Five tips for employee retention when ‘69% of UK workers are ready to move jobs’
The pandemic has changed many things about how our lives work, not least the way professionals think about their jobs and what they want in the future. During the hardest moments, many wanted to leave jobs but relied on them to get through the changing times in a state of familiarity and security. Now, many employees are taking a step back to reconsider what they want out of their roles and how to get there.
All of this has led to an inundation of resignations throughout the professional world. Here, we’ll share context and the upcoming implications, as well as how to overcome professional obstacles to retain more employees rather than lose them.
The Great Resignation 2021
According to a survey done by Randstad UK, 69% of UK workers are ready to move jobs. This research from Q4 2021 confirms what employers and leaders have been in fear of since the slight return to workplace normality: many of their employees have been treading safer water during the pandemic and now are ready to continue career progression, even if that means moving companies. This had led to a power shift in what is known as The Great Resignation 2021 — employees are feeling empowered post-lockdown to seek out new opportunities that acknowledge and solidify their value.
The business implications of an influx of resignations
Losing one team member is a loss for the business, but the value of losing several employees over a short period could be devastating. It’s difficult to replace the wealth of knowledge and skillsets lost, while the hiring costs and person-hours put in also have their own implications. Another significant concern is the loss of niche company-relevant experience that takes time to build up. No two people will perform exactly the same way in a role, so when there are multiple changes at the same time across the company, it often means a shift in the way the business performs.
The implications of resignations over Christmas and New Year
With a large portion of workers handing in their resignations from now into the new year, there are apparent business implications based on the timing of such events. There is much to do to replenish a team — from filing leavers’ paperwork, writing up new job descriptions, getting hiring budgets organised and approved to the actual hiring and onboarding processes. There is also more pressure for the employees who remain to take on additional responsibilities on top of their typical workload, emphasised further if there is a skeleton workforce in play over the holidays.
It’s a less than ideal situation for your team and the wider business to be in during December and January. To combat mass resignations and avoid burnout for yourself and your team members during staff shortages and hiring, it’s much simpler, efficient and cost-effective to focus your efforts on retaining staff.
Five tips to overcome obstacles and boost employee retention
1. Keep employees connected and engaged in the business
Consider the impact of disconnection on employees like young professionals and introverts: people rely on connection to engage with their employer. Beyond the literal sense of connecting employees with each other in the workplace, consider also connecting each individual to the vision of the business. Engaging them in the wider mission helps them to feel like they’re part of something bigger, making a real difference at work. Not only are they more likely to thrive, but there will be higher levels of brand loyalty within your team.
2. Drive personal and professional purpose
When it comes to employee engagement, make sure you ask your team members the right questions to discern how they feel about their achievements. Workers increasingly choose purpose over other factors like salary and location, so supporting their goals is key to retaining them long-term.
3. Focus on good leadership
How many times have you heard it said: “people leave managers, not jobs”? While the two aren’t mutually exclusive, leadership, particularly in the era of working remotely, has become more disjointed than in previous years. That means empathy and support go a long way, as does focusing on employee wellness, both physically and mentally. Make sure you understand the upcoming leadership trends that will help your team in new ways to get ahead for 2022.
4. Pay staff their worth
While in employment with you, an employee’s knowledge, skillset and experience have all increased, and it’s likely their worth has gone up. That needs to be reflected in their salary. This has always been important to retention but is particularly true if they’re working hard and have recently helped your company through the more challenging times. Also, remember to reward staff who pick up the slack in times of staff shortages, like over Christmas and during an influx of resignations. Help your team understand that their loyalty is valued.
5. Show appreciation beyond salary
That being said, not everything comes down to money when it comes to showing employees your own and your company’s appreciation. It’s also essential to find ways to motivate employees without cost. You could try one-to-one coaching, internal development and promotion, or even a simple bonus holiday day. A little recognition and kudos go a long way towards job satisfaction and loyalty.
To further your employee retention efforts when the new year comes, external HR consulting helps to forge new and brighter plans to keep your team engaged and rewarded. Talk to us about how we can support your business today.
