Headlines discussing the Great Resignation have been dominating our feeds for months. Last year, an average of more than 3.95 million workers quit their jobs each month, making 2021 historic and organizations desperate. In the last two years, we experienced change like never before leading to a complete reconfiguration of how we work. With consistent change and disruption, employees are tired and frustrated. The Great Resignation may be a real threat, but it is important to remember that talent retention is fixable and that talent is nothing without endurance.
The Oxford dictionary defines endurance as, “the fact or power of enduring an unpleasant or difficult process or situation without giving way.“ Strengthening talent endurance throughout an organization requires a co-created culture that supports the employee experience and a long-term commitment to growth. The top three factors that help with boosting talent endurance are purpose, resilience, and professional development. Prioritizing these three areas within your organization will improve company culture and provide a competitive advantage during this Great Resignation.
Help Employees Find Purpose in their Work
According to a study by Imperative, purposeful employees are more likely to rise to senior-level roles, have healthier relationships with colleagues, are more satisfied with their jobs, and stay long-term. The study found the core elements of experiencing purpose as having a positive impact on others, personal development, and delivery of work through strong relationships. A company can embody purpose in many ways. Given the right environment and coaching, managers, mentors, and talent acquisition leaders can help foster a sense of purpose in employees.
- Prioritize autonomy and eliminate micro-managing.
- Recognition goes a long way to encouraging engagement.
- Link work to social purposes that employees care about.
Prioritize Resilience and Wellbeing
With disruption being our new normal, the needs of organizations are constantly evolving, and developing resilience goes hand-in-hand with boosting endurance. Setbacks are inevitable in any industry, and current trends show that today’s leaders are experiencing fatigue like never before. BetterUp found that people with low resilience are 4x more likely to experience burnout. When employees are resilient, they encounter setbacks and are still able to maintain focus on the big picture and their purpose. Resilience is associated with increased work engagement, job satisfaction, and organizational commitment.
- People are 3.5x more likely to be resilient when they are in good health. This means employees are in good health physically, mentally, and emotionally. This also includes having healthy relationships through trust in teams and leadership, and a healthy work environment with inclusion and development opportunities.
- Offer accommodations to those who need it.
- Practice reframing negatives as challenges to overcome.
- Make mindset a regular discussion topic.
Modernize Leadership Development
For a long time, leadership development has been a one-and-done practice. With recent work-life reconfiguration, we must redefine what it means to develop employees in today’s environment. If top employees do not see a clear career path forward, they leave. With a large portion of the workforce working remotely, new and emerging leaders no longer have consistent exposure to senior leaders. This limits opportunities for those individuals to receive valuable mentorship and career support which can hurt long-term succession strategies.
- Establish strong onboarding, mentoring, and advancement opportunities for every level of your organization.
- Shift focus to the development of soft skills Prioritize intentional collaboration and integrate it into your culture.
- Equip mid-level managers with empathy and coaching skills.
- Personalize, socialize, and contextualize learning.
- Refine your leadership development plan by aligning it with your engagement survey results.
If your organization has been affected by the Great Resignation, then it’s time to reevaluate your company culture to meet the needs of employees in this modern world. Poor talent retention is fixable if you take the time to fix it.
For more information about Velocity’s Talent Endurance System contact us today.