Blog

How to Withstand the Scourge of the Great Resignation

How to Withstand the Scourge of the Great Resignation

The pandemic led to massive changes in operations across industries. While many companies had to shut down, the surviving ones had to change their style. Of course, they could not afford to limit their capacity, which would disrupt the supply chain. They had their respective approach to making things work for the best.

Work-from-home and hybrid-work setups are now prevalent in the new normal. But what appears to appall the business world is The Great Resignation. Indeed, it has stretched faster and further than most owners and managers expected. As more employees continue to jump ship, productivity and deadlines are suffering.

With that in mind, below are several tips to keep your employees amidst the Great Resignation.

Stay Connected with Your Employees

Amidst the uncertainty, creating a fair and transparent work environment is a must. Employees have the right to know a company's direction. Know that any changes you make in the operations can affect their notions and decisions. This is the perfect time to show them that they matter.

One way is to have an open-door meeting where you can listen to their concerns. Research and recruitment agencies like IQ Partners saw the advantages of employee inclusion. What many managers and owners do not still realize is that they are the backbone of the company. Chances are they have some valuable ideas which can drive growth.

On a smaller scale, managers must engage with their employees. Team meetings or huddles can be a leeway from stressful workloads and deadlines. Create a fun workplace and be more sincere since lonely employees are twice more likely to quit. This is more important, given the emotional and psychological toll of the pandemic.

Scale Up Compensation

Let us admit the fact that we require our employees to sign a confidentiality agreement. In that way, we can avoid compensation comparison. Now, costs are increasing, and prices are volatile. But with a remote work setup, companies can save more.

Studies reaffirm that expenses per employee are cheaper now. One factor for this is the office rent expense. For example, office space rental in Toronto ranges from $17 to $40 per square foot. In 2019-2020, the average office rental rates in Canada increased by 1.2%. The highest was in Montreal at 5.8%.

Yet, wages in some provinces did not increase amidst less spending by some companies. For example, Alberta’s minimum wage has been $15 since 2018. Even so, provinces like Ontario made some adjustments in the minimum wage. Other factors viewed were decreased utility expenses and miscellaneous expenses in 2020.

rent costs

rent increase

minimum wage

With that, it will not hurt if you try to put some of your savings into employee allowances or incentives. Recent surveys showed that 92% of the respondents are motivated by overall benefits. Not only will you increase employee retention but also improve productivity. Hence, you will avoid the costs of hiring and training new ones and drive growth in revenues. And, it allows you to avoid the great resignation wave.

Improve Workflow

It is an open secret that employers have some levels of mistrust of employees. Little do they know that unproductiveness arises from redundancy and low collaboration. For this reason, they require the use of monitoring software to watch productivity. Yet, this tool alone is not enough at all times.

This issue has been bugging many employees even before the lockdowns. In 2017, a study showed that repetitive workloads were burdening 90% of workers. Likewise, recent surveys show the reliance of the majority on new technologies. Now, different industries across the region use workflow automation.

In a nutshell, workflow automation routes data and tasks between people or systems. Now, companies that engage with this approach enjoy the benefits. It lessens the burden of employees and improves productivity. You can implement it across all departments like human resources, finance, and marketing.

Leave Things As They Are

If a remote work setup works for your company, why do you have to force them to return to the office? As mentioned earlier, companies incur fewer employee costs with the current setup. If the current process is still efficient, why change it right away? But if you want to change, it is better to study it or conduct a trial.

Studies in 2021 found that employees are quitting instead of going back to the office. This idea is more prevalent among the younger generation. In a survey, over 30% would resign if the employers forced them to return to the office. In most countries, Millennials and Gen Zs showed the highest probability.

Another survey showed that 44% would look for a new job if they had to go back. Also, 29% of those interviewed wanted to work from home five days a week in perpetuity.

back to the office

Assess Vaccination Mandate in an Office Setup

If your operations work better in the office, then prepare for contrasting ideas. The debate between the pro and anti-vaxxers remains intense. The split between the two parties remains as anti-vaxxers still do not want to get vaccinated. For this reason, companies have a hard time mandating vaccination in the workplace.

In a survey, last August, 62% of businesses were planning to do mandatory vaccination. Other surveys show the same result. In recent studies, there has been a 50-50 split between the pro and anti-vaxxers. Yet, it remains apparent that more employees are supporting vaccination. That is why 74% of Canadians are fully vaccinated.

As an employer, you have to be fair and firm with your decision. Employee safety and security should be your priority. You can veer away from being rigid to a more flexible decision-maker. There are many policies you can impose to ensure safety and fairness in the workplace.

For example, allow unvaccinated workers to WFH but cut their special WFH allowance. In that way, you can show that you understand them and remain fair to vaccinated employees.

The business world in the new normal is facing uncertainties. Things are complicated, given the mass resignation in different companies. Yet, if you know how to value your employees, you can avoid or at least reduce the great resignation. With these suggestions, your company will stay afloat in the stormy market environment.

Blog Categories

nordvpn

Recent Posts

flippa
Search Site
© 2012-2023 Mike Gingerich Global, LLC    Contact   -   Privacy
magnifier linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram