Are you an organization that is always struggling to attract and retain talent? Do you know what is causing employees to leave the organization? Is it only money or something else?
The new working style and environment adopted by organizations have given employees a lot of options when it comes to moving jobs, while at the same time, shopping around with other job offers. The time it takes to fill a role increases by a significant percentage, and the skill gap that exists doesn’t decrease. Building solutions for skill improvement and development does not happen at the same pace as the evolution of needs.
Understanding the “why” behind an employee leaving is very crucial because the expectations that an employee has from an organization have drastically shifted due to the ongoing pandemic, and it is not just compensation that might make up for the other expectations of the employee. The reasons that employees can have for leaving an organization can be accounted to four factors: “motivated by the organization, motivated by External Factors, related to the workplace, and related to personal life”. These can be considered as “Drivers of Attrition” in the workplace.
If an employee is leaving the organization because he/she feels that the organization is no longer able to meet their requirements, then the organization must bring more flexibility and humanity into their culture. If an employee is leaving because he/she does not want to continue working in the same role or field, then the organization cannot do much about this and should instead move its focus to recruit and fill these roles. An employee, if he/she feels that the company is failing to appreciate his/her value and wants to leave, the organization can work towards making sure the employee feels that the company is investing in him/her in terms of their career path, providing a platform for upskilling, etc. When an employee wanting to leave is considered a critical talent for the company, then the organization can selectively compete towards meeting or matching any other offer that the resigning employee has so that he/she can be retained. It will not be enough to just match the compensation. The organization might also have to combine pay with other benefits.
Owing to the pandemic that has hit the whole world, a lot of people are realizing their place in life and are taking time to rethink it. Given that compensation is not the only motive why a lot of people turned in their resignation, the term “Great Resignation” came into being. Diagnosing why employees are leaving will give the organization a chance to combat it effectively and retain and attract talent.