The lockdowns spurred by the COVID-19 pandemic over the past two years brought about several changes to the world. While the shutdown mandated by governments worldwide hurt plenty of industries, it introduced yet another major headache in the Great Resignation.
While it’s an unexpected side effect of the pandemic, the fact that at least 40% of the global workforce considered leaving their jobs this year is a real problem that all industries must prepare for. Moreover, this brain drain will be a lot more painful for some sectors as employees between 30 and 45 years old saw the greatest spike in departures.
One of the greatest assets a company can have is capable employees, and you must do everything you can to prevent such a crisis from crippling your business. While hiring new talent from a capable recruitment agency in the Philippines can mitigate some damage, proactive steps are vital to prevent the Great Resignation from dealing a huge blow to your operations.
What is the Great Resignation?
While employees leaving their jobs for greener pastures is not a new concept, the sheer number of resignations that occurred worldwide is something new. This spike that has been happening since April 2021 was dubbed the Great Resignation by American academic Anthony Klotz.
Different factors compel employees to leave their jobs even in the middle of a global pandemic, with the leading reason being burnout. Randstad UK CEO Victoria Short told The Guardian that the pandemic gave employees a lot of time to think about their lives and what they want to do.
The Great Resignation completely transformed the job market as employees are now pickier with the employment opportunities they take, making it increasingly harder for employees to find and attract the right person for the job. Apart from that, the corporate brain drain caused by the departure of seasoned employees will hamper the productivity of companies for the years to come.
While everyone felt the effects of the Great Resignation, the industries that were affected the most were healthcare and tech. Frontliners are understandably burned out from the pandemic, and various inconveniences may have also compelled some to quit. Meanwhile, people in tech are looking for better opportunities as their industry has grown exponentially over the past two years.
How to Mitigate the Effects of the Great Resignation
While the Great Resignation was spurred by events that are largely out of your control, you can at least mitigate its effects on your business with smart decisions on your end. Take a proactive approach in turning your company into a viable workplace to stop the Great Resignation from hurting your company.
The following pointers will help you shape your company to become more attractive to new talent and a good deal for existing employees.
- Identify the root of your employees’ dissatisfaction
People rarely want to leave a good situation. No matter how much you think your company is in a good spot, people leaving for greener pastures should tell you that something’s off. Understanding why your people choose to go during such a time will help find key issues that are otherwise unnoticeable.
To nip the problem in the bud, conduct better exit interviews and note the employees’ feedback regarding their feelings toward the company. You should also conduct regular 1:1 interviews with employees to gauge their pain points and act accordingly.
- Adopt a hybrid work setup
Even before the pandemic, one of the biggest reasons employees left their employers was the lack of work-life balance brought about by a brick-and-mortar office setup. Providing a hybrid work setup to your employees allows them to work wherever they want and keep their morale up.
Another unexpected benefit that a hybrid work setup can provide is financial relief. Since not all employees will be expected to report to work, you can rent a smaller office space to be more efficient with your finances.
- Pay attention to employee morale
Even if you offer the best perks to your employees, they will leave if their morale while working is at an all-time low. Always have an ear on the ground to know your employees’ opinions on how the situation is run. Getting their feedback will give you an inkling of the issues that need to be addressed within your company.
- Make your salary and benefits competitive
The Great Resignation proved to many companies that money isn’t the only driving factor behind competent employees leaving their companies. However, it won’t hurt to pay them more to sweeten the deal. Giving your employees competitive pay and benefits makes them feel valuable and less likely to leave.
- Develop a better employee retention program
Sometimes, the best way to make employees feel valued is to make visible efforts dedicated to them. There’s no better time than now to improve your employee retention strategies. A few good options are giving them more leaves, having employee development programs, and salary restructuring.
- Augment your workforce with offshore staff
Burnout from consistent heavy workloads is one of the leading reasons employees file their resignation letters. If you can’t hire full-time employees to distribute the burden evenly, you can tap a recruitment agency in the Philippines to find quality offshore staff for you.
Employee Satisfaction is Key to Limiting the Great Resignation’s Effects
Employees coming and going is a part of life, but seeing them leave in hordes or waves spells trouble for your productivity. Limit the effects of the Great Resignation by providing the best possible environment to your employees.
If you feel the effects of the Great Resignation and are on the lookout for capable applicants, tap the services of a capable offshore team. Our team at Manila Recruitment provides companies all over the world with quality outsource work that can address various needs.
Get in touch today to see how we can help you achieve your goals.