Why Worker Retention Is Extra Vital Than Ever Earlier than within the Expertise Trade
Since industries such as technology are severely affected by the “great resignation”, every company must develop strategies to retain talent.
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September 4, 2021 4 minutes to read
The opinions of entrepreneurs’ contributors are their own.
According to a Microsoft survey of 30,000 workers worldwide, 41% of workers are considering quitting or switching jobs this year. A record 4 million people left their jobs in April and another 3.9 million in June. This is known as the “Great Resignation”.
Why the great resignation is taking place
The pandemic has allowed a shift in priorities for most people. It was a wake-up call for most workers as they were a little less engaged in their jobs. This has given them the opportunity to explore the endless possibilities. It can be a dream job, better pay, more flexibility, a better culture or a suitable location. The motivations are varied, and since most companies require employees to return to the office, people reconsider their options.
The Relationship Between The Great Resignation and Employee Loyalty
According to a recent survey by Monster, a whopping 95% of employees, motivated by the Covid-19 pandemic, want to seek a change in their job and their lives in general. The survey revealed the following as the main reasons for this shift:
- More flexibility: After working from home for months, employees are looking for more flexibility and freedom in relation to their workplace. Most people – especially young people – want to work from home a few days a week instead of commuting every day of the week.
- Better quality of life and wellbeing: Most employees enjoyed an improved quality of life while working from home during the pandemic. Hence, they are not ready to resume the monotony of the office environment.
- Burnout and fatigue: Sometimes employees experience fatigue and burnout when they combine a 9-5 with family life.
- Bad Treatment: For some, the decision to quit their job was due to poor treatment by their employer during the pandemic.
While employee turnover is normal, the great resignation can blind companies if they don’t try to understand and address the individual motivations that drive this change.
Related: Hiring Remote Workers? Here’s what you should be aware of first.
Why retention is critical in the tech industry
Resignations in the tech industry have been reported to have increased since the pandemic began. A major problem facing the tech industry is the talent shortage as the industry giants have snapped up a large chunk of the best talent. The technology industry is very competitive and companies compete for the same talent. Despite the economic changes caused by the pandemic, it is imperative that technology companies focus on retaining their current talent. Because of the specialization of this industry, the loss of talent is not only costly but also means the loss of unique skills and talents that may be difficult to find. You can also lose employees to the benefit of your competitor.
Related: Why Remote Learning is a Path Worth Exploring
How can companies fight the “great resignation”?
1. Expand the possibilities of remote work
For most employees, the past year is proof that they don’t have to be in the office to be productive. While most may miss the opportunity to connect with their work colleagues, many have no intention of working from the office every day of the week. A survey shows that 39% of employees surveyed would consider quitting their job if their employer does not take the opportunity to work remotely. For Gen Zs and Millennials, it’s even 49%. This has forced companies like Twitter to permanently work from home.
2. Invest in supporting your distributed workforce
Even for businesses that are expanding a remote working option, the transition to a hybrid work environment can be challenging. Even with the technological infrastructure in place, many shifts are required to successfully support this new way of working. The first step should be to train managers to successfully lead hybrid teams.
3. Re-evaluation of professional development policy
World changing events like the Covid-19 pandemic are enough to make anyone reassess their priorities in life. You may not be able to retain every employee, but there are important steps you can take to help employees make meaningful career decisions. As an employer, employees should be happy to discuss their career and life goals with you.
It is important to note that employee turnover is inevitable. However, it is a problem when companies fail to retain their best talent, which inevitably negatively affects their bottom line. Since industries such as technology are severely affected by the “great resignation”, every company must develop strategies to retain talent.
Related: Why Remote Working Makes Teams (and Managers) Better