2021 has been the year of the Great Resignation, a term used by the Harvard Business Review to describe the mass exodus of unsatisfied workers in the wake of the pandemic.
According to HBR, over four million US employees quit their jobs in April alone. By July in the same year, there were more than 10 million unfilled job vacancies across a range of sectors.
Countries worldwide have reported similar trends, and the number of advertised job roles in the UK hit a record high of 1.1 million between July and September 2021.
The tech sector has been particularly affected, with the number of vacancies in October 2021 rising
Understandably, tech employers of all sizes are concerned about losing their best staff. This would be particularly devastating for recovery and growth following Covid-19, especially in a highly competitive jobs market where attracting the best talent is already tough. So, what’s the solution?
Pay attention to retention
If you want to keep your best people, you need to work much harder to create a working environment and conditions where they thrive. This means a deep dive into the psychology and motivations of your employees, to understand what they really want from their professional life.
Here are some key things to think about:
- It’s not all about salary, but compensation is important
Make sure your salary offer is competitive enough for your employees to feel adequately financially rewarded for their skill and expertise. But when it comes to retention, remember that salary increases may only work temporarily. If underlying issues aren’t addressed or something else isn’t right, no amount of money will make an unhappy employee stay.
- Trust your team to get the job done – their own way
Confidence is one of the biggest factors in the decision to leave or stay. If employees feel valued and trusted to get the job done on their terms, they may be more likely to stay. This means giving your team lots of freedom and autonomy, ensuring they feel heard, and letting them design flexible working plans that fit their lifestyle needs.
- Give flexible working some serious consideration
During the pandemic, nearly all of us have had a taste of flexible working in some capacity. It works wonderfully for some people, while others prefer a regular office-based schedule. You need to find out what works for your team, and aim to get the right balance for everyone.
Remember that even if you don’t offer flexible working in any form, your competitors will. And those workers who need the extra breathing room to balance work and life will take advantage of those opportunities.
- Upskill, train and ‘grow your own’
Candidates are increasingly looking for opportunities to learn and develop on the job, and will leave when they feel they’ve run out of road. To keep them engaged, link development and training opportunities with career progression pathways. This can also help you out with skills shortages, as you can essentially ‘grow your own’ in-house.
Lastly, make 2022 the year you take a closer look at company culture. Create a transparent, inclusive culture led with emotional integrity, where your people can be their authentic selves. Then, figure out how best to communicate this in your talent attraction strategy.
Need help? Bring our tech recruitment experts on board – get in touch with the Fairmont Recruitment team today.