It’s a phenomenon in news headlines and on the minds of corporate leaders globally: the “Great Resignation” – employees quitting their jobs in droves as they look ahead to their lives post-pandemic.

Given ample time over many months of lockdown to reflect on their work-life balance and career satisfaction – or lack of – many are now seeking greener pastures.

This world-wide workers’ ‘awakening’ has left organisations scrambling as they seek strategies to retain their talent and ward off an exodus of staff.

But some companies are only scratching the surface of the problem, struggling to truly grasp their people’s motivations. McKinsey & Company research found employers don’t fully understand why their employees are leaving, with the key drivers being:

  • not feeling valued by their manager and organisation
  • not feeling a sense of belonging
  • a perceived lack of caring and trusting teammates
  • an inflexible work schedule
  • the lack of potential for advancement.

 

Instead, organisations were too focussed on “transactional factors”, like employees seeking a better job, being poached by another company, inadequate pay, poor health, development opportunities, and the ability to work remotely.

The forecast mass attrition is a HR headache and, globally, a big deal. Microsoft research found that 41 per cent of the global workforce was likely to consider leaving their current employer; for the Gen Z contingent alone, this number shot to 54 per cent.

These statistics are undoubtedly sobering for employers. However, it would be remiss of organisations not to consider the opportunities that this challenge presents.

As noted above, the question of how to keep your people is, perhaps more than ever, front of mind. A concerted focus on employee wellbeing, balance and care should be one of the key pillars of an organisation’s staff retention strategy.

Indeed, as we emerge from such a long period of lockdowns, restrictions and disruption, workplace wellbeing policies will be critical.

The anxiety and stress of the past two years means many employees will already be struggling with exhaustion and burnout. From isolation, loneliness, and a lack of control, to health risks and the juggle of home working and schooling, the reality of living through a pandemic has taken a great toll on mental and physical health. With their batteries drained, employees will need support to recharge.

Embedding meaningful wellbeing practices in the workplace – going well beyond token or only occasional efforts – shows your people that you value them. It goes hand in hand with being an authentic leader – you’re recognising that they, like you, are human and that to thrive, their wellbeing must be top priority. 

As the research demonstrates, people need to feel valued. This acknowledgement and support is key, particularly at a time of such upheaval, when many are re-evaluating their options with a stark new perspective on what really matters to them.

Thrive Global is committed to accelerating the culture shift that allows people to reclaim their lives and move from merely surviving to thriving. We know that when we prioritise our wellbeing, our decision-making, creativity, and productivity improve dramatically.


Find out more about the wellbeing solutions Thrive Global APAC can offer your organisation
here.

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