Five Top Tips to retain talent amid "The Great Resignation"

HR ADVICE: There's been much talk about "The Great Resignation" still ongoing in US labour markets. It is a phenomenon that describes record numbers of people quitting their jobs at the same time, often to take permanent leave from the full time labour force.

Here in Southeast Asia, firms are bracing themselves for our own version of this exodus away from work. Here are five top tips that can help firms to avoid the worst extremes of a Great Southeast Asian Resignation and retain their talent under pressure.

1. Understand that employees are looking for meaning in their work

The Covid-19 pandemic has caused many people to rethink their lives and hopes for the future. For many, that comes down to the work they do. Organisations can help employees find meaning in their work by ensuring all staff understand and appreciate their individual impact on the organisation and the communities it operates within.

Employers can also provide clear career progression opportunities. Communicating this with your employees can help retain talent, even when the business is facing rough times. Motivating and supporting your team to accomplish their goals will also help retain talent.

2. Push for pay equity and transparency

One of the many impacts of the Covid-19 pandemic has had on the labour market is in the way employees view work and compensation. Hence, the way businesses approach their employees' remuneration preferences must also shift.

Firms can look into real-time data to help with pay equity ideals. The combination of real-time data and people analytics can assist firms to attain information about their workforce before making decisions and gaining insight to improve the situation.

3. Provide training and promotions

Providing fresh trainings and clear career paths help employees feel that they're valued, and this in turn becomes a crucial part of the organisation's success.

Moreover, in these fast-changing times, there is a need for new skill sets to accommodate to the evolving demands of industries. Cross-training staff into multiple roles and specialisations helps to both keep staff engaged, while providing a more agile, flexible workforce to tackle these new challenges.

4. Recognise that the new generation is more diverse

Today, the new generation of employees are placing a priority on company culture. Candidates are researching their potential employers, reading reviews, and doing their homework before committing to a new organisation or role. Young employees in particular are looking for organisations that are representative of broader society.

Factors such as diversity in the workplace, transparency, and environmental equity play a huge role for this new generation of employees.

5. Be flexible

The last two years have proven that employees don't need an office setting to be productive. With that realisation, more employees are demanding workplace flexibility and hybrid environments that combine work-from-home arrangements with traditional office-based work. Fortunately, there's no one-size-fits-all approach when it comes to flexibility. Employers can develop policies according to their specific needs,

The continued development of HR technology solutions has made it easy for both employees and employers to work remotely without compromising on productivity. Embracing flexibility can help retain and attract talent. In turn can improve employee loyalty, better performance, and better job satisfaction.

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