You may wonder, is the Great Resignation still ongoing in 2023? Let’s take a look at the numbers.
In 2021, the number of Americans who left their jobs voluntarily was nearly 48 million, which is almost 6 million more than in 2019. This trend of increased resignations was initially thought to be a temporary effect of the pandemic, but recent data suggests otherwise.
What is the Great Resignation?
The term “Great Resignation” has been coined to describe the significant surge in employees leaving their jobs in recent times, beginning towards the end of 2020. This trend has been driven by a variety of factors, such as changes in work patterns and lifestyles, concerns over health and safety due to the pandemic, and a desire for better pay, work-life balance, and career opportunities.
It’s not just limited to any specific industry or job type, but is being observed across various sectors and demographics. The magnitude of this trend has caught the attention of business leaders and analysts, who are trying to understand the reasons behind it and its potential impact on the workforce and the economy.
7 tips to retain employees during the Great Resignation landscape in 2023
1. Conduct stay interviews
Regular stay interviews are a proactive and effective way for employers to gain insights into the needs and concerns of their employees. Conducting these interviews can help employers identify the factors that contribute to employee retention and job satisfaction, and can also reveal areas where improvements can be made to keep employees engaged and motivated.
During stay interviews, employers can ask questions that delve into employees’ job satisfaction levels, their motivation to stay with the company, their future career aspirations, and any concerns or challenges they may be facing in their roles. These conversations can provide valuable information to employers on how to retain their employees and prevent turnover.
2. Improve employee engagement
Employee engagement is an essential factor in employee retention. Engaged employees are more committed to their jobs, more productive, and less likely to seek employment elsewhere. Employers can improve employee engagement by implementing various strategies, such as regular feedback, team building initiatives, recognition, growth opportunities, and employee participation in decision-making processes.
3. Offer flexible work arrangements
Flexible work arrangements, such as remote work options and flexible schedules, have become increasingly important to employees. Offering this may help combat the effects of the Great Resignation in 2023 as many workers value the ability to work from home, avoid commuting, and balance work with personal responsibilities.
4. Increase pay and benefits
Low pay and inadequate benefits are common reasons why employees leave their jobs. Employers who fail to provide competitive compensation and benefits packages may struggle to attract and retain top talent. Employers should regularly review their pay scales to ensure that they are aligned with industry standards and provide fair compensation for their employees’ skills and experience. Pay should be commensurate with the employee’s job responsibilities, performance, and contributions to the organization.
5. Focus on company culture
A positive company culture is essential for employee retention amid the Great Resignation in 2023. A culture of trust, transparency, and inclusion can create a sense of belonging and motivation among employees, leading to increased engagement and job satisfaction.
A culture of trust is built on clear and honest communication between employees and management. Employers should ensure that employees are informed about the organization’s goals, strategies, and decision-making processes. This can help employees feel included and invested in the success of the organization. Employers should also provide opportunities for feedback and suggestions, demonstrating that they value employee input and are committed to continuous improvement.
Transparency is another key element of a positive company culture. Employers should be open and transparent about their policies, procedures, and performance metrics. This can help employees understand how their work contributes to the organization’s success and can foster a sense of accountability and ownership. Employers who are transparent also tend to be more trusted by their employees, which can lead to increased loyalty and retention.
Inclusion is a third important aspect of a positive company culture. Employers should ensure that all employees feel valued and respected, regardless of their background or identity. This can be achieved by promoting diversity, equity, and inclusion in the workplace. Employers can create a sense of inclusion by providing opportunities for employee feedback and suggestions, promoting cross-functional collaboration, and fostering a sense of community among employees.
6. Provide training and development
Employees who have opportunities for growth and development within their organizations are more likely to stay. This is because they feel valued and recognized for their contributions and see a clear path for advancement. Employers can support their employees’ career growth by providing training and development programs.
Training and development programs can take many forms, including on-the-job training, mentorship programs, and workshops or classes. These programs can help employees develop new skills, learn about the latest industry trends, and gain valuable experience that can be applied to their current and future roles.
Mentorship programs can also be effective in supporting employee growth and development. By pairing employees with experienced mentors, employers can provide guidance, feedback, and support that can help employees achieve their career goals. Mentoring relationships can also help employees develop new perspectives, build their networks, and gain exposure to new opportunities.
Employers can also support employee growth and development by providing opportunities for career advancement. This may include promotion opportunities, lateral moves, or special projects that allow employees to gain new experiences and develop new skills. Employers should communicate clearly about the criteria for advancement and the opportunities available, so employees have a clear understanding of what they need to do to achieve their career goals.
7. Emphasize health and wellbeing
The current landscape has created many challenges for employees, including increased stress and anxiety. Employers can support their employees’ wellbeing by offering wellness programs and mental health support.
Wellness programs can take many forms, including fitness classes, healthy eating programs, and mindfulness and meditation sessions. A popular solution gaining notoriety among corporate professionals is atlasGO, which offers a virtual all-in-one employee wellbeing and engagement program. Wellbeing programs can help employees reduce stress, improve their physical health, and develop healthy habits that can be applied to their personal and professional lives.
Now you have the tips you need to navigate the Great Resignation in 2023
By implementing these strategies, employers can navigate the Great Resignation landscape and retain their employees.
Click the button below to learn more about how atlasGO can help with employee retention in 2023.
Written by Kelly Baker, Content Marketing at atlasGO