Technology industries are heavily affected by the “Great Resignation”, so every organization must develop strategies to keep their talent.
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According to a Microsoft survey of 30,000 workers globally, 41% of workers are considering quitting or changing their professions this year. In April, a record 4 million people quit their jobs, with another 3.9 million in June. This has been called the “Great Resignation.”
The Great Resignation: Why it is Happening
Most people have seen a shift in their priorities due to the pandemic. Most workers have felt less involved at work due to the pandemic. They have had the chance to discover all of the possibilities. It could lead to a job that is a dream, a better salary, flexibility or a better location. The motivations are numerous, and as most organizations are requiring employees to go back to the office, people are re-evaluating their options.
Relationship between Great Resignation (and employee retention)
According to a recent survey by Monster, a whopping 95% of employees, motivated by the Covid-19 pandemic, want to seek a change in terms of their job and life in general. These are the main reasons the shift occurred, according to the survey:
- Flexibility: Employees who have been working remotely for several months are looking to be more flexible and moveable. Many people, especially younger ones, prefer to work at home for just a few days per week rather than commuting all week.
- Higher quality of living and better wellbeing: Many employees experienced an increase in their quality of work while they were away during the pandemic. They are not willing to return to the same office routines.
- Fatigue and Burnout: Employees can feel tired and worn out when trying to balance a 9-5 job with family life.
- Poor treatment: Some people have decided to quit their job because of poor treatment from their employers during the pandemic.
Although employee turnover is common, companies can be blindsided by the Great Resignation if it’s not addressed.
Similar: Are Remote Workers Hiring? These are the First Things to Do.
Technology industry: Why is employee retention so important?
It has been reported that resignations in the technology industry have increased since the onset of the pandemic. The shortage of skilled workers is a major issue in the tech industry. Industry giants have seized a large portion of the most talented people. There is a lot of competition in the tech sector, as many companies compete for the same talent. It is crucial that tech companies keep their existing talent, even with all the changes in the economy caused by the pandemic. Because this industry is highly specialized, it can be costly to lose talent. It also may mean that you might not find the skills or talent you are looking for. Your competitors may be able to hire employees.
What can businesses do to combat this ‘Great Resignation?
1. Remote work is an option
Most employees believe that the last year has shown them that productivity doesn’t require being at work every day. Although many employees miss the chance to meet their coworkers, the majority of them don’t plan on working at the office all week. One survey indicates that 39% of employees surveyed would consider quitting their job if their employer doesn’t avail an opportunity to work remotely. This number rises to 49% in the case of millennials and Gen Z. Companies like Twitter have made it possible to work remotely for years.
2. 2.Invest in your support of your distributed workforce
Transitioning to hybrid working environments can prove difficult even for companies that offer remote options. Although the technology infrastructure is in place, it takes many shifts to support this new style of work. Training managers in how to manage hybrid teams is the first step.
3. Re-evaluate career development policies
The Covid-19 Pandemic, which has had a profound impact on the world, is enough to cause anyone to reevaluate what’s important in their lives. While you may not always be able retain your employees, there are steps that can help them make informed career choices. Employees should be able to talk with their employer about their goals and career.
Employee turnover is almost inevitable. It is an issue when businesses are not able to retain the best employees, and this can have a negative impact on their bottom line. Technology industries are heavily affected by the “Great Resignation”, so every company needs to devise ways to retain their best talent.
Publited Sat, 4 Sep 2021 at 21:13.34 +0000