In November 2021, employees in the U.S. quit their jobs at an unprecedented rate: a record 4.5 million people left their organizations, the highest quit rate since December 2000, the year the Bureau of Labor Statistics (BLS) began recording this data.
More than three months into 2022, the phenomenon dubbed “The Great Resignation” has shown no signs of slowing down. Across industries, people are leaving in droves.
In tech and beyond, many organizations are facing staff shortages. But through a combination of retention strategies, staff augmentation, and more, companies can continue to offer robust products and services.
Retention Strategies
According to a study by Pew Research, the top factors employees who left their jobs in 2021 cited for quitting included low pay, a lack of opportunities for advancement, and feeling disrespected at work.
While other factors, such as employees wishing to relocate or change industries, are not as easily rectified, more than half — and in some cases nearly two-thirds — of respondents listed the above rationale as their main reasons for leaving. So, businesses would do well to focus on retention strategies.
Improve Company Culture
In any industry, company culture is an important factor in keeping employees happy. But in tech, too often, individuals feel pressured to overwork themselves in a fast-paced environment and compete against their colleagues.
Taking strides to improve your company culture will help you retain employees. Learn what your employees are looking for — and listen to them.
Focus on Employee Well-being
Today, in light of the pandemic and other factors, employee well-being has taken a dramatic hit. People want employers who look out for them — and that includes emphasizing their mental health. It’s critical to adopt a people-first mindset, offering robust wellness programs, including health benefits and generous vacation time, as well as showing your employees that you’re really listening to them.
Offer Growth Opportunities
Remember: a lack of opportunities for advancement was the main reason why employees left their organizations last year. One of the keys to retention, therefore, is to offer room for advancement and growth. In addition to promotions, provide ways for people to learn and upskill, such as tuition reimbursement. Moreover, recognize employees when they do well — a simple verbal recognition can go a long way.
Filling in the Gaps
Of course, even the best retention strategies can’t keep you from losing employees completely. How do you fill in the gaps?
Staff Augmentation
Staff augmentation can help you replace the missing talent on your team, at least temporarily. If you’re missing certain skills and qualities at the moment or need specific competencies for a particular project, this is an excellent model. Simply look to teams that specialize in staff augmentation, and you’ll have the workers you need without the burden of employing them full-time.
Remote Work First
Consider expanding your search globally, going beyond your immediate geographic proximity. By employing a remote-first mindset, you can find talent all over the world — you’re not limited to your neighbors.
There’s no doubt that the Great Resignation has presented numerous challenges to organizations of all types, all over the world. But by adopting a robust retention strategy and plan to acquire new talent, you can ensure that your organization continues to thrive in the face of these obstacles.