Can your business weather The Great Resignation?

The COVID-19 pandemic that hit in early 2020 impacted many people and businesses alike. Some of the effects of the pandemic have lessened or gone away entirely, but other scars still remain. One of these issues that still plague businesses in the U.S. is the phenomenon coined the “Great Resignation”.

Throughout the country and, to a lesser extent, in other nations, employee retention has taken a nosedive. People are walking away from their jobs and not looking back. This is hugely damaging to the businesses that are affected, especially small businesses.

The fact is, it costs money to hire new and train new employees. But that’s not the only problem. Sudden resignations affect productivity in the workplace, meaning that the business is strained to cope. This sometimes means that other employees are forced to pick up the slack, having a knock-on effect as they become overworked and tempted to leave. So, how can businesses deal with this?

What employees value

The pandemic had several effects on employees. First, it can’t be denied that the pandemic was a traumatic experience for many people. People got sick, sometimes for long periods, and many lost loved ones. This has led to people reevaluating their priorities. 

The industries most affected by the Great Resignation are usually low-wage sectors, such as retail workers and those in the hospitality industry. These are also the industries that have to deal with customers, which is a famously difficult task. 

Simply put, people are less willing to put up with low pay and poor working conditions now. They would rather resign and look for new opportunities. Because many people are making this move, businesses have to react.

How your business can cope

Business is a world of supply and demand. So, in order to find employees, you need to figure out how to fill their demands. One aspect of the pandemic that became a forefront of business is that of remote working. 

Remote working might not be ideal for every industry, but many employees appreciated the flexibility that it allowed, as well as the reduction in commuting time. If employers can be more flexible and allow employees some more wiggle room, then that could be an incentive to stick around. 

Rather than demand and expect things from your employees, offer rewards to incentivize good work. As mentioned above, a measure of flexibility and autonomy is often a great reward. As long as the work is done, why not work on a flexible schedule?

Taking on new employees

As well as retaining current employees, you should strive to find new employees who will mesh well with your team. Now is not the time for businesses to stall and stop developing. While it is an employee market, you should still focus on hiring quality employees.

When hiring new employees, make sure that you still follow the same requirements and guidelines that your industry has. For example, a coal board medical assessment is an important step in hiring coal workers and making sure that they can work safely.