The fears brought by COVID-19 significantly challenged employment relationships. While the early surge of the health crisis extensively focused on securing the abrupt future, the next tide concentrated on employment security, efficiency, and involvement.
US-based research by Quantum Workplace stated that the employees' intent to stay decreased in 2021. This phenomenon was given prominence by an economic trend dubbed "Great Resignation," wherein over 30 million Americans resigned from their jobs at a record speed beginning in the third quarter of the said year. Economists sought that the sheer quantity of job openings blended with a lower unemployment rate was one reason behind this movement. Since joblessness rates drop and job market confidence soars, employee turnover is distinctly possible to rise.
Although the consequence left by the "Great Resignation" is experienced primarily in Western regions, the Philippines cannot precisely tell the same. The separation rating analyzed by the Philippine Statistics Authority (PSA) through the Labor Turnover Survey reported that for every 1,000 employed persons in the National Capital Region (NCR), 104 workers for the first quarter of 2021 and 81 workers for the second quarter were either terminated by their employers or quit their jobs. While employee turnover does not yet cause significant harm in the local working landscape, this has steered many business leaders to prepare for employee attrition and instead refocus on employee retention policies as the race for talent evolves more intensely.
Does employee attrition cause harm in a company/organization?
In the human resource (HR) context, employee attrition is the voluntary turnover or resignation of workers in a company. While it is natural for any industry, it can become complicated if uncontrolled. A fast employee attrition rate can increase training costs, meager employee confidence, and other workplace problems. Ultimately, it can curtail its gains and adversely wreck its net income. As such, businesses must know how to be ready for it and, better yet, avoid it.
What are the reasons why employees resign?
With the COVID-19 pandemic provoking work-life epiphanies to millions of people worldwide, it is easy to tell why employees quit.
Employees leave because they want to perform their job description and be on a mission.
Employees leave because they want to learn new skills.
Employees leave because they want to upgrade their earnings.
Employees leave because they want more exposure.
Employees leave because they want a better work-life balance.
If employees perceive that these recourses do not exist at an organization; if they remain a part of chances to progress; or if they turn obstructed from hauling into proper functions due to corporation politics or being ignored or underrated, they would not stay put. Eventually, this may lead to an elevated attrition probability.
Retaining employees is struggling. However, the fact remains that employees wanting to learn new things, grow in their careers, and not spend every waking moment working is not unreasonable. Thus, a mindset shift from employers is worth note-taking.
What are the remedies for employee attrition?
Ripple VAs is delighted to introduce the following employee retention strategies with you:
1. Hire the right people. Hiring the right people begins with a dependable person executing the hiring process. They must be well-rounded in the company's needs. When confronted with creating yet another lousy hire who will withdraw from your employee growth and reserves or selecting someone who will stay, always go for the latter.
2. Allot responsibilities wisely. To effectively delegate tasks, identify first what commitment to entrust. Then, find the right person to delegate the task and clarify the desired results. Lastly, clearly define the employee's responsibility and authority while establishing touchpoints from time to time.
3. Accessible work environment. A convenient job enhances the work environment quality, partly through employees' valued help and partly through the employers rendering a considerate working atmosphere where everyone's differences are not a liability but an asset.
4. Appreciate good work. Employee appreciation boosts productivity. When workers feel their hard work is admired and acknowledged, they know that their function is essential. Expressing gratitude in the workplace also broadens employee concentration and commitment and assists in carving loyalty.
5. Performance evaluations. Performance appraisals compel employees to do better to raise self-esteem and motivation. It benefits the employee to discover where their career is leading the way.
6. Work-life balance. By building a work setting that sequences a work-life balance, bosses can reclaim capital and retain a healthier, more profitable force. Anyhow, work-life balance will suggest specific things to distinct people because, after all, people have varied life responsibilities.
7. Appropriate training. Training and development initiatives give a host of advantages like enhancing employee performance and productivity, lessening employee turnover, and enriching company culture.
8. Cultivate team spirit. Cultivating team spirit creates a feeling of confidence among employees, which continues to thrive with time. Furthermore, confidence builds trust, enabling the workforce to express themselves freely to one another. Every member lays in clues and suggestions that could usher to creative and innovative business concepts.