How to Save Your Employees from the Great Resignation
Has the "great resignation" impacted your organization?
If not yet then, are you bracing for it?
The "great resignation" is a term the media and some economists have given to the post-pandemic uptick in turnover.
Employers all over the US are reporting increased turnover. Some surveys have found between 25 and 30% of workers plan to leave their jobs in 2021.
Why are so many employees leaving (or planning to leave)?
The reason so many employees are resigning differs somewhat by industry, employer, and job type although there are some common themes.
Employees are leaving due to....
Burnout from constant change and no time off during the pandemic
Wanting higher pay due to the significant increase in cost-of-living this past year
Not wanting to return to the office after working from home
Seeking a position with overall better work-life balance
How do you safeguard your organization from "the great resignation"?
Here is a step-by-step approach…
Identify the employees you don't want to lose (use an equitable approach)
Have an honest conversation with them. Ask questions and listen with an open-mind to what would make the employee happier at work.
Take action to make the changes that would make the employee happier.
This may sound simple, but truly the best way to plan for and prevent turnover is to conduct Employee Retention Surveys, also known as “stay interviews,” and take visible (well communicated) action based on the feedback you collected.
The Retention Survey is a valuable tool in helping organizations to find out why your employees stay with your organization, and why they might consider leaving.
Employee retention surveys are more important than exit surveys because they give you the information you need to make changes prior to losing your best employees.
Retention survey questions include:
Do you see yourself working for XYZ Company 2 years from now? Why or why not?
Will you be looking for a job in the next 6 months? If so, what is the #1 reason you will be seeking a new job?
Do you feel valued by your direct supervisor? What is 1 thing your direct supervisor can specifically do to make you feel more valued?
Do you feel your pay is adequate for your position and performance?
What are your top 3 favorite things about working for XYZ Company?
What are at least 3 specific things you would like to see improved at XYZ Company?
To get truly honest feedback from employees, you will need to “pre-frame” this meeting to create safety (Hat Tip: Nikki Rausch). Send communication prior to the meeting explaining why the feedback is so important and that employees will not be retaliated against for giving honest feedback. If you plan on doing retention surveys in-person, then repeat this information at the beginning of the interview.
Trust is critical to this process.
One of the best ways to build trust is to consistently show employees that it’s safe to give feedback. If trust is lacking in your workplace and employees fear giving honest feedback, consider making the survey anonymous.
Thinking About the Cost-of-Turnover
A couple of things to note - if a pay raise is needed and you would end up raising pay if you had to post the job and recruit someone new anyhow, then try find a way to give your current employee the market-based pay increase now (rather than end up paying it later on to someone new.)
Or, if your employee wants more flexibility (scheduling, remote or hybrid work, etc.) It costs less to give current employees flexibility than it does to manage through turnover.
May this information help you to retain your best employees in 2021 and beyond!
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