MANAGING THE GREAT RESIGNATION
The employment market is in a state of confusion. With opportunity everywhere, a skills shortage and most punters enjoying newfound workplace flexibility, we are emerging from the effects of the pandemic which has greatly influenced our lives during the last two years.
Many companies have managed to realign their workforces to allow improved performance from fewer employees and are now looking to secure new hires into their business to take advantage of improved economic conditions.
Productivity has improved resulting in higher profits, and with increased capability as a result of new hires, 2022 is looking to be a successful year.
But let’s not get ahead of ourselves. Have you checked to see if the remaining team are ready for the ride? It’s been a very tough journey so far and ‘The Great Resignation’ is alive and well, especially within larger markets around the world.
Retention of key staff is going to be one of the critical determinants of success as we move into 2022/3. It is still possible to be proactive and retain staff. If they are still in your employ they can be turned around, and generally if given the choice employees will stay with what they know rather than risk job instability, which is what most concerns people in the workplace today.
You must communicate with staff to find out how they are feeling, what they are expecting and if their needs have changed, to determine if you can meet these requirements.
You must also review your management team and how they are coping. Whether they are leading well and ensuring that the culture you believe you had (or were working on), remains or needs review. Unfortunately, cultures have suffered majorly during the times of recent change and some are bordering on toxic or already there.
Many team members have taken on additional responsibilities and produced excellent outcomes.
Has this been recognised? Is your remuneration structure still competitive? If new skills have been needed, has training been provided? Also, have team members enjoyed any career development in the last two years? Importantly, have performance appraisals been undertaken? People need to understand how they are going and what’s next for them. Employees see companies reporting record results and rightly ask, what about me?
This is not a sliding doors moment going from ‘in COVID’ to ‘post-COVID’ – much has changed and many are bordering on burn out. Companies and their management need to be aware that the world has changed for most, and they need to plan to address that change.
The most successful organisations will be those who retain their existing team. They will complement this proven talent base with new entrants to complete the desired skills profile moving into the future. Retention of existing key staff will be absolutely key in achieving corporate goals and attracting new talent to any organisation.
At Tanner Menzies we know what it takes to thrive in this post-COVID environment. Call Peter Gleeson 0419367569, Ian Stacy 0417478229 or Peter Tanner 0419826637 or visit tannermenzies.net.au for more information.