Welcome to “The Great Resignation” – are your employees next?
Millions of workers are quitting their jobs in what’s labelled “the great resignation” – have you been affected? With the current pandemic, it’s clear that employees are reconsidering their current workplaces and looking for brighter horizons. Have you taken the time to look at if your organization is doing the best it can for your employees? Employers have the responsibility to support their employees.
Today, we’re seeing a shift in the narrative of employees worrying about job security, to employers worrying about talent security. Long gone are the days of employees staying with companies for 10, 20 or 30 years, hello to the age of job-hopping and vertical scaling!
Microsoft recently found that 41% of the global workforce would consider leaving their current employer within the next year! On top of that, Monster’s study recently found that 95% of workers are at least contemplating a job change. These are record-breaking high numbers and certainly have staggered the modern workplace. We’ve gone from a worldwide record-high unemployment rate to worldwide high turnover rates in just over a year!
Before you hit the panic button and start worrying about what you need to do, know that we’re here to help. Here at AirMason, we’ve been helping organizations focus on employee retainment long before the start of the pandemic. It’s time to take a look at 4 questions you can ask yourself to help keep employees around for the long run and avoid the impact of the great resignation!
Question #1 – Are my policies and benefits supporting my employees?
One of the very first questions to ask yourself involves a deep dive into your company structure. That is – taking a look at your current policies and benefits you offer employees. Whether you update them monthly or you can’t even remember the last time you took a look at them, now is the time to invest in and manage what you’re currently offering your employees.
Employee policies and benefits vary wildly between companies and organizations. We get it – it can be hard to know if what you’re doing is enough for your employees. That’s why we’ve spent time helping you figure out the 10 best employee handbook policies to include for your organization! Consider this a starting point in learning what to have covered for your employees.
Regarding policies and benefits, many employees seek organizations that have support structures that allow them to work at their maximum potential. For example, employees value organizations who give them flexible work schedules, extended vacation periods, and the ability to work remotely no matter what’s happening in the world – global pandemic or not.
Employees value companies who give them the room to grow and develop themselves into having more responsibilities and a more expansive set of skills. A recent study found that 94% of employees agree to stay longer at a company if it invests in their training. An employee wants to know that they’re valued at more than just another hire that can be measured by analytics. Invest time into your employees to invest time in themselves. Do this and watch your company’s growth soar.
Here at AirMason, we know what it’s like for an organization to struggle to find and implement the right policies and benefits. That’s why we focus on helping organizations by helping them build the perfect employee handbook! Built with onboarding, employee engagement and employee experience in mind, your handbook saves you time, money and stress.
Question #2 – Am I offering competitive compensation?
Everyone needs to work to get paid. Yes – this is obvious. What isn’t so obvious is how much one should be valued in their line of work, but it’s becoming increasingly clear. For employees, this rings true more than anything. Employees also know that in today’s day and age, the fastest way for them to get the level of money they desire is by job-hopping. Forbes found that employees who stay at their current organization for more than 2 years end up getting paid about 50% less than peers who switch to new opportunities.
That article was from 2014 – imagine the importance of job-hopping now! As an organization trying to keep your talent, you need to stop and think about if your talent is being compensated fairly. Salary is, unsurprisingly, the main priority for a large percentage of the workforce. Highly educated employees who perform well and are of high value to your company are always on the search for opportunities that will compensate them higher and higher with each place they go. For them – the sky’s the limit.
Salary and benefits need to be improved and prioritized at your organization to avoid turnover from the great resignation. Deloitte reports that the cost of losing one employee can range from tens of thousands of dollars to 1.5-2X their annual salary, and this range can be even higher if the employee is highly trained and essential to your organization.
Question #3 – Are employees engaged working at my company?
Employee engagement matters more than you think when it comes to great resignation. The vast majority of employees at any organization are considered unengaged in their work. Meanwhile, those who are highly engaged are much more likely to stay at their company for extended periods. Think of yourself as the bright-eyed new hire at a company – what makes you excited to want to come into work every day?
Employee engagement can be measured in several different ways and improved with a wide variety of strategies. In our recent article discussing engaging remote workers, we go through a lot of employee engagement strategies that may be useful for your team!
Focusing on strategies such as weekly check-ins, out-of-work opportunities and mental health days allows your employees to feel engaged and focused within their organization. Team members who feel like they belong won’t want to leave at the next best opportunity. Knowing that their employer has their back and encourages new ideas and creativity will make employees want to grow with your company. Every employee wants to feel like they’re a part of something bigger.
Question #4 – Have I been prioritizing my employees’ mental health?
If this pandemic has shown us anything, it’s that employee mental health needs to be a priority across the board. The effects of remote work and layoffs have had an incredibly negative effect on employee mental health. As an employer, your employee’s mental health needs to be a priority. Employees value companies who put their health at the forefront of the organization.
An employee who doesn’t feel as though their mental health is a priority at their company will leave to join an organization that does. A survey conducted by The Conference Board found that 59% of employees named stress and burnout as their top concern for workplace well-being. No shock there – how much can you focus when you’re overworked and stressed out? An employee should be able to consider their workplace as a support network.
By focusing on providing employees with mental health medical insurance, flexible deadlines, mental health days, and several other mental health benefits, your employees will feel valued and wanted. Placing a priority on mental health helps you avoid the great resignation!
If you’re looking for creative and effective ways to showcase your mental health policies to employees, have you considered trying AirMason? We specialize in helping employers grow their organization by boosting employee experience through incredible employee handbooks. Take a look and see how we can help you update your company handbook today!
Will you avoid the great resignation?
As an HR leader, this is without a doubt a tough situation to be in. Employees are quitting left and right amidst a global pandemic! You need to get a handle on how to keep your employee performance high, despite the great resignation. By asking yourself these questions and focusing on how to improve your employee experience, your employees will be in it for the long run. Show your employees that they’re invaluable. Give them the tools they need to master their potential. Be the best employer you can be.
If you’re curious about how to start upgrading your onboarding process and growing your employee experience instantly, AirMason is your new essential tool! We’ve helped world-class organizations such as Lacoste, Mattel, and more build an employee handbook that benefited their organization instantly. Curious about how we can help you? Book a demo with us today and see how we can help you reach your employee experience goals!