According to research by Microsoft, 40% of the global workforce are planning to leave their job this year in what has been termed ‘the Great Resignation’.
Talent is fatigued, they’re re-assessing their values, and many are ready for a change.
So, as an employer, how can you survive (and thrive) the great resignation? Let’s find out.
1.Focus on your EVP
The best way to hold on to your employees, or attract new talent, is to provide them with a compelling employee value proposition (EVP) that makes them want to join or stay. After all, good people want to work for good companies that align with their values and satisfy their needs.
Communicating and delivering a strong EVP is essential particularly when almost half of workers might be contemplating a new job this year. Ask yourself, what value are you offering relative to your competitors? Is it money, work-life balance, flexibility, career progression, sustainability, learning, meaningful work, company reputation or something else? Whatever it is, your ability to communicate and deliver this value to employees could be a crucial factor in their decision to stay or go.
2.Identify your top players
Competition for talent is fierce, and companies want the best talent irrespective of their availability. Rest assured competitors are eyeing your top players, those that have the biggest impact on your business. In a period where 40% of employees might be considering a career change, headhunting has a much higher probability of success. You need to counter this by identifying who your top players are, and then do everything you can to retain their services.
Who are your top players? These are the employees who go over and above in their role. They motivate the people around them. They drive internal standards, productivity and performance. They positively shape your culture and act as ambassadors for your brand. Top players are the glue that hold teams and organisations together. Lose them, watch the dominos around them fall. Keep them, and safeguard the pillars of your business that allow you to thrive today and tomorrow.
3.Listen and adapt
Adaptability is not a new concept for employers. After all, it’s kept many businesses afloat in recent years. Yet, with the prospect of high attrition, listening to your staff and being willing to adapt your offer to retain them are two crucial skills businesses must exemplify when navigating the great resignation.
People leave businesses for two primary reasons. To go somewhere better or to escape something worse. As competitors inevitably dangle enticing offers with superior value, basic probability suggests one or more of your employees will bite the hook this year. How can you counter this? By listening to your people, your competitors and the broader marketplace, and then using this intelligence to inform your retention strategy. If an employee feels valued, and they see their company go out of their way to keep them, it’s a clear indicator that it might be worth sticking around a bit longer.
4.Capitalise on hiring opportunities
An often-overlooked part of the great resignation is the fact that if 40% of workers do indeed resign, then suddenly, the local pools of talent might once again become bountiful. Australia is in the midst of critical talent shortages, where particular skills in areas like technology and engineering are very hard to find. According to research by NAB, four in ten businesses were impacted by talent shortages in 2021. With no signs of these shortages abating, employers from all sectors are desperate for talent. If resignations do rise sharply in 2022, then you need to be prepared and ready to capitalise on thi unique hiring opportunities that present themselves. Be targeted, be agile and be consistent in your recruitment approach, and the Great Resignation may in fact be a blessing for your business to thrive moving forward.
Research suggests the Great Resignation is upon us in 2022 with 40% of global workers touted to resign this year. However, remember that good people want to work for good organisations. Good organisations are those that communicate and deliver a strong EVP, listen to their people and adapt as necessary. Businesses that accomplish this, will not only retain their most important players, but will also be presented with unique hiring opportunities to attract top talent that enters the jobs market this year. At Ignite, our Talent Solutions team can support your evolving talent acquisition strategy with bespoke or training solutions to ensure you survive (and thrive) the Great Resignation.