The HR community has experienced a roller coaster ride in 2023, witnessing various challenges across different industries. The Great Resignation has been a prominent topic, with many discussing how HR professionals can turn this threat into an opportunity.
But is the Great Resignation really over? According to Michael Page’s talent trends 2023 India study, around 75% of the surveyed population in India is actively looking for a job or planning to switch in the next two quarters. Additionally, the People at Work 2023 study by the ADP Research Institute reveals that 47% of employees in India feel insecure in their current jobs and want to switch.
In order to combat this trend, HR professionals and managers need to come together and develop strategies to retain the best talent within the organization. Employee retention goes beyond offering rewards and recognition or flexible working arrangements, it requires creating a work environment that engages and motivates employees.
Engagement is crucial as non-engagement is a leading cause of employees considering job switches, according to a Gallup study. It’s no longer enough to rely solely on monetary incentives or perks, organizations need to address the deeper issue of employee disengagement.
Here are a few tips for HR leaders to convert the Great Resignation into Great Retention:
Look out for early attrition red flags:
- Deterioration in work performance
- Lack of interest and disengagement among the team
- Behavioral changes, such as secrecy
Take a data-driven approach:
Use data to understand the scope and impact of attrition within the organization. Analyze the reasons behind employee departures and develop metrics to identify areas for improvement.
Create a work environment that ignites passion:
Focusing on creating a learning organization where mistakes are celebrated and employees have opportunities to grow.
Listen to employee voice:
Regularly communicate and provide closure on employee feedback and concerns. Understand their needs and expectations to create effective programs and strategies.
Live and breathe the company’s purpose:
Align leadership and managers around the company’s purpose, and integrate it into various aspects of the organization.
Retention is an ongoing process that requires innovation and adaptation. HR practitioners must balance individual needs and organizational goals to create effective retention strategies. By focusing on employee engagement, data analysis, and understanding employee needs, organizations can transform the Great Resignation into an opportunity for great retention.
The author, Ashutosh, is L&D Lead at Wunderman Thompson.
DISCLAIMER: The views expressed are solely of the author and ETHRWorld does not necessarily subscribe to it. ETHRWorld will not be responsible for any damage caused to any person or organization directly or indirectly.
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