Journal logo

What is the Great Resignation? How to Protect Your Company from it?

It's a trend currently being spotted in the Western world, where a record number of people are seen quitting their jobs on a daily basis.

By Syed BalkhiPublished 2 years ago 4 min read
Like

If you're a resident of the US or one of the European countries, you must have come across the term 'Great Resignation'. It's a trend currently being spotted in the Western world, where a record number of people are seen quitting their jobs on a daily basis.

An unexpectedly huge number of skilled laborers are seen embracing the credo of anti-work and are happily walking out of their jobs. In August 2021 alone, 4.3 million people resigned from their jobs.

According to reports, there were 10.4 million available jobs in August 2021 alone in the US, while the figure for unemployed people in the same month was 7.4 million. It's considered to be the period with the highest rate of unemployment in the US since The Great Depression.

Great Resignation and its Causes

The exact reason what's causing the Great Resignation isn't yet properly known. But there are a few strong arguments explaining its cause, and some of them make complete sense as to why so many people may be willing to quit.

According to reports, the quitting rate is higher in the Parts of Germany, Central, and Eastern Europe, where people have a higher sense of social security. People in these regions are showing a greater sense of disinterest in continuing with their jobs because they are confident about the strong unemployment and social security benefits offered to them by the government since the pandemic hit the world.

Another possible reason for the quits can be that many employees must have delayed the transition out of their roles because of the increased sense of uncertainty that hit various sectors due to the outbreak of the pandemic. So it could be a possible vent to let out their prolonged resignations.

Others suggest that it could be due to their desire to switch careers. Whatever the reason may be, if you're a business owner, it's now important for you to take steps to prevent it. So let's look at a few ways to retain your employees and save the company from the possible damage of the Great Resignation.

1. Offer FLexibility

Do your employees really need to be in the office from 9-5? Sure, there are roles that require the employee's presence in the office. But for some, it's possible to get the job done remotely as well. If your business has such roles, try being flexible with your employees.

Instead of making them work from the office, give them the flexibility to work remotely when they want to. Just make sure that the goal is timely met. By giving them the option to balance their time between professional and personal obligations, you can reduce conflict at work.

This will not only boost productivity but increase employee satisfaction too. As a result, your employee retention rate will also see a major boost.

2. Create Growth and Development Opportunities

Most of your top employees are great at the job they do. But they also have the willingness to continue enhancing their skills and continue growing in their career.

By making the professional development of your employees a top priority, you can ensure that they stick around for longer.

Create growth and development opportunities for your team by finding the right match between your employees and their job role.

This will create a sense of purpose and will create a greater sense of positive competition amongst them. It's a great way of increasing the possibility of them working in a more disciplined and accountable manner.

You should also facilitate career improvements by creating more training and skill development programs for them. Basically, make professional development a top priority in the company.

3. Optimize Your Benefits

Your employees will be motivated to continue working with you if you offer them good employment benefits and perks. Doing so will help you create icing on the cake and make your vacancies and job roles more attractive.

But it's important to note that benefits and perks don't only mean monetary benefits. What was once considered non-traditional benefits have now become mainstream.

Benefits like work-from-home, free coffee, snacks and lunch, on-site fitness classes, free swag, free technological resources, performance bonus, yearly bonus, etc., can make your employees more engaged at work and boost work satisfaction for them.

4. Prioritize Rewards and Recognition

Recognizing employees and rewarding them for their hard work is another brilliant way to motivate your employees to continue working hard and improve their overall performance.

Without rewards and recognition, the chances of retaining your employees reduce because they feel like their efforts are going unnoticed. It can end up shattering their confidence and demoralizing them.

So make sure that your employees are recognized for the hard work they put in. Appreciate them publicly for what they are doing and occasionally reward them for it too. You can also have a rewards and recognition program to create a company culture for it.

So that's about the Great Resignation and how you can save your company from its effects. Now it's your turn to implement it for your business.

advice
Like

About the Creator

Syed Balkhi

Syed Balkhi is the founder of WPBeginner, the largest free WordPress resource site. You can learn more about Syed and his portfolio of companies by following him on his social media networks.

Reader insights

Be the first to share your insights about this piece.

How does it work?

Add your insights

Comments

There are no comments for this story

Be the first to respond and start the conversation.

Sign in to comment

    Find us on social media

    Miscellaneous links

    • Explore
    • Contact
    • Privacy Policy
    • Terms of Use
    • Support

    © 2024 Creatd, Inc. All Rights Reserved.