Leaders should be concerned about the Great Resignation. Recently, the Labor Department found that 2.9% of the population quit their jobs in August, a record high.
According to a study by Workhuman, 40% of employees across Canada, Ireland, the UK and the U.S. are planning to look for a new job in the next 12 months, almost double the number seen in December of 2019.
Managers still have a chance to attract and retain new workers though, but it will take adjusting their own managerial practices that accommodate the new future of the workforce.
When turnover is an issue, companies usually look to three solutions: wait it out, try to compete through salary increases, and build a healthier workplace culture.
Research shows that the third option may be the best strategy. But how can leaders make an effort to improve their culture?
For starters, receiving consistent feedback makes it so workers get a voice in what they think their employer can be doing better.
Additionally, recognizing workers for their accomplishments can show them that they are contributing to a greater cause, while building a true sense of community among team members.
In fact, research from Workhuman shows that a well-thought-out employee recognition program can cut turnover in half, which would help mitigate any financial losses a company could experience.
Lastly, leading with empathy may be the strongest tool in building a healthy company culture. By lending an understanding ear, managers can ensure that their workers feel supported, heard, and nurtured at work.