.
  • Show genuine appreciation once a task is completed.

4. Provide Competitive Pay and Benefits

As I mentioned in one of my Linkedin articles, poor compensation and/or other benefits are one of the top reasons why people leave. While compensation alone is not adequate to make someone stay in your company, it sure is vital. 

A few tips to help you-

  • Start with market research to know more about what your competitors are paying their employees.
  • Look for a competitive salary range as per similar jobs in the local area.
  • Apart from the pay, also give adequate attention to offering competitive benefits by going through the benefits provided by your competitors.

5. Create an Employee Retention Policy

If there was one thing you could take from this article, it should be creating an employee retention policy. In simple words, an employee retention policy is a business process with the sole goal of retaining employees. 

From reducing employee turnover, boosting employee morale to improving employee-employer relationships, there are many different ways in which a well-thought and customized employee retention policy can help an organization. 

In fact, it is so vital for every company to have an employee retention policy that I recently dedicated an entire article (published on LinkedIn) to this topic. Read the article to understand what it is and why it is so important. 

6. Talent Growth is Extremely Important For Retention

Your talent is an asset that appreciates in value as they spend more years in the organization. Letting go of an employee that has already spent years with you and knows about the organization can hurt you in more ways than you probably imagine. Thus, it is important to draft a process that takes care of your employee growth. Training and skill up-gradation programs help the employee grow and help the organization in turn. 

7. Build a Happy Workplace Culture

Simon Sinek recently commented on the Great Resignation saying, “Though the pandemic helped catalyze the Great Resignation, it’s truly the result of mediocre corporate cultures.” Well, he’s certainly hit the nail there. Company cultures have become more important than ever. In fact, millennials are ready to compromise on pay benefits if they resonate with a company’s culture. 

Solving High Turnover Problem to Create a Happy and Productive Environment

It is your employees that make your organization. Engaged, motivated, and happy employees are crucial for every successful company. But if people are regularly leaving your organization, it is necessary for you to closely look at the reasons for not being able to retain your employees. 

If you need any assistance in the process, I can help. Let’s talk and delve deeper into the reasons for higher turnover in your organization and possible solutions. 

Remember, every challenge you face is an opportunity for creating a better tomorrow.