On the back of a brilliant 12 months in 2022, and as a definite sign…
With millions of employees handing in their notice around the globe, the Great Resignation is starting to feel like a HR horror movie. And no industry is safe. So, this Halloween, we’re delving into the latest scary resignation stats, and what businesses can do to keep their employees from resigning.
A whopping 19 million US workers have handed in their notice since April 2021. Companies around the world are desperately trying to hold onto their best employees. But fear not, with the right insight and action, you can keep those high attrition rates and the Great Resignation at bay.
Here’s a host of truly hair-raising stats published recently in a study by McKinsey, along with our tricks & treats to help your company survive this HR horror story.
Scary stat: 40% of employees say they are somewhat likely to quit in the next three to six months. And surprisingly an incredible 36% of those who’ve quit, did so with no new job to go to.
Trick & treat: If there was ever a time for re-boarding, it’s now. Like, right now. Use a dynamic re-boarding event and creative comms to spell out exactly why your people should stick with you. Get colleagues engaged with where you’re going as a business and – crucially – excited about where working with you could take them as individuals. Here are some tips for how to re-board successfully.
Scary stat: 53% of employers say they’re experiencing greater voluntary turnover than in previous years.
Trick & treat: You need insight. And lots of it. What do your people want? How has the pandemic changed things? Along with the normal exit interviews, use anonymous surveys and focus groups to find out what your people are really thinking. Then use that insight to support your C-Suite to make the right changes, fast.
Scary stat: 90% of survey respondents who have started a job in a new city during the past six months, didn’t need to relocate.
Trick & treat: Remote working has changed everything. Suddenly, you’re not just competing with other companies in your area to recruit the best talent, you’re competing with any company offering home working. According to the Work Trend index, 73% of workers say they want flexible remote working options. And while lots of businesses have been waiting to see how things would pan out, those who embraced a hybrid model early on are now reaping the rewards. If you’re playing catch up, use this quick guide to get on top of your remote offer and get in touch for support.
Scary stat: 54% of people who wanted to quit said it was because they didn’t feel valued.
Trick & Treat: Recognition is an issue that comes up again and again in the world of retention. Employees need to know that their individual contribution is recognised by their colleagues, their company and especially by their direct line managers. And Covid-19 has intensified this need: employees want recognition that’s meaningful as well as frequent. In fact, recognition is such a big issue that we blogged about it earlier this month – here’s the link, in case you missed it.
Come out from under the covers!
Don’t be scared of the Great Resignation, from creative reboarding to in-depth insight-gathering and recognition ideation, there are ways to face it head on and we’re here to help.