How can you protect your business from a resignation wave?
Is there really a great 'resignation wave' coming? What can you do to protect your business? 18 months on post-pandemic, hybrid working, flexible hours, and a different work-life balance has become a reality. Coupled with more time to think and no boss physically looking over shoulders, employees have a new sense of freedom ahead, and it seems priorities are changing. Do your employees enjoy coming to your work?
It's being reported that resignations are pouring in - both in the UK and worldwide. And it’s an employee’s market, with Reed reporting 250,000 new roles being added to their website in August alone.
Today, employees have a much larger pool to choose from. The job market has no boundaries; you can apply for a job just about anywhere, and this coupled with improved economic conditions, has meant a big increase in opportunities.
What can employers do?
The question, then, is how do you stop your valuable team from joining the wave? Employees have had a year and a half to evaluate their lot. They have reflected on their skills, values, their wellbeing, and priorities. There is also a huge range of options open to them now. Currently available is a backlog of opportunities that weren’t advertised during the pandemic, as well as the impact of an economic boom. Businesses want to grow, and new hirings are making demands on skills that are outstripping supply. Is it therefore time for business leaders and managers to think creatively about how to be attractive?
Psychology tells us that we are social beings and that we crave being part of a tribe or team. This is seen as workers talk more about the importance of feeling 'valued', and research shows that employees look to being part of a culture with emotional intelligence, recognition, and communication. Employees like to be part of something where they can see they are making a difference. It's, therefore, no surprise that leaders who show support for employees are being recognised.
Work needs to be a place people like being part of. Every day, business leaders must have real conversations to create a collaborative culture with like-minded values
The resignation wave is fuelled digitally as well as tangibly. It's impacting everywhere - employees aren't limited to their local area, but potentially anywhere. Obviously, attractive salaries will play their part, but new priorities are emerging: Organisations are being advised to make work a place employees want to be, and employees want to be invested in and share the organisation's ambitions.
Organisation psychology suggests employers need to connect daily work with overall purpose, as well as create awareness of the organisation’s values. This can be a big subject, with up to four to five generations within the workforce, different perspectives from people will drive different interpretations and priorities. However, evidence of that culture and common vision can be demonstrated via recognition for bringing company values to life; investing in company rituals, and encouraging actions to guide those values. It means team leaders and managers need to really connect with their teams.
'Listening' is also becoming an important element that contributes to the bottom line. By actively engaging with those around, leaders have an endless seam of clues and tips for going forward. It also builds real relationships amongst each other. That awareness of people and what makes them tick helps teams to make better decisions, inspire debate, create more learning (for everyone), and lead innovation. Interaction and communication are the building blocks of a sense of purpose, employees become clearer on why they show up for work.
It seems that - if a resignation wave is about to hit - now is the time for leaders and organisations to demonstrate they offer a way of life, not just a salary. Work needs to be a place people like being part of. Every day, business leaders must have real conversations to create a collaborative culture with like-minded values. They will also need to prioritise not just skill sets, but also positive chemistry among the team.
This means successful companies will not be returning to how it was pre-covid. To ride this wave, employers need to embrace flexibility, hybrid working, and focus on how they can work with employees rather than employees work for them.
If you, or any of your team, are interested in exploring how to incorporate daily practice to create a great culture and a way of empowering employees to love coming to work, I offer a free no-obligation consultation.
Please call me for an exploratory chat to see if I can support you to ensure your company is equipped with any of the issues discussed above or new challenges that surface as the new norm becomes reality.
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