PwC’s 2022 survey conducted across 44 countries shows that 1 in every 5 employees is planning to quit their jobs in the next six months. We are in the “Great Resignation era” as more workers are reassessing their work, workplaces and careers in light of the volatility and change that the last 2 years has brought.
Since the beginning of the pandemic, employees around the globe have been waking up to the importance of better work-life balance and overall happiness. Money isn’t the primary motivation for employees anymore. The pandemic has also created growth in different sectors and roles that have provided opportunities for people to reassess their career status and plans.
A stunning 86% of workers in India plan to quit their jobs in the latter half of 2022, while 44% of workers in the U.S., grouped as ‘job seekers’, have already begun to look for newer opportunities to advance their careers. So this is not just an Australian phenomenon but part of a large global shift.
Unsurprisingly, this is taking a toll on employers in an already uncertain environment. “Companies face a range of challenges, including geopolitical and economic uncertainty, climate issues, social changes and cyber threats,” finds PwC’s report.
As a small business owner, you can navigate this disruption through:
Here are a few ways you can achieve this:
One of the reasons for the aforementioned mass resignation is that workers feel trapped or under appreciated in their current roles.
As a business, you must look within the organisation for internal recruitment or upskilling opportunities before making an outside hire. Look for ways to ensure your current staff has job security along with room for growth at every level.
Contrary to what managers sometimes feel, showing sensitivity and empathising with various political and social issues can have a positive impact on your workplace. If anything, this approach has the power to facilitate stronger teams as more people become aware of their colleagues’ well-being.
Look for neglected, hidden, or marginalised talent within your organisation not only to ensure inclusivity but to create a real sense of diversity across your team.
Providing career growth also means redesigning roles in order to facilitate different kinds of job opportunities. Brainstorm ways to utilise your current talent for various departments and roles by understanding each employee’s core competencies. And this needs to go beyond the usual performance reviews: establish new performance indicators to maintain staff that are motivated and eager to contribute.
There’s a reason why there’s a subreddit called r/recruitinghell where hundreds of thousands of workers complain about the myriad issues with the present recruitment system used by companies worldwide. It is slow, unforgiving, and for the most part, doesn’t respect the applicants’ time and involvement.
If your company also takes a month to hire workers, not only are you more likely to face high employee turnover but also difficulty in finding qualified people to work for you. Workers will move on to the next opportunity if they feel your decision-making process is unusually slow.
So, tighten the process and cut hiring time as much as you can to avoid missing out on good talent.
Employees aren’t willing to work with companies that are rigid in their work arrangements. 54% of workers surveyed said they want to work remotely. They also report 63% more job satisfaction than workers who are forced to work full-time from an office.
Understandably, infrastructural issues are one of the main reasons preventing businesses from offering flexible arrangements. But that’s nothing that can’t be fixed.
For instance, investing in ultra-fast internet will not only help you with digital performance but also speed up your digital transformation, allowing you to connect with employees and customers seamlessly.
This aligns with PwC’s findings about how companies need to “invest in technology to support remote work and put the right governance in place over decisions regarding pay, promotions and other rewards, to fight ‘proximity bias.’
Smart businesses who can use these strategies can lead the pack, despite the volatility in the labour market,
At GigaComm, we have gone through the time-consuming process of optimising technology in a way that can speed up your operations and make your team members’ lives easier. All you have to do is leverage our already developed advanced, ultra-fast internet to gain a technological edge during today’s uncertain climate. With GigaComm, you and your team are sure to notice the difference.