With job stability returning after the pandemic, employees are becoming more comfortable with the thought of changing job roles and moving to a new company. Hence, the start of the ‘Great Resignation’.
Employee turnover rates are currently sitting at an average of 15% but are expected to continue rising. How can you keep hold of your employees during this time? Keep reading!
Firstly let’s have a look at the reasons people are leaving.
Burnout and exhaustion – Prolonged work-related stress was a problem even before the pandemic, now employees want a new way of working and living.
People feel confident changing jobs – Many held off during the pandemic because of uncertainty in the market. Confidence has now returned.
There are more available jobs – Companies also held off on hiring during this period but hiring activity has now dramatically increased.
Inflation and financial stress – People are jumping ship for a big enough raise to cushion the blow of rising living costs.
Flexible working options – People do not want to go back to the office in the way they were working before, people expect to have a choice about how and where they work.
This paradigm shift has led to a greater demand for learning and skill development.
In fact, employees who do not feel that they have access to learning and development opportunities are 41% more likely to leave!
So, how can you start to prioritise your employees’ learning and development opportunities?
- Gain senior leadership buy-in – your employee’s desire for career and skills development cannot be satisfied unless senior leaders are communicating their support and backing them up with resources.
- Initiate regular career conversations – when organisations proactively focus on employee development and provide the right resources, employees begin to take a higher level of self-ownership of their career paths. Yearly performance reviews are no longer enough, why don’t you try checking in with your employees’ development monthly?
- Provide coaching beyond the top echelon – the true value of coaching is lost when it is only offered to those in the C-suite. Coaching helps all employees achieve their goals, become more confident, and perform at a higher level. At No More Ifs Or Buts we believe in creating a culture of continuous development that can benefit the whole team. That is why we have created coaching opportunities for everyone!
Finally, show some employee appreciation! There is no doubt that everyone has struggled over the past 2 years in one way or another. So why not check in with your employees on a personal level? Thank them for sticking by you and helping your business survive. See if they need any support to help their professional or personal development. Celebrate their successes!
Because who doesn’t love to feel appreciated!
