Is the Great Resignation a threat to your business?

Don’t be a Great Resignation statistic. Act now to resignation-proof your business.

The term ‘The Great Resignation’ has been floating around for a few years now but the phenomenon seems to have ramped up during the pandemic.

If you’re not familiar with this term, here’s an explanation of what The Great Resignation is, plus some tips to help you avoid it.

What is The Great Resignation?

The Great Resignation started as a reflection of unsatisfactory working conditions. Many employees are no longer happy to stay in jobs if they feel that they aren’t being paid or treated fairly. In the past year, the US in particular has seen record-breaking numbers of resignations across a wide range of industries.

Consider this:

  • In September 2021, 4.4 million Americans quit their jobs
  • 987,000 of those resignations came from the leisure and hospitality industry
  • 94% of US retailers are having trouble filling vacancies
  • The resignation rate for the manufacturing sector in the US is up 78% since February 2020
  • 41% of workers worldwide are considering resigning

Fortunately, Australia has not seen anywhere near the same levels of resignation as the US. But as one writer pointed out, rather than The Great Resignation, the movement should be called The Great Switch. This is because people aren’t quitting work for good, they are just finding better jobs where they feel like they are treated well.

Regardless, the movement is a reminder of how valuable happy staff are and how the employee/employer relationship needs to cut both ways.

Resignation-proof your business

While The Great Resignation was gaining momentum before COVID-19, the pandemic opened many people’s eyes to what is most important in life. Employees who left their jobs did so because they decided to stop working long arduous hours for little to no reward other than a pay packet and look for better opportunities elsewhere.

In Australia, it does seem as though people are generally having better workplace experiences than in the US. However, The Great Resignation is a cautionary tale. With this in mind, the best way to resignation-proof your business is to take a look at whether your employees feel valued.

A reminder that you are an important part of the team doesn’t always have to come in the form of a pay rise. Regular acknowledgment of hard work can go a long way to improving job satisfaction between salary increases.

– A handful of ideas to improve engagement include:
– Milestone gifts e.g. on arrival, one year anniversary, five years etc
– Staff events
– Team uniforms (great quality, comfortable clothing)
– Rewards programs where staff can nominate each other for good work and earn ‘points’ to spend at the corporate store
– Team rewards on project completion
– End of year and birthday gifts
– Half or full days off in return for going the extra mile
– Staff satisfaction surveys and a well-communicated response to feedback

Show your team you care

The Great Resignation is driven by employees who feel like they don’t matter. Instead of rewards, they get threats. The only reward they get for their hard work is more of the same. It’s no wonder they are walking away.

As the saying goes, “You attract more flies with honey”. If an employee feels like a valued member of the team, they are more likely to put in the hard work and stay in their role for longer. Make your staff feel appreciated and they will pay you back with their hard work and loyalty.

Show your team you appreciate them with branded merchandise from Honeycomb.

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