It’s no secret that the employee resignation rate is on the rise. In fact, according to a study by CareerBuilder, almost half of all employees (49 percent) are looking for new jobs. So what’s causing this uptick in resignations? And more importantly, what can you do to minimize their impact on your business? In this blog post, we’ll take a look at three mega forces shaping employee resignations – and offer some tips on how to win with them.
Gig economy
The gig economy is a factor that’s impacting employee resignations. According to a survey by UpWork and the Freelancers Union, there are now 57 million workers in the U.S. who freelance, which amounts to more than one-third of the country’s workforce. Because freelancing offers a lifestyle with greater freedom and flexibility than traditional employment, it’s no surprise that more and more workers are choosing to go this route.
Employee market
The employee market is the second mega force shaping employee resignations. Thanks to the booming economy and the gig economy, there are now more jobs than ever before – which means employees have more choices when it comes to where they work. This shift in power has fundamentally changed the relationship between employees and employers, with both sides vying for a better deal than what’s currently on offer.
Technology
Technology is the third mega force shaping employee resignations. With technology advancements making it easier than ever for employees to work from anywhere, they’re no longer tethered to their desks in order to do their jobs. This has led to a rise in telecommuting and job-sharing, both of which are contributing to the increase in employee resignations.
how can you win?
Those mega forces are impossible to win. Companies are simply too small to make these global mega forces manageable.
The keyword is adaptation.
The first step is to train your employees with an early warning system (EWS). The model is based on calibrated behavioural signs of employees dissatisfaction. Behind the model, there are thousands of calibrations that were brought to simple to implement and easy to used leadership model.
Your managers are trained to spot the first moments of employee dissatisfaction and implement corrective actions.
Thanks to that your direct managers are ready to keep up to 70% of employees onboard.
The second step is to control the process
Collect data from your managers from EWS on monthly basis. It will help you to spot immediately trends, regularities or anomalies in your teams so you can build focus laser actions helping to retain your employees.
The third step is to prepare the plan for business continuity
Based on EWS you will knowing who is likely to plan leaving your company in advance helps you and your managers to be prepared for it.
- implement top and key to the successful talent monitoring program
- build knowledge retention solution (process maps, work instruction, knowledge base systems)
- Do the backups in your teams
- Backtrack dissatisfaction signals to your recruitment teams. It will help them to be prepared in advance to build appropriate actions
- Analyze the recruitment channels which causes the biggest attrition – usually, it is a blind spot. In the war of talent speed of recruitment is a key aspect – but according to my observation those who join your company fast, they leave even faster. Check this!
Conclusion
Employee resignations are on the rise, and there’s no sign of them slowing down anytime soon. But that doesn’t mean your business has to suffer. By training your managers to spot employee dissatisfaction early on and taking steps to control the process and prepare for business continuity, you can minimize the impact of employee resignations on your organization.
Are you prepared for the employee exodus? If not, now is the time to get started. The sooner you act, the better off your business will be. Thanks for reading!
Krzysztof Herdzik
GBS/SSC/BPO Practicioner
