Managing Talent Through the Great Resignation

When the Wall Street Journal runs an article called “How to Quit Your Job Gracefully,” it’s clear something unusual is going on. As the pandemic that wreaked havoc on businesses and left millions unemployed enters a new phase, and the delta variant renews our sense of fear and uncertainty, instructions on how to walk away from a paycheck seem out of place, to say the least.

Yet the “Great Resignation” is one of the hottest topics among employees and employers today. After more than a year of adaptation to remote and hybrid scenarios, we are experiencing a reckoning of sorts, in which workers are re-imagining their careers within the bigger picture. More than 4 million Americans left their jobs in April alone. There’s no question: Companies that don’t address the new needs of a fundamentally changed workforce may end up scrambling.

Looking ahead, how should businesses be preparing for this shift? And how can they use this moment to position themselves as a valued employer?

New Analytics: Human Capital

Now is the time for companies to take a deep dive into data that goes beyond the traditional metrics of productivity, performance, and getting the most out of team members. Today, the more important measurements are around employees as people. How are they doing in terms of mental health and wellness? Do they feel supported in terms of technology and communication? How are they feeling about their position?

It’s important to gauge the overall employee experience. When employees are fearful or feeling uncertain, they will often base decisions on emotion rather than logic. Employers can leverage more personal workforce analytics to prevent these emotional moves. Acknowledging human capital means communicating around everything from job satisfaction to technology tools, anything that can help employees feel successful.

Tracking experiential analytics for new employees can start even before day one on the job. Addressing the full employee lifecycle means re-evaluating on-boarding processes to make sure new hires feel welcome, ensuring that clear expectations are set from the start, and being clear about how performance is evaluated. Transparency and communication are critical so that feedback can continue throughout the employee lifecycle.

Culture: Listen and Adapt

When the pandemic took hold in 2020, companies that already had a solid foundation built around core values were best positioned to adapt to remote collaboration. With key tenets like transparency and communication in place, they found shifting gears for unprecedented times to be less disruptive than it was for other businesses.

Now, as the emergence of the delta variant delays what most had hoped would be a return to normal, companies need to reevaluate what changed during the past year and what bigger needs they realized so that they can make accommodations going forward. Employees are paying attention, too; a recent study found that 85 percent of workers see reinforcing their connection to company culture as their manager’s responsibility. When asked the best ways for that connection to be strengthened, 42 percent said offering remote work resources and 33 percent said updating policies to reflect the way work has changed.

For employers, this might mean understanding that while some employees will come back to the office, others may not be able to, perhaps for health reasons or because they have children at home who can’t go back to school. This may require the company to adjust communication channels or create more opportunities for feedback. An adaptive culture means supporting employees based on their needs, whether through mental health services, an employee assistance program, flexible hours, or a streamlined workflow.

Acquisition and Retention: Get Creative

With workers making career changes in large numbers, companies need to think about not only how to find the best talent in what is clearly an employee’s market, but also how to hang onto the talent they have. In addition to leaning into people-focused communication and an adaptive company culture, businesses can empower current staffers by streamlining processes through automation. Automation typically benefits employees by freeing them up to take advantage of new opportunities within the organization.

Another retention step is to recognize top performers who are not only contributing to the employer’s success, but may also be the most susceptible to burnout. Through transparent conversations about career progression, as well as stretch exposure and mentorship opportunities, companies can provide a supportive environment for high-value talent.

To make themselves more attractive to new talent, businesses need to see themselves from an applicant’s viewpoint. Today’s job seekers are concerned less about salary and more about what a company brings to the table in relation to their needs and values. They are asking questions about work flexibility, social responsibility, and sustainability practices. To address these touchpoints, companies should—first and foremost—update their careers page to reflect what they offer; show the ways they give back to the community, highlight employee events, and present leadership as real people with stories to tell.

Beyond that, talent outreach that addresses today’s new priorities requires creativity. Getting in front of exceptional talent takes more than posting on job sites. It might mean working with colleges on opportunities to reach recent graduates or advanced-degree candidates. It could mean working within organizations focused on diversity, equity, and inclusion (DEI) to bring in candidates who reflect the company’s commitment to those values.

The newly configured workforce of 2021 and beyond is demanding a two-way, mutually beneficial commitment. Businesses that respond will reap benefits; the more value they offer employees, the more value those employees will bring to the company. Strengthened by the combination, companies can then offer more value to their clients and customers. In the end, Covid’s once-in-a-century shakeup could benefit everyone in the mix.

Debra Lopez is senior vice president of employee experience at Vensure, a leader in PEO solutions and human resources outsourcing.

From: BenefitsPRO