The Great Resignation: What Is It and Can It Happen to Your Company?
July 11, 2023
As an HR manager, it is very likely that you have come across the phrase, “The Great Resignation,” in the last couple of years. This term has appeared in many news headlines, business articles and possibly even in your team meetings. This is a trend in which many workers are willingly leaving their current jobs. It was used to describe the mass exodus of employees from the workforce starting in late 2020 as a side effect of the COVID-19 global pandemic. However, there is still much to learn about this phenomenon and the best ways you can address this issue at your own company.
In this article, we are going to look at the importance of The Great Resignation, how to combat it, what benefits are necessary to retain existing talent and how HR software can assist your company in managing its effects.
Importance of The Great Resignation in the workplace
According to the U.S. Bureau of Labor Statistics, this phenomenon spiked in late 2020 and into 2021. In mid-2023, some leaders are referring to it as The Great Reshuffle. This is because most workers who leave their current jobs choose to take on new roles or switch industries as opposed to leaving the labor market altogether. What is more, this is not only an American phenomenon as millions have left their occupations in Europe, the IT workforce has decreased in India and employee turnover has increased in South Africa as well.
5 Key benefits your company can offer employees to combat The Great Resignation’s effects
1. Flexible compensation
Today’s labor market has shifted towards an employee-driven model where wages have risen substantially. To stay competitive, offering staff an attractive and generous compensation package is crucial. This is also one of the ways you can directly increase job satisfaction and foster employee loyalty.
2. Hybrid or remote work environments
3. Teambuilding opportunities
Encourage your team to socialize and bond with their co-workers either in person or online. This can be done through team-building activities, coffee or cocktail hours and hangouts. Connecting with team members can work to reduce burnout and anxiety during the year.
4. Professional development
To retain your best talent, it is essential to provide employees with opportunities for skill development and professional advancement. Consider establishing a mentorship program where staff can learn directly from senior leaders.
5. Rewards and incentives
At times, workers can feel unappreciated in the tasks they do every day. This can be due to limited or little recognition for their performance. Recognize and reward top performers with bonuses, additional paid leave and public announcements, which can be done through an HR software program.
How HR software can help you combat the effects of the Great Resignation
At Talentia, we offer a complete HCM software that simplifies the common complexities of the HR world. Having all your data and feedback on the same platform can help you automate simple tasks allowing you to focus on the most important work at hand. Keeping track of employee feedback, their skills, benefits and attendance all in one place are just a few of the benefits Talentia’s HCM suite offers HR teams.
Combat the effects of The Great Resignation by committing to improve employee well-being and career prospects to garner greater loyalty in the long-term at your company.
What can companies do to prevent it from happening again?
Watch/listen our 15′ podcast with
Sven Elbert, from Fosway Group and Silverio Petruzzellis, from Talentia Software
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