The Great Resignation: What is it and how can companies cope with it?

The pandemic has impacted our lives in many ways, changing our perspectives and, in a way, forcing us to revaluate our priorities and what is important to us.

For some, this has led to them leaving their corporate jobs to pursue their passions and dreams by becoming freelancers, business owners or simply by looking for better career opportunities and a higher salary. This shift in priorities has led to what has been coined ‘The Great Resignation’, a term that you may have already heard of - but what does it actually mean and how can companies cope with it?

The Great Resignation is an ongoing economic trend that started in 2021 when employees started resigning from their job at historic rates.

Some may argue that this didn’t happen voluntarily, and it was the employers that drove their employees to resign. According to some, this trend was the direct consequence of employers struggling to keep their staff in a work or company where they were treated as felt disposable, disrespected and with no clear career progression opportunities. There are many more reasons why people are seeking a change, however, what can companies do to retain their employees and make them feel valued?

Workplace culture: Promote purpose beyond profit to maintain a sense of energy and motivation among employees. Invest in your staff through training programmes and reward systems to make them feel they have the right tools to do their job the best they can.

Encourage collaboration: communication and collaboration between different teams and departments in your business is key. Actively make them feel they can work together to reach the shared company goals and objectives, rather than making them feel in competition with one another.

Value their ideas and celebrate success: Foster communication and trust between leaders and employees, making them feel that their ideas and thoughts matter. Go out of your way to recognise when an employee has done well and include the whole team in the celebration.

Flexibility and empathy:Make your employees feel that the company cares for their wellbeing outside the workplace. People want something different from their jobs nowadays: they don’t want to go to the office 5 days a week if they can do their jobs from home or in a hybrid arrangement and they definitely don’t want to work for someone that doesn’t show any interest in them.

Listen to your employees. Communicate with them and help them grow. Create a culture of compassion and care about their wellbeing. By doing these things you will be well on your way to creating a sense of belonging and sure fire way of retaining talent.