The Great Resignation
We know, you might be tired of hearing about The Great Resignation. However, it is still very much a problem for employers. The national average annual turnover rate was 57.3% in 2020, and it is continuing to increase. The number of people who left their job increased to 6.2 million people in September 2021. Employers have been improving pay and increasing workplace benefits to attract and retain top talent but according to Harvard Business Review, these initiatives haven’t had much impact on aggregate quit rates.
The Power of Purpose
The COVID-19 pandemic and the chaos that followed has had a huge impact on employees. They are rethinking their priorities and are demanding more from employers. In addition to work life balance and a workplace culture focused on well-being, which we covered in a past blog post, employees are also seeking a sense purpose.
According to a study by BlackRock, an American global investment management corporation based in New York City, employees are more engaged and satisfied when they can define their individual purpose. With that being said, helping your employees find purpose in their work is a necessary step to successfully attract and retain top talent.
A Sense of Purpose at Work
Listed below are three tips from Harvard Business Review that will help your employees find more purpose at work, therefore, improving engagement and reducing turnover rates:
Utilize Technology: Embrace modern technology and provide the tools employees need to get their job done efficiently. Technology can be used to speed up mundane tasks and allow employees to use their time tackling larger projects. This provides the ability to think creatively, and problem solve more efficiently since they aren’t burnt out from smaller tasks.
Communicate the Mission: Every organization needs a strong mission statement, but what is even more important, is to communicate that mission statement to employees. Make it very clear what your goals are and what everyone is working towards. In addition, throughout the entire employee experience make it clear how each role supports this overall mission. This allows employees to not only connect with the organization on a deeper level, but it helps them understand that their job plays an important role in the success of the organization.
- Create Learning Opportunities: Shopify, a multinational e-commerce company headquartered in Ottawa, Ontario, lives by the motto: “Build for the long-term. Thrive on change. Be a constant learner.” This is the perfect motto to have for employees! Creating ways for employees to learn and grow in their role is necessary for retaining talent. Every employee wants to feel that they are making progress and improving. There are numerous ways to incorporate professional development, and these may vary based on the job and your organization.