Currently, most businesses are in the transitory phase regarding work and workforce. Due to Covid-19 and resulting magnanimous downsizing, employees are reconsidering their work lives. There is a significant shift in employees’ equations. Now, employees are placing greater focus on value-driven and purpose-driven employment deals. The evident impact of this shift has caused many people to quit their jobs. The major reason behind such a level of attrition is that employers are hardly cognizant of such shifts, while employees are demanding an entirely new kind and level of change. What do employers need to know and do for balancing the employee and employer equation?
Here are a few strategies to let the employees and employers fit into the new norms of work.
Taking the Element of Reflection into Account
Many people are quitting their jobs due to the fact that they no longer find any value or purpose in their assigned tasks. People often think about their work in terms of humanity. Hence, these large resignations by employees are being driven by factors of deep reflection. Therefore, creating a value-driven and impact-generating environment is imperative for the employees to ensure the retention of the workforce. This is the modern answer to how to retain employees.
Redesigning Strategic Plans for Business
The end goal of every business stays the same – greater business expansion with more profits. Of course, it is not the job of a business to take into account the personal preferences of its employees while designing its vision, mission, and strategic plans. But completely ignoring the personal ambitions, values, and aspirations of its workforce can prove disastrous for the business. Therefore, for equating the employees, there is a need to redesign the strategic plans. These plans should place greater focus on fairness, inclusiveness, and equity. How to retain employees is correlated with the formulation of strategic plans.
Making CSR a Major Goal of Business
When people find themselves active in terms of their social contribution, the chances of leaving that job fall. After the extreme Covid-19 period, people are striving for a socially responsible society. For this reason, giving greater weightage to Corporate Social Responsibility (CSR) by the businesses make the employee feel proud of the work they are doing. This is perfectly right to increase the retention rate of employees significantly.
Transforming Performance Management System
Before Covid-19, the performance management systems were highly tilted towards tangible outcomes of the performance of an employee. The goals and targets were specified for each employee without placing any focus on human values. But in the post-Covid-19 era, the elements of empathy and cooperation should be included in the performance evaluation parameters. This would make the performance more sustainable as well. According to competent surveys, value-driven performance evaluation criteria have proven to increase the productivity of employees by 17%.