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The Great Resignation

The Great Resignation: Employee Retention Strategy Checklist for 2022

The Great Resignation is Real.

According to the United States Bureau of Labor Statistics, 4 million individuals quit their employment in April 2021, and another 4 million left in July.

If we deep dive further, below are the major industries impacted by The Great Resignation.

  • Professional and business services: 69.2%
  • Health care and social assistance: 45.2%
  • Trade, transportation, and utilities: 60.5%
  • Retail trade: 69.7%
  • Leisure and hospitality: 129.3%
  • Government: 24.2%
  • Real estate and rental and leasing: 49.4%

Organizations cannot correct what they do not comprehend. To halt the Great Resignation, Leadership must first understand why people leave. 

Employers, for example, mentioned salary, work-life balance, and poor physical and mental health when asked why their employees leave.

These problems did matter to employees—just not to the extent that employers believed. 

By contrast, the top three reasons employees mentioned were:

  • Feeling undervalued from their organizations (54%)
  • Feeling undervalued by their managers (52%)
  • Lack of belonging at work (51%).
The Great Resignation

Solution To The Great Resignation

Avoiding the Great Resignation as a company needs thoughtful consideration of a variety of factors.

Experts advised employers to focus on values, perks, and candid talks with employees.

“The solution to this great resignation is, unfortunately, there are no silver bullets,” said George LaRocque, founder, and lead analyst at WorkTech.

According to Harvard Business Review, 6 ways to navigate “The Great Resignation” are:

  • Take care of your loyal employees in order to encourage them to stay with you.
  • Give your employees opportunity to flourish.
  • Emphasize to employees that your business is about more than profit centre.
  • Make culture and relationship a priority.
  • Invest in your employees’ and their families’ well-being
  • Recognize and value Work Life Flexibility.

The Ultimate Employee Retention Strategy Checklist to The Great Resignation

The Great Resignation

Employee Engagement:

Employee engagement is critical – When employees are engaged, they are more productive and committed to their work. However, creating an engaged workforce can be a challenge.

There are many factors that contribute to employee engagement, but one of the most important is communication. Open communication is essential for creating an environment where employees feel comfortable sharing their ideas and opinions. Communication should not be restricted to top-down directives from the management; instead, it should be two-way. Employees should be empowered to speak up and share such below thoughts and ideas with management, and management should be willing to listen so that they can rectify mistakes before Employees shares such feedbacks in Glassdoor.

Glassdoor Reviews

Another important factor in employee engagement is culture. The culture of an organization reflects its values and how it operates on a day-to-day basis. Employees are more likely to be engaged if they feel that the company shares its values and operates in an ethical way. Employee engagement can also be increased when employers create a culture based on trust, respect, and transparency, where employees feel comfortable sharing their opinions and ideas. They should also know how their work contributes to the organization’s goals and objectives.

Employee engagement is also important when it comes to personalized connections between managers and employees. Managers must be able to establish strong personal relationships with their subordinates and connect with them on a human level. When managers talk with employees about things beyond work — such as hobbies or family — they create connections that increase loyalty and commitment.

Key Takeaways:

  • Communicate More.
  • Open Conversation.
  • Listen More.
  • Prioritize Culture.
  • Personalized Connect.

Employee Development

Employee Development is a powerful tool for any company looking to reduce employee attrition & enhance Engagement. Employee Development programs can help employees grow their skills, develop their careers, and become more engaged with their work. When employees feel like they are valued and have the opportunity to continue learning and developing, they are more likely to stay with a company long-term.

  • Mentoring and coaching are two important aspects of Employee Development. Mentoring provides employees with guidance and support, while coaching helps employees learn new skills and improve their performance. Both of these activities can help reduce employee attrition by providing employees with the tools they need to succeed.
  • Career development goal setting is another important part of Employee Development. When employees have clear goals to work towards, they are more motivated to stay with a company. Setting goals also helps employees develop their skills and grow their careers.
  • Accountability and ownership are also important in reducing employee attrition. When employees feel like they are responsible for their own success, they are more likely to take ownership of their work. This can lead to increased engagement and motivation, which can help reduce employee attrition.
  • Emotional intelligence is another important factor in reducing employee attrition. When employees are able to manage their emotions effectively, they are less likely to get frustrated or overwhelmed at work. This can lead to a more positive work environment, which can help reduce employee attrition.
  • Time management is also an important skill for reducing employee attrition. When employees are able to manage their time effectively, they are less likely to feel overwhelmed or stressed out at work. This can lead to a more productive and stress-free work environment, which can help reduce employee attrition.
  • Creative thinking is another important skill for reducing employee attrition. When employees are able to think critically and come up with new ideas, they are more likely to feel fulfilled in their work. This can lead to a more positive work environment, which can help reduce employee attrition.
  • Leadership skills are also important for reducing employee attrition. Leaders who have strong leadership qualities can build motivation in their teams, communicate effectively with employees, resolve conflict, and give clear direction to the company. Employees want leaders that they can look up to and learn from, so developing leadership skills can help reduce employee attrition by building effective management styles.

Employee Wellbeing

Mental wellbeing, physical wellbeing, and financial wellbeing are all essential for employee productivity and satisfaction. A recent study found that employees who have access to Employee Wellbeing Programs are more likely to stay with their current employer.

This makes sense when you consider the benefits of a Wellbeing Program. This counseling can help employees deal with mental health issues, addiction, and other personal problems.

Physical wellbeing is also important. Employees who have access to wellness programs and health screenings are more likely to be healthy and productive. Financial wellbeing is also essential. Employees who are struggling with debt or financial problems are less likely to be productive.

Wellness programs can be helpful for employees who are struggling with physical health problems or debt. However, these health issues, addiction, and other personal problems may be impacting their work performance.

Key Takeaways:

  • Mental Wellness
  • Physical Wellness
  • Financial Wellness.
  • Counseling at right time.

Employee Recognition & Appreciation.

It’s no secret that Employee Recognition and Employee Appreciation can result in more satisfied employees, better productivity, higher morale, and increased engagement. But Employee Recognition also has another important effect: Employee Retention. Happy workers stay longer at their jobs which results in less turnover, more consistency, and stronger ties to the company culture.

The Employee Retention benefits of Employee Recognition (and thus Employee Appreciation) were first identified and studied by psychologists who researched how acknowledgment consequences affect employee performance and behavior. For example, Researchers found that individualized public recognition had a positive effect on employee performance; adding social acknowledgment significantly increased this benefit even further. Also, research was conducted into the various outcomes of Employee Retention such as decreased absenteeism, reduced lateness, improved productivity, a better quality of work, and increased customer satisfaction. Employee Recognition was found to correlate with all these positive Employee Retention outcomes. More surprisingly, they discovered that Employee Appreciation had an even stronger influence on Employee Retention than Employee Recognition.

Employee Awards & Employee Recognition affects Employee Retention in different ways according to business goals. For example, A manager who wishes for employees to focus more on the company’s bottom line may recognize individual employees who are driving sales up or who are saving money. A manager who wants employees to be team players might recognize those teammates whose ideas contributed significantly to a group product launch. It is often the case that managers find that reinforcing desired behaviors increases them while ignoring undesired behaviors.

Key Takeaways:

  • Compensation & Bonus.
  • Equity & Stocks.
  • Awards & Recognition.
  • Appreciate Individually & Socially.

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