The Great Resignation and 3 Tips to Retain Your Top Performers

Have you heard the term “The Great Resignation” recently? The COVID-19 pandemic has affected almost all aspects of life and work for nearly two years. Now that vaccines are available in the United States and other countries worldwide, many companies are returning employees in-person to the workplace.

There is great discussion on whether businesses can require employees to receive vaccination. It is a legal option in many states, and the United States Equal Employment Opportunity Commission (EEOC) has issued guidance stating, “Federal EEO laws do not prevent an employer from requiring all employees physically entering the workplace to be vaccinated for COVID-19, so long as employers comply with the reasonable accommodation provisions…”

These new policy details have led many organizations to start redesigning their workplaces and re-imagine what that will look like in the future. As a result of recent policy roll-outs, individual health conditions, and changing attitudes about working environments, many people choose to quit their jobs if remote or hybrid (mix of in-person and remote working) conditions do not persist.

“The Great Resignation” is a phrase that’s been coined to characterize the wave of people quitting their jobs for other roles or exiting the workforce entirely. The rate of people leaving their jobs in 2021 has reached its highest point in the past twenty years. This has increased the competition among companies to attract top talent and retain them.

Attracting, retaining, and engaging employees is a way to prevent turnover, which is an expensive problem estimated to cost U.S. companies in the ballpark of $1 trillion annually. This is a complex problem that will be unique to each company. However, here are three tips to help you keep your best employees.

Let Employees Know the Company’s Return to Work Plans Early

Be proactive and open with communication regarding your business’s policy for returning to in-person work. Many employees are very nervous about new return-to-work policies.

If your managers and leaders are starting conversations with their team members, it can ease tensions. Sharing information about what your company has done and the plans for what to do in the future to promote a healthy environment and improve safety is critical for employee engagement and morale. Using best practices around change management and communication can help your transition back in-person or to a hybrid working model be a success.

Offer Incentives

The odds are that your top employees are being targeted by other companies and recruiters online. These other competitors and companies may be offering higher salaries and increased benefits. Additionally, many executives and professionals are passive or active job candidates in the workforce.

If your staff feels nervous about your return-to-work policies, they are more inclined to pursue external opportunities. Offering incentives such as the permanent ability to a hybrid working model, work from home, mental health days, and more PTO can support your employees, so they don’t start seeking employment elsewhere.

Proactively Discuss Career Growth and Opportunities

In addition to the health concerns many professionals have with their working environment, many people are thinking about their satisfaction level with their current job. The pandemic has reinforced that meaning, satisfaction, and passion are essential in life and work.

If ambitious employees don’t see a path to grow and progress in their career in your company, they will often start looking at other roles. Encourage your managers to discuss different promotional opportunities and training within your business to gauge interest among their team members.

The Great Resignation is ongoing, and millions of employees are considering leaving their jobs. The pandemic forced most companies to transition to remote working, and there is reluctance among many employees to return to in-person working for many reasons.

Discussing situations with employees before policies are released can ease anxiety and help them feel more comfortable with the transition. Offering more incentives is also a great approach because other organizations will be competing for your best talent. Lastly, initiating discussions about career growth opportunities can help staff understand any future options that might be available. What is one thing your business can do to help retain your best employees?

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