If the remote work revolution of the COVID-19 pandemic wasn’t enough, companies are now grappling with the ‘new normal’ of hybrid work, as well as navigating record levels of employee turnover. Texas-based professor and psychologist Andrew Klotz famously foretold the next great challenge companies would endure when coining the phrase ‘The Great Resignation.’
Here in Australia, we could see what was heading for our shores. According to research conducted by NAB, one in five Australians resigned from their jobs in the past year, with another quarter actively pursuing external opportunities.
It’s difficult to pinpoint a single cause of this mass exodus, but alternative names for the phenomenon, such as ‘The Great Exhaustion’ or ‘The Great Reprioritisation,’ may provide some clues. Maybe unexpectedly, poor remuneration is not the primary employee grievance listed. Rather, NAB revealed that lack of fulfilment and purpose at work accounted for 30 percent of resignations, with burnout, lack of flexibility, and poor work-life balance also cited.
We are in a perfect storm of an employee oversupply, record disengagement, and a post-pandemic drive to prioritise personal wellbeing. It’s time to take a more holistic approach to the employee experience (EX) that provides effective long-term retention strategies, with the win-win of raising staff morale alongside company profits.
Flexibility
Unsurprisingly, companies that have attempted to ‘snap back’ to pre-pandemic conditions have left employees feeling less than satisfied. According to Gartner’s latest study, 75% of workers in the knowledge economy now expect greater workplace flexibility after proving their capabilities while working remotely during lockdowns. Workplace flexibility engenders trust and a sense of accountability, which, in turn, translates to employee loyalty.
Onboarding
Employers need to start thinking about retention as soon as an employee signs on the dotted line of their contract. Designing an engaging and interactive onboarding process that enables a smooth transition into an organisation is critical. Onboarding is not a tick-box exercise; it should provide the opportunity for authentic and ongoing two-way engagement. According to PWC consultant and business agility coach Leigh Malcolmson, businesses need to start thinking of new hires as customers who are ‘looking to validate their ‘purchase’ decision and perception of the company during the crucial onboarding experience.’
Learning and development
Providing opportunities for growth is not just a matter of throwing money at your L&D team; employers need to take the time to identify the future goals of their employees and then deliver coaching and learning frameworks around these goals to help staff achieve them.
Recognition
Performance recognition is about celebrating contributions and positive leadership traits rather than the willy-nilly dishing out of participation awards. Authentic recognition can come in many forms; for example, social events can express appreciation while also fostering a sense of belonging in your team.
Feedback
Constructive feedback mechanisms are powerful development tools and can work wonders for employee retention. Employees should feel safe and supported to voice their opinion in whatever feedback format is adopted. In particular, 360-degree feedback can be a mutually beneficial method of collecting qualitative data from a range of different stakeholders.
Connect with us to find out how Salexo can help implement different employee retention strategies within your organisation.
