With the WFH during the post-pandemic, and companies slowly accommodating teams back at the offices, we are witnessing employee dropouts and resignations in record numbers. Companies are worried not just about losses incurred during the epidemic, but what the economists are dubbing as the Great Resignation. Last April, US witnessed one of the largest declines in its labor force. According to the U.S. Bureau of Labor Statistics, breaking a 20-year record, as many as 4 million called it quits. This has led companies to find ways to retain employees and keep them from quitting, with top tech talent undoubtedly outstripping the supply.Here are a few common reasons that you should look into to retain your employees.
Flexible work approach
With the pandemic, most employees worked from home and found ‘remote work’ safe as well as economic since it saved hours of commute. It also provided a lot of autonomy with respect to time and location. This need for flexibility drove employees to seek remote work options. With digital transformation and the disintegration of traditional geographical boundaries in the hiring world, businesses are in a position to not only compete with companies locally but also across the globe to not just attract the best talents but to retain them. This calls for the need to lend their ears to their employees’ requirements and demands if they really want to reduce employee turnovers.
Out of touch with reality
With uncertainty and mass layoffs, people were pushed to reassess what was important to them, and what they wanted from their work, life as well. Companies and businesses that people prioritised fired them without a second thought. Moreover, months and months of high workloads, taking on the pressures pushed employees to reach a breaking point causing them to rethink their work and life goals.
Thee exhausted workforce
From an employee’s perception, factors that correspond to productivity include mental health, physical health, social connectivity, and workplace culture. People started giving more importance to physical and mental well being which led them to despise workplaces that were toxic, indifferent to their feelings and failed to provide better benefits and compensation. Employees started to look out for jobs that provided them better opportunities to grow and upscale their existing skills.
Freelance over 9 to 5
Millennials and Gen-Zs opt to work remotely as they don’t want work to consume their life. With technologies evolving to lead a comfortable life, travelling, working on the go where they can accommodate time for friends, family and their priorities are not just preferences anymore. They would not want their work schedule to have control over their personal life. Young employees choose to offer their expertise in multiple projects at a time through freelancing than sticking on to a single full-time job avoiding fixed office hours and having a say in deciding where to work each day.
What can companies do to retain employees?
Hearing your people’s concerns
Businesses now can extend their horizons through borderless recruitments so finding new & rare talents are not a challenge anymore. Rather, making them stay with you is a completely different story. So what should you do to make them stay? LISTEN. When finding difficulty to deal with challenges, sit down and have an honest talk so that you can work on a mutually beneficial solution.
Managers must value and give credit to performance rather than favouring selective candidates. In a study, remote workers were less likely to be promoted although they were over 13 percent more productive. The performance management technologies need to improve the metrics based on which employee performance is measured.
Not just promotion
With work flexibility becoming a key feature in employee retention and engagement, digital learning will open new doors to upscale skills & open up opportunities for remote workforce. The great resignation has forced companies to provide growth opportunities to their employees to be in tune with the changing demands. By creating new learning pathways and career development opportunities, companies can employ experts well versed in their fields who can in turn contribute to their growth.
Analytics & AI for the better
Companies must use better metrics and predictive technologies to better assess resignations and inform before layoffs under critical situations. Employee preferences have changed over the years which means it is time to assess and reconsider terms and means to retain your employees. Predictive AI technologies should be implemented in banks to find causes and understand the employee’s resignation.
When people choose to relocate to a lower-cost location, how much should they earn? Who will take up the cost for the home offices? Should stipends be given to workers commuting to big cities? How to monitor and ensure that people are doing their jobs? Will the remote workers be a cultural fit? Will remote workers get the same promotions, benefits and salary raise as their in-house peers as they spend less time in the office and are less visible? Do your research before you hire a remote team or choose an outsourcing firm like Centizen Talent Hub.
You might ask why centizen? Well for beginners, you need not worry about any of the above-mentioned challenges as we at Centizen Talent Hub would take care of everything from recruitment to onboarding all in a single fee that includes the developer salary. There are no hidden costs involved. Everything from salary, benefits, leaves, vacations, workstations and performance monitoring will be taken care of by our dedicated team. We provide you flexibility in scaling your team size at any stage of your project development. You can have a team of developers, testers, project managers having expertise in any technology you name it. You are free to end the collaboration with us at one month’s notice. In total, you will have the most hassle-free hiring experience ever with partnering with us.
The pandemic amplified existing trends in remote employment, resulting in a 25% increase in people switching jobs. As a result, businesses are looking for innovative ways to attract devoted and easy-to-retain employees. Hiring offshore developers who are equally brilliant as the in-house staff has opened up new opportunities for firms, as recruiting fresh hires locally may be difficult. Connect with Centizen Talent Hub to discuss your needs, and our staff will take care of the rest. We can assist you in assembling a dedicated team of Indian Developers of any size and essential responsibilities to meet your company needs while significantly decreasing the recruiting time. India, the world’s second-largest talent pool behind the United States, has tremendous digital and technology delivery skills at an acceptable price range.