Every business is talking about it right now. Almost 4 million people have resigned in the last 5 months. Studies show that 40% of the global workforce is considering leaving in the current year, and a whopping 95% are contemplating it for the future. The workforce is changing, and we need to adapt.
What does this mean for your business?
Turnover always requires attention. According to reports, replacing entry-level employees cost the company 30 - 40% of their salary. For mid-level managers or highly skilled talent? It can cost up to 400% of their salary. And this doesn’t even touch on the non-quantifiable costs: a good employee’s expertise, idea sharing, or cultural contribution.
Reducing turnover has drastic impacts on your culture, your performance, and ultimately your bottom line.
So what can you do to keep your top talent?
Keeping your high performers happy has never been more important. Top performers are an asset to any business that you don’t want to lose. So now is the time to evaluate your current work environment and improve workplace satisfaction where appropriate.
There are three main factors that determine a team member's job satisfaction. They are the rewards (financially and otherwise), the work (current and future), and the relationships (each other and leaders).
Immediately improve all three of these areas with these quick tips:
- Appreciate their expertise. We all like to feel appreciated and to be acknowledged for our expertise. Make sure you take the time to ask high performers for their ideas, feedback, and recommendations on projects. When people share their ideas and feel like they’re contributing - they’ll feel energized and appreciated. They’ll also feel more confident and integral to the team and the success of the organization.
- Let them Explore. A high performer is hungry to learn, develop, and achieve results. Encourage them to take on new challenges, or pursue new projects that they’re interested in. Talented people shouldn't be pigeonholed into boxes where they might become bored or frustrated. Remember, when people love their work, they’re 50% more likely to stay.
- Take Care of them. Every employee runs the risk of being overworked, stressed out, and burnt out. The high performers who are prone to go above and beyond in all areas can burn out without knowing it - waking up one day to say ‘I just can’t do this anymore.’ But promoting mental health and self-care should be more than a buzzword. 80% of employees reported believing their employers say they care about mental health but don't act. Pay attention to your people’s workloads, stress levels, and personal lives. Listen, act, and offer real support. Demonstrate to others that you prioritize self-care by practicing it yourself.
Although you can't force high performers to stay if they want to leave, you can ensure they have a safe, satisfying experience with your company. Your job as a leader is to take care of your people, so make sure you’re focusing on how they’re being rewarded, what type of work they’re doing now and in the future, and what the relationships are like between them and their peers, as well as their leaders.
Following that advice should help you avoid the great resignation now and in the future.