What is the Great Resignation?
The great resignation has hit the UK, but just what is the ever-growing employee movement? It is an ongoing economic trend in which more and more employees are resigning from their jobs. Experts considered the development to be a knock-on effect of the pandemic as employees nationwide reassessed their lives. But with restrictions lifted and normal life returning, resignations haven’t waned with latest CIPD research showing 6.5 million Brits could resign in the next year.
Other factors including the cost of living crisis, wage stagnation, hostile work environments, inflexible remote-work policies, lack of benefits and the desire to achieve a better work-life balance are the driving forces behind it.
What is the solution?
It might be tempting for employers to throw money at the problem in the hope to dissuade employees from leaving their roles. But whilst increasing compensation and pay might initially stem the tide of resignations that is not a sustainable solution for businesses long term.
Instead, businesses must seek to change workplace cultures. Below are 3 ways your business can improve its culture and try and keep staff onboard.
1. Focus on wellbeing
A big complaint for employees post pandemic has been centred around notions that they are now ‘living from work’, as opposed to working from home. Businesses can combat this by encouraging healthy boundaries for both employees working from home and in the office. Practices such as encouraging staff to stop working at appropriate times, taking annual leave and wellbeing initiatives can make a huge difference to employee resilience, performance and productivity. A business that can show the mental wellbeing of its staff is a priority will positively influence its culture for the better and encourage staff to stay.
2. Continue to adopt hybrid working
Statistics suggest that a big reason for the increase in resignations has been employees seeking a better work-life balance. Organisations refusing to offer hybrid working packages are losing employees to companies willing to give employees what they want. Thus, not only can hybrid working improve retention rates, it can also help attract top talent. Offering hybrid working allows companies to cater for all requirements - from the trainees who seek regular touch points with mentors and a daily office life, to the working parents who have found working from home beneficial in balancing their career and family life.
3. Engage with employees
Making employees feel valued and heard increases the likelihood of retention. Encouraging communication and welcoming feedback can help demonstrate that people are appreciated within the company. Openly discussing career progression and showing employees there is a path for development can go a long way to employee retention.
How employers cater for the needs of current or prospective employees will determine their ability to withstand the great resignation. What is clear is that until the deeper-rooted factors causing employees to quit are addressed, the storm of resignations is unlikely to calm.
If you have any queries about any of the options raised above, or about employment matters more generally, please get in touch with Charlotte Braham on 01494 893529.