How the “Great Resignation” could affect agencies and 3 practical ways to retain your talent pool
Have you ever worked in a job that you didn’t enjoy, or for a grumbling boss who’s never happy, and wished you could just up and leave? While many people fantasise about taking this leap in the dark, the pandemic has spurred a lot of Brits to do just that.
Over the past few months, the coronavirus outbreak has changed several aspects of the way we live and work. One of the biggest changes it has caused, though, is that it’s made many people reconsider their approach to work.
According to figures published in the Guardian, a quarter of Brits are planning to change jobs in the next three to six months. Of course, while this may benefit employees, it can have a more negative effect for employers.
Maintaining a healthy and positive workplace environment is important for employee wellbeing and productivity. If you want to retain the pool of talent that you’ve accumulated at your business, read on to find out everything you need to know about the “Great Resignation”.
More than two-thirds of workers feel confident in their ability to find a new job
Since the initial outbreak in early 2020, the pandemic has significantly affected many aspects of our daily lives, from the national lockdowns to wearing our protective masks.
Of course, one of the biggest changes was the move towards remote working as a consequence of social distancing restrictions. According to a recent poll from YouGov, around half of Brits choose to do their jobs in this way at least part of the time.
This change has allowed people to do their job from the comfort of their own home, without having to stress about issues like waking up early or getting stuck in traffic when commuting. While this is a significant change in and of itself, it has also made many Brits reconsider their attitudes to work as a whole.
If you’re unhappy at your job, it can often be difficult to muster the confidence to leave. This is largely because of the uncertainty that you might not find another, which can be scary if you have people relying on you to pay the bills.
However, one of the effects of the pandemic’s shake-up of the business world is that it seems to have broken this inertia. As companies begin to hire again after the initial economic shock of the lockdowns, many workers are confident that they’ll be able to find another job more easily than before.
Replacing a member of staff can cost thousands in lost productivity
While this newfound confidence can be very beneficial for employees, it may also pose a problem for employers. As you may know, losing a key member of your team can cause a variety of issues for the smooth operation of your company.
Not only will you be losing the wealth of knowledge and experience that they brought with them but replacing the person can pose problems of its own. Not only would you need to hire someone else at a competitive rate, but they would also need time to adjust to your business.
They may even need a mentor to properly integrate into your company, as we discussed in a previous blog. While this would help the new member of staff to adjust more quickly, it may mean the person supervising them is less productive themselves.
According to a study published by the Guardian, replacing staff could cost employers as much as £25,000 a worker in lost productivity. This is why it’s important to listen to suggestions from your staff, as a healthy work environment benefits everyone.
It’s important to be receptive to your employees’ needs
If you want to ensure that your team are happy and productive, there are a few ways that you can support them:
Offer the opportunity to work remotely
In recent months, the ability to work remotely has benefited many workers, partly because they no longer have to spend a significant portion of their day commuting. While some employers are keen to return to the office, not all employees share this enthusiasm.
According to a study by the nonprofit organisation Catalyst, having the choice to work remotely makes employees feel significantly more engaged. On top of this, many also reported that they felt more innovative when working from home, which can be invaluable for companies in the creative sector.
Introduce flexible workplace perks
The perks that you offer your employees can have a large influence on how happy they are at your company. According to a report published by This is Money, half of Brits said they’d be willing to sacrifice some of their pay for more flexible benefits.
Some of the most sought-after perks were better parental leave, private medical cover, and flexible working hours. You could also consider increasing the number of holidays an employee can take each year, which can also help to reduce the risk of burnout.
Ensure that you’re encouraging a healthy workplace environment
One of the most important ways to ensure a happy and productive company is to make sure you are fostering a healthy environment for them to work in. According to a survey by recruitment firm Randstad UK, one-fifth of Brits don’t feel a sense of belonging at work, which rises to one-quarter among under-34s.
The report also highlighted the need for good relations between workers and their supervisors, noting that one-third of employees felt unable to confide in management when they had an issue.
If you want to ensure that your workers feel comfortable and appreciated, the best thing you can often do is to encourage an open and frank discussion about what you can do to improve things.
As we discussed in a previous blog about supporting your employees’ mental health, this simple move can help people feel listened to, making them happier and more productive.
Get in touch
If a key member of your team chooses to leave, it can cause a significant disruption to your operations. If you want to protect your business against the financial fallout of this issue, having the right form of cover in place can be essential.
To find out more about the types of protection that could benefit you, get in touch. Email creative@eggarforrester.com or use our contact form to request a callback from our team.
