The Great Resignation hit the workforce hard, especially in fields that experienced extreme increases in demand because of COVID-19, according to Harvard Business Review. Many organizations had to halt or delay projects, focusing their energy on improving hiring strategies and upskilling employees. As we move forward, here are some tips to help you improve retention, and stay afloat during the Great Resignation:
1. Treat employees like customers
The quality of your customer experience plays a big part in your company’s success. Similarly, the happiness of your employees plays a big part in the service they offer. If your employees enjoy what they’re doing, and how they’re doing it, the result will be better. Start an open dialogue with employees so they feel comfortable coming to you with issues or feedback on what can be improved. Focus on establishing core values and facilitating an enjoyable company culture around them. Basing your culture around core values not only instills their overall importance, but also helps ensure there is consistency across the entire organization.
Together, these actions can improve turnover, and considering that the average cost of replacing just one employee ranges from one-half to two times their annual salary, they’re well worth the time and effort. Spending time on developing core values, creating a good company culture and hiring the right people will pay off in the long run, and keep you afloat when events like the Great Resignation happen.
2. Plan and prepare
The Great Resignation is inevitable, and it’s important to realize you will likely be affected to some degree whether it is now or in the future. Make sure you have trainings and plans in place to re-skill and upskill current employees. Play to their strengths and give them flexibility to explore different roles. Survey employees regularly to gauge their satisfaction. For the employees that do leave, conduct meaningful exit interviews that offer detailed insight into why they are leaving, as well as what can be done to mitigate similar events in the future. Make sure your company has plans in place to act on the feedback you are receiving from exit interviews and current employee feedback.
3. Work with a third-party provider
If the idea of filling your employee gaps feels impossible, consider working with a third-party provider or MSP. If you’re struggling to find qualified marketing candidates to fill your department, for example, you can partner with an agency or another company to create content, measure performance, improve SEO, and more. Or if you wanted to begin automating financial processes, but didn’t have a full team to initiate the process, an MSP can work with the existing team and technology to facilitate a successful project. Whether you’re looking to rip-and-replace or just improve current processes, an MSP can help take some of the pressure off, and allow you to focus on other areas of the business.
Start a chat with us today to learn more about MSPs and how we can help you navigate the Great Resignation.