A recent research by Mckinsey highlights an unprecedented rise in employees quitting their jobs. They predict it is going to get worse before it gets better. More than 15 million US workers – and counting, have quit their jobs since April 2021, a record pace disrupting businesses everywhere. A similar trend is seen in India too with this article in Business World nailing some interesting facts around rising attrition.
Companies are struggling to address the problem. They will continue to struggle for one simple reason – they don’t really understand why their employees are leaving in the first place.
Employers – You Cannot Fix what you Don’t Understand
Employees leave even before they have another job waiting in a record number of cases and we find these to be the top 3 challenges that are triggering the great attrition.
Lack Of Human Connection
Companies are offering higher salaries, more perks and flexible hours of work. Yet employees are quitting their jobs. Why? The study finds most of them are missing the human element at work. The virtual work culture has thrusted more pressure on the organization to go great lengths to bring in that human touch. Yes, they want pay, benefits, and perks, but more than that they want to feel valued by their organizations and managers. They want meaningful—though not necessarily in-person—interactions, not just transactions.
Tip: Don’t under estimate the power of a ‘how are you doing call’ with no agenda. People connect when there are real conversations they are part of.
Lack Of Purpose
Employees are tired, and many are grieving. They want a renewed and revised sense of purpose in their work. They want social and interpersonal connections with their colleagues and managers. They want to feel a sense of shared identity. They want to be a part of a team that shares a common goal to grow, upskill and achieve together.
Tip: Make mental health counsellors available to your teams. This will unburden them and rekindle their sense of purpose.
Lack Of Culture
Large companies are progressively competing to hire and retain the best talent. To do this they are offering hefty packages and greater perks. But this is making it challenging for the smaller companies to retain talent. Also compensation isn’t the only driving force anymore for employees. They need and are attracted towards a nurturing work culture. A culture where they can learn and grow with the organization. A sense of belongingness, of being heard and cared for will be the biggest wins an organization can make.
Tip: Encourage upskilling in a fun environment.
In summary, it is the need of the hour for the top management along with HR to be deeply invested in bringing about more human connection, helping the employees feel a better sense of purpose and creating a culture that is refreshingly welcoming. And last but not the least, the good old technique of rewards and recognition, meaningful gifts to celebrate landmark victories with monetary benefits will never go out of fashion.
Leena Munot, Co-Founder, The Giving Tree