The Great Resignation is a global phenomenon, with Asia, much of North America, Latin America and western Europe facing their versions of workers resigning in record numbers.
What’s driving worker malcontent? And more importantly, how can financial professionals navigate this tricky employment landscape and retain quality talent? Consider a few of the following strategies to stay ahead of the crisis.
What’s driving the resignations?
Before the pandemic, Culture Amp listed three core reasons why employees leave:
- Lack of career growth
- Role expectations not met
- Lack of inclusion
These reasons still hold up. If the above reasons are fire, then the pandemic is gasoline. There’s nothing like a crisis to reveal what’s truly important to an individual. Likewise, many companies revealed their true values when the chips were down. And many employees didn’t like what they saw. Some were disappointed by a lackluster response to social movements or put off by inadequate safety measures. But even when their employers did everything right, many workers simply realized they wanted something more meaningful from their careers.
How to retain talent
Simply put, you need to give an employee compelling reasons to stay (or join) your company. It’s about more than money (although paying a fair wage never hurts). Here are some strategies to help engage your employees throughout the pandemic, whatever future crises may arise, and through the new normal — whatever that may look like down the road.
Encourage employees to productively express their concerns. For example, sending out anonymous response surveys about significant business moves that affect employees (like returning to the office) can be a way for business owners and managers to be proactive and build trust with their employees.
Especially when it comes to workers’ health, work a little harder to keep planning transparent. Transparency accomplishes two things: It builds trust among staff when you keep your promises and creates a sense of ownership.
Once you have a feel for your staff’s concerns, take action! That may mean allowing flexible work-from-home options or extending sick days. Whatever it may be, don’t act in a vacuum. Instead, take each step and reassess with the staff.
Put culture first
Company culture is a promise. More than a list of values, company culture sets an expectation of how leadership and stakeholders will behave all the time, not just when things are going well.
Build an internal brand
The best way to put the company culture first is to build a cohesive internal brand that employees can feel good about. Many employees are searching for a strong sense of mission and an internal brand that aligns with their values. Building an internal brand is just a fancy way of saying “be intentional.”
Write down what you stand for and believe in as a company, then live up to it. Of course, it’s much easier said than done, yet well worth the effort. Strong internal branding will help you attract and retain employees in the depths of the Great Resignation.
Discover more ideas for retaining staff: