The Great Resignation has taken its toll on the global workforce with high turnover rates affecting team morale and talent retention, but there are ways to tackle this (Source: Canva)
We’re no stranger to the Great Resignation, which hit Singapore’s sunny shores amid the pandemic. Describing the trend of employees voluntarily leaving their jobs en masse, this ongoing global phenomenon has had a wide impact on the global workforce.
A recent study by SAP, which surveyed small- and medium-sized businesses across the Asia Pacific region and Japan, showed that 62 per cent of Singaporean small and medium enterprises (SMEs) that were surveyed noticed increases in staff resignations, while 65 per cent of the survey’s respondents indicated difficulties with finding and hiring replacements. Difficulties in finding and retaining talented workers has also affected the rate of digital transformation, inhibiting business growth.
If you’re wondering how to combat the Great Resignation, check out these three tips on how you can retain employees:
1. Check in with your employees
Taking the time to check in with your staff can help to assess employee satisfaction in the workplace, and identify ways to help workers manage and optimise workloads and processes (Source: Canva)
Sounds simple, but it’s a pretty vital step. Your team members may be feeling overwhelmed or burnt out from the stresses of work, or struggling to find purpose in their current role, leading to a hunt for a new job. Checking in with them can help to get a sense of how employees feel about their role, identify key factors that are influencing their work performance, and encourage employees to work on new approaches and measures that can help them to manage. Such conversations are also a good way to check in and connect with remote employees.
For employees looking for more growth, it’s a good time to assess if they’re feeling challenged in their current role, and explore the possibility of cross-skilling to help them pick up other skill sets they’re looking to acquire, creating more engaged employees, which can help to reduce employee turnover.
Aside from one-on-one time with your employees, creating feedback loops are also a great way to find out what employees expect and what they think about company culture, as well as pinpoint issues and get employees’ suggestions on improvements that can be made to foster a positive working environment.
2. Be open to revising workplace policies
With the evolving needs of the workforce, being open to adjusting workplace policies can serve as a sign of trust to employees, indicating that employers are more empathetic towards their needs and are invested in creating a conducive work environment (Source: Canva)
The pandemic has changed the way workplaces flow - with many employees having had a taste of telecommuting, and what it’s like to work from home. Along with the shift in workplace culture has come a shift in employees’ needs and beliefs: personal agency is becoming more of a priority among employees, as workplaces are experiencing a shift in organisational structure and leadership approaches.
Along with this change, your organisation’s ability to boost employee retention is also dependent on its ability to keep up with workers’ needs, be it through offering competitive compensation, or healthy work life balance to keep valuable employees.
Be open to discussing all your employees’ needs, and finding out how you can work together with them to fulfil them. Flexibility is key - from incorporating work-from-home arrangements, to restructuring internal processes, it’s important to adapt current work practices to fit the changing needs of your team, and increase job satisfaction.
3. Make personal development a priority
Working on personal development with your employees can raise employee satisfaction, as well as help your team stay relevant with industry trends and gain a competitive edge (Source: Canva)
Helping employees with upskilling can bring about a myriad of benefits: providing workers with more growth opportunities can help workers to better visualise their career path and career progression, raising morale and job satisfaction.
Furthering upskilling efforts also helps employees stay relevant in the job market, as training courses offer an excellent opportunity for workers to increase employee engagement, and keep up with prevailing trends and skills within your industry.
If you’re looking to groom young talent, check out the SkillsFuture Work-Study Programmes (WSP), which supports fresh graduates from polytechnics and the Institute of Technical Education, as well as mid-career individuals. Under this initiative, WSP trainees will get the opportunity to receive the training they need from both host employers and Institutes of Higher Learning (IHLs), to get ahead in their selected fields.
This can also help your business forge closer bonds with IHLs and training partners, while equipping fresh graduates with the skills they need to fit roles within your company.
For sector-specific training, schemes such as the Continuing Professional Development courses can help to promote higher standards within the real estate field, by compelling salespersons and Key Executive Officers to stay updated and keep their skills and knowledge relevant.
Companies in the finance sector can also explore programmes such as the Financial Training Scheme (FTS), which is available to company-sponsored workers from financial institutions based in Singapore that are regulated by the Monetary Authority of SIngapore (MAS), as well as financial technology (fintech) firms that have been approved by Singapore FinTech Association (SFA). Under this scheme, individuals will be able to explore resources for skills pertaining to the finance sector, such as courses for data analytics and risk management.
For more alternatives, e-services for employee training are easily accessible via GoBusiness. You can also look out for training grants to help defray the cost of upskilling, such as those available for approved courses under the SkillsFuture Singapore Work Study Programmes. These can be claimed once your employee has completed their selected course!
While combating the Great Resignation may seem like a daunting task amid today’s manpower crunch, adopting employee retention strategies can certainly help to soften the blow. From displaying flexibility in working arrangements, to investing in your employees’ professional development, connecting with your team members and making active efforts to meet their needs can go a long way in helping them to realise their fullest potential, and boost employee retention.
This article is accurate as at 7 Sep 2022