FIVE ACTIONS TOP COMPANIES ARE TAKING TO RESPOND TO THE GREAT RESIGNATION
June 7, 2022
The Great Resignation is a new reality that is driven by workplace cultures that are unhealthy, imbalanced and even toxic. Now more than ever, strong leaders are needed to guide their people to cultivate workplaces that are respectful, inclusive, ethical, and emotionally intelligent.
The most recent statistics suggest the exodus trend is here to stay. In March 2022, according to the the Job Openings and Labor Turnover Survey (JOLTS) released by the U.S. Department of Labor’s Bureau of Labor Statistics, the United States saw a record 4.53 million workers quit their jobs, a new all-time high.
It turns out, the Great Resignation’s viral trend of workers celebrating quitting their jobs, creates regret on the part of employer and employee. As much as it seems employees are in the driver’s seat, it is also pretty challenging to find meaningful work in a healthy, productive environment. It is often better to cultivate the characteristics of a good job rather than to start from scratch. Combined with the high cost of turnover and challenging recruitment environment, it definitely benefits everyone to reverse this trend.
Here are five strategies forward- thinking companies are utilizing to keep good people.
- Take the time to interview departing employees. A good exit interview when someone leaves not only provides valuable feedback, but may lead to “boomerang employment” or the employee eventually coming back.
- Proactively help your team develop a ‘work-life-balance’ strategy that works for them. As people return to the office, while others prefer to remain in the remote world, finding the right balance of these elements is critical for long term job satisfaction.
- Reach out to employees who ARE happy and satisfied with their jobs. Conduct “stay” interviews. It’s key to understand what things companies are doing right and do more of it. Encourage employees to speak up about areas in which they want to grow and develop their skills.
- Examine and address toxic workplace culture. In a recent MIT Sloan Management review called “Toxic Culture is Driving the Great Resignation,” it was determined that an unhealthy, abusive or just disengaged employee can not only lead to attrition but also tends to spread to others. It’s important to note that this may not only involve high-level managers in big companies, but should also examine “micro cultures’ or employee relationships within teams as equally important.
- Address common emotional and societal pressures, issues and events directly. Chances are, if one person is stressed about a national news event or Covid outbreak, for example, it is on everyone’s mind. Providing open communication and support, mental health resources, or productive outlets for employee wellbeing manifests in a healthy workforce and productive company culture.
During this time of chaos and transition, we’re seeing an even greater interest in our most popular leadership training topics at PRC (in addition to our top team-building programs), since organizations realize what a critical time it is to invest in leadership development and building healthier cultures.
Here are some of our most popular leadership training topics our clients are getting the most traction from this year so far. Contact us for a free consultation on any of our offerings.
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For more information on how to address the challenges of the Great Resignation in your workplace, contact us for a free consultation today!