The Great Resignation: The five priorities business leaders need to consider to retain and attract talent following the pandemic
The pandemic caused many of us to re-evaluate our lives, questioning whether we are really happy. For some, the end of the pandemic has been seen as an opportunity for a fresh start. As a result, over the last 18 months the UK has been experiencing what some economists have dubbed as the ‘Great Resignation’, as thousands of workers have been walking away from their jobs. This is not just a trend isolated to the UK. A Microsoft survey of more than 30,000 global workers showed that 41% of workers are considering quitting or changing professions this year.
During the pandemic there were a number of reasons people were seeking a change such as a shift in priorities, a desire to pursue their ‘dream job’, a change in personal circumstances or even bad working conditions. There were a plethora of reasons workers were deciding to move on.
However, as we exit from the pandemic fog, it is unclear whether people leaving or switching jobs in droves is due to the pandemic-related changes or as a result of an increasingly stabilising economy. This is not the first time this has happened - the same phenomenon occurred in the 2008 Great Recession which saw resignation rates skyrocket as the economy strengthened.
In order for companies to survive the fallout from the pandemic they must prepare for the Great Resignation and look at ways they can attract and retain talent. Below are the top five priorities to consider when planning your employee retention and attraction strategy for 2022.
Culture
Culture is at the core of every successful company. If employees are bought into the company mission and purpose, they are more likely to be loyal. If employees have an enjoyable day-to-day experience where they feel respected and there are opportunities for growth, they are more likely to be happy.
The pandemic has had a real impact on company cultures as teams were forced to work from home. As workers return to the office, it is more important now than ever before to build a strong company culture where people can thrive.
Flexibility
The pandemic has shown that we can all do our jobs just as well from home, therefore more employees will be expecting flexibility where they have choice and autonomy over when, where and how they work. People’s circumstances at home may have changed, therefore by listening and providing workers with flexibility will ensure they feel heard and appreciated.
Perks and benefits
In the UK, the number of open vacancies surpassed one million for the first time ever in August. So how do you stand out in a candidate-driven market? It’s no longer about office ping-pong tables, beer fridges or gym classes. There is a move back towards more traditional practical and emotive perks such as increased annual leave, medical and life insurances, official wellbeing programmes etc. These are the benefits that post-pandemic candidates will value most.
Career development
Many candidates following the pandemic are prioritising the level of training a company provides when it comes to job searching. Research reveals that the top three things considered amongst the younger generation are career advancement opportunities (95%), a manager they can learn from (93%) and professional development and training opportunities (91%).
Job security is considered the number one factor when candidates are looking for a role due to the uncertainty that the pandemic caused. Therefore, employers should increase training and development opportunities to demonstrate their commitment to that candidate and the acknowledgment of their importance to the company. Regular and consistent engagement with employees to map out their targets and provide feedback will be valued and will help employees conceptualise their future within the business.
The team here at Jenson Fisher are always happy to help if you have any questions regarding talent acquisition and retention. Please do get in touch.
