People are putting themselves first now. And they’re also working toward higher goals.
The pandemic has changed not only how we work, but also why we do it. And that is key to “The Great Resignation” we’re seeing happening across all kinds of industries. Many people are considering exactly what a quality job feels like, and nearly half are willing to quit to find one. So how do you reverse this exodus?
It requires much more than money. It calls for more flexibility, more recognition, more inspiration and motivation and a shared sense of purpose. In short: Employees are more likely to stay at a company that engages them as people, recognizes their contributions and shares their values.
These days, you need to give people multiple reasons to stay.
Working from home during the pandemic has made employees realize how much a flexible workspace matters. They know that remote work—either full-time or part-time—often means a better work-life balance. They don’t want to go back to the way it was before. But workers also want organizations to understand that hybrid work requires more from management—especially in terms of communication.
Employees want to be motivated, they want work that engages them, and they want to know that what they do really matters. A recent inc.com article emphasized the fact that workers really want to be recognized. This is a natural progression of the remote (and socially removed) work-from-home model. According to bonusly.com, 63% of those in a recent survey who said they are regularly recognized for their contributions to the company also said they are very unlikely to look for a new job.
Workers also want to work for companies they can be proud of; they want to be associated with companies that are involved in their communities and that take a stand for things that matter. Employees are much more likely to stay at an organization long-term that shares their values.
According to an Axios article by Sara Fischer, “A majority of employees around the world say they’re choosing jobs based not just on salaries and benefits, but also social impact and personal beliefs.” A focus on “higher purpose” (including social issues such as climate change and racial equality) is now a vital factor not only in recruiting, but also (and especially) in retention.
Fischer writes: “In the U.S. and across several other large economies — including China, the U.K., Brazil, India, Germany and Japan — a vast majority of people (76%) say they have higher expectations for a prospective employer now than they did three years ago.”
All this leads to a new kind of best practices for today’s best business leaders. These managers are communicating, they are listening, they are steering their companies to be responsible community partners. The best leaders are regularly conducting “stay-put interviews.” They ask for and then act on employee feedback.
According to a Vistage article, the positive impacts of retention go beyond talent metrics. “Our research shows there is a direct connection between revenue and retention: CEOs who reported increased retention during the pandemic also reported stable to increased revenues at a greater rate than those who reported decreased retention.”
No doubt, The Great Resignation has created significant disruption for many organizations, but smart businesses will see the tremendous opportunities here, too. There are so many talented people out there looking for something better—actually there are more than 11 million of them. Companies that take this opportunity to create better, more flexible, inclusive, engaging and socially committed workspaces will be the ones who attract—and keep—these talented, motivated employees.
This is the hugely important upside for companies that embrace this new reality. These companies will be the winners in the end.