The Great Resignation – Are You Prepared?

We are now officially 18 months into the COVID-19 pandemic, and during this time, many of us (along with our employees) have had what is being referred to as “COVID Clarity.”  Whether we found ourselves working from home instead of an office, or we had to continue to go into an actual work site, our lives were turned upside down in ways we never could have imagined.  Many of us were homeschooling kids, trying to complete projects while we worked through home life “noise” … others of us found our office environment now included masks, sanitizers, and social distancing.

So what is “COVID Clarity”?  It’s the realization that people came to during this pandemic transitionary period, which is driving them to look for new opportunities that aren’t limited by location (so continued flexibility to work from home or some hybrid option), and an emphasis on work/life balance (to keep stress at bay).  They are looking for companies who know that they need to have “people” focused policies in order to retain their talent.  The constant change that has been experienced over the past year and a half is also not over … we have new government mandates being proposed related to mandated vaccines and testing. So the focus on helping people to feel balanced will remain in the forefront for some time to come.  Companies that can help their employees with this balance will likely have a workforce that stays with the organization.

One recent study conducted by Wiley in July 2021, found:

• Only 18% of respondents were very satisfied with their work/life balance
• 38% reported feeling neutral, dissatisfied, or very dissatisfied with their work/life balance
• 78% of people were experiencing elevated stress levels
• Of those individuals, 42% reported “high” stress

Interestingly, Wiley also found a strong correlation between satisfaction with work/life balance and stress level … the more satisfied you are with work/life balance, the less stress you feel (and vice versa).
Another recent study conducted by Society for Human Resource Management (SHRM), revealed that:

• Almost half of US executives (49%) indicated that in the past 6 months, their organization has seen higher or much higher turnover than usual
• Over 2 in 5 US workers (41%) were actively searching for a new job or planning to over the next few months
• 45% of workers noted that they’ve stayed in their current job longer than they wanted due to the COVID pandemic
• Respondents noted that, in addition to better benefits and opportunity, they are looking for better compensation

So, how can you minimize the stress your employees are feeling and help to reduce turnover?  You can start by looking at your policies.  According to the Wiley survey, they asked participants about various policies that their organizations have in place and the impact of those policies on their stress levels.  Below are the top 5 responses:

• Additional PTO & Mental Health Days
  • 32% of respondents have this benefit in place.  Mental health has been a huge area of concern during the pandemic and Wiley found that providing additional PTO and mental health days had the strongest impact on lowering stress levels
• Greater Flexibility
  • 66% of respondents have this benefit in place.  Companies have realized through the pandemic that remote employees can be highly productive. In addition to allowing for remote or hybrid environments, companies need to also address “when” people work.
• Non-Work Time to Connect with Colleagues
  • 59% of respondents are enjoying this.  It’s important for people to continue to build strong healthy working relationships, even when we are not within the same office.  Providing virtual opportunities for people to connect remotely is important, and companies can consider virtual happy hours or coffee chats amongst other creative ideas.
• Listening Sessions with Leaders
  • 58% of respondents are currently enjoying these sessions.  According to the study, people have lower stress levels when leaders reach out and listen. They want to feel heard and acknowledged for their unique needs and contributions and will, in turn, be more committed to their work.
• Training Opportunities
  • 82% of respondents are receiving this benefit.  Many companies hold off on training during uncertain times (often due to cost), but what companies are finding is that it’s critical to invest in your workforce to ensure they have the most up-to-date skills to stay competitive.

To address the area of better compensation, the SHRM survey noted that close to 30% of companies are implementing spot awards and new/additional merit increases this year.

To find out how your teams are doing, learn what’s important to them, and ensure your policies are designed to retain your talent, reach out to Renewed HR and see how we can help you navigate through the Great Resignation.