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How to Retain Talent & Knowledge During The Great Resignation

We have heard of the Great Depression of the 1930s but there is a similar term that has been coined recently after almost 90 years – The Great Resignation. This sounds alarming but as the name suggests it is true. The term was coined after a mass amount of resignations were witnessed in companies around the world in the Post Covid Era. Although Covid still prevails situation is not as critical as it was in 2019 and 2020 and hence corporate world has seen a changing trend among employees. The quit rate was at an all-time high in September at 4.4 Million according to the Bureau of Labor Statistics

Why is the Great Resignation occurring?

The 2021’s tsunami of resignation was something that the world hadn’t seen before. It is a common belief, as per human thought and media portrayal, that it occurred because of the pay issue. This is certainly not the issue because the Great Resignation was the repercussion of the deadly pandemic. It has to lead to employees analyzing other issues besides low wages before quitting the job. The most common reasons are:

  • Companies Response To COVID-19:

Not all companies have indeed responded to the pandemic situation effectively. Instead, companies have struggled to do business without laying off their employees during hard times. This leads to the second common reason for job quitting.

  • Job Insecurity:

Companies laid off many employees during the pandemic and the ones that retained resigned themselves. This was all due to the fear that they might be the next ones to get laid off hence they resigned and looked out for other jobs that offered better job security.

  • Job Preferences:

Online Work boomed during the pandemic and isolation environments. It didn’t deplete after things got towards ‘normal’ life but continued booming. Hence, people preferred working in a growing industry with better prospects rather than companies that still depended on the physical model of working.

  • Toxicity in Work Environment:

Toxicity is present in the work environment in some way or the other but it has also spread in the work-from-home environment. This toxicity seems much more severe in the latter environment. The reason is that companies didn’t respect the timings and continued doing work in unassigned hours as well.

How to stop it?

The Great Resignation had its take, but to recover from it is equally important for companies and businesses to run. So how do we stop or at least lessen the high rates of resignation? Companies have to step up now and create a new model of employment if they haven’t already. Following actions must be taken:

  • Motivate the employees by showing them the roadmap of their progression. The employees aware of their successful career prospects will highly likely retain by the company. Additionally, this strategy helps employees train and upgrade their skills to stay on track.

  • Keep track of the employment opportunities by the competitors and update accordingly. The employee shall not switch to another company because it offers better pay, more benefits, and a good work-life balance.

  • If the company wasn’t upfront during peak pandemic times, it can take the lead now. Offer financial wellbeing support to employees so they feel they are taken care of instead of getting fired during hard times. Paid sick leaves and other related benefits must be provided if the employee is COVID affected.

  • Offer flexible work options. Employees can choose between working physically or work-from-home. It is difficult for employees to get back to 9-5 grind after an extensive work-from-home period.

How BHyve can help you?

The above-mentioned ways were an overview of how companies can retain their employees. However, for a more personalized effort, try; it is an effective tool for companies and businesses that want to stop The Great Resignation from affecting the workflow. It offers models through which companies can keep their employees productive and engaged without affecting their lifestyle, wellbeing, or efficiency.

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