Appreciation and inclusion are keys to winning the Great Talent Swap.
Here’s a question you might be hearing more often in leadership and board meetings: “Are our employees going to leave us?”
Here’s another: “What can we do to keep them?”
Concerns around voluntary turnover are not exactly new – we spent most of the last decade talking about the talent crunch among skilled workers – but we’ve never seen a year quite like 2021.
Fears about the “Great Resignation” or “Big Quit” at first seemed a little histrionic — especially in the wake of the biggest unemployment crisis of our lifetimes. But early concerns have proven to be well-founded as voluntary resignations hit an all-time high in April.
In fact, resignations have remained at the highest levels of all time since March, and it appears the worst is not over yet. According to our Summer 2021 Workhuman® iQ poll, nearly 4 in 10 workers in the U.S., U.K., Ireland, and Canada are planning to look for a new job in the next 12 months.
In a recent video, our EVP of Customer Strategy, Chris French, suggested a better way of thinking of this isn’t as an exodus but as a “Great Talent Swap.” After all, most of those employees are staying in the labor pool – they are just looking for a better job with better pay and a more human working experience.
“The real question is whether you will be a net winner or loser in that exchange,” Chris observed.
To come out ahead in the Great Talent Swap, he explained companies must be ready to refocus on employee experience – something that has changed considerably over the past year for everyone.
When the pandemic first hit, everyone’s efforts were on adapting to new ways of working in physical spaces – like enabling remote and hybrid work and ensuring safety and well-being.
We solved those issues but soon realized the disruption went much deeper than physical displacement and safety. There was also an emotional toll affecting psychological safety. Traditional interactions and proximity could no longer be relied on to influence the employee experience and make our work lives and relationships more human. People became more isolated and disconnected from one another.
Is it any surprise they have reacted by pulling away?
So, now the conversation is switching to how we bridge that emotional gap, reconnect people, and recapture (or reconstruct) real moments of human connection in the workplace – whether physical or remote.
This is where – as a Workhuman® customer – you’re already ahead of the game. That’s because you have access to a full set of diagnostic and culture management tools that were practically tailor-made for a moment like this
To begin with, you have the resources you need to understand what’s really happening in your culture. This includes features such as:
| ● | Workhuman Research — Our Workhuman iQ team is constantly working to mine data and identify best practices for helping employees feel more connected and included in your organization. Be sure you sign up for webinars and events to keep abreast of the latest insights. | |
| ● | Moodtracker Pulse Surveys — Triage changing sentiment across your organization by using the free Moodtracker® feature in your Workhuman platform. An invaluable way to keep your finger on the pulse of your culture in real time, you can spot potential problems as they develop – and correct them before they snowball and lead to resignations. | |
| ● | Human Workplace Index — Keep abreast of employee sentiment across the whole labor market by tuning in to our monthly Human Workplace Index survey results each month. In this survey, we analyze the responses of 1,000 full-time U.S. employees to give you the most up-to-date insights into what employees are looking for. For example, in August, we found that 61% of employees are considering leaving their jobs within the next year. Seven out of ten told us they are staying in their jobs for their co-workers – but 28% of respondents with children said they would rather delete their Netflix account than return to the physical office. | |
And thanks to your foresight in building a culture of appreciation and support, you also have a full suite of culture resources to combat this incoming storm of resignations. Because of recognition, you already have a more connected workplace that people will be more reluctant to leave.
In fact, according to our recent Workhuman iQ data, turnover can be 2-3 times lower for employees who receive three or more awards within a year. Recognition is also a valuable tool for onboarding employees. New hires who were recognized early on had 2x lower turnover compared to those who went unrecognized.
You’re already offering recognition to your workforce. Now it is time to amplify those efforts to meet this extraordinary moment by leveraging your Workhuman platform. By amplifying some of the activities you are already using, you can create a better, more human-centered employee experience that will give you an advantage in winning the Great Talent Swap.
Here are a few of the ways you can leverage Workhuman to influence retention:
| ● | Team Awards - Employees are soul-searching right now. They are asking if they are truly valued where they are – if they belong. Team Awards can be a great way to remind many employees at once that you care about everyone’s emotional well-being at work and that they are a valued part of a team. | |
| ● | New Hire Awards - Welcome in new employees or cohorts to jump-start feelings of belonging and quickly orient them to a culture of recognition. New hires who are recognized have 2x lower turnover compared to those who go unrecognized. Our research also shows that employees who are recognized early on are more likely to show appreciation to others in the organization. | |
| ● | Celebrations/Life Events - Celebrating special moments together reinforces emotional ties among employees and promotes goodwill between employees and the organization. If you encourage people to share more of these milestones and important events on the Workhuman platform, you can deepen those ties and make people more reluctant to leave the community. | |
| ● | Conversations - Many workers are looking at the hot labor market and wondering if a better career path might await them in a new company. It’s a great time for managers to refocus on employee development and discuss their future with the organization. As employees look around, they will be more likely to realize how green the grass is right there in your organization. | |
| ● | Actionable Insights - Managers are critical to bringing a culture of recognition to life and creating a workplace that feels supportive and nurturing. Actionable insights give your managers the support they need to support their own teams. In this volatile time, managers need every bit of data and intelligence to make the difference between retention and resignation. | |
How are you using the Workhuman platform to ensure a better employee experience in your organization and keep turnover low? We’d love to hear your story. Reach out to your account team or email us at [email protected]!
