No doubt you’re well aware of the Great Resignation, and your business has likely been hit by its negative repercussions. However, let’s take a look at how your organization can take advantage of this trend and convert it into “The Great Upgrade.”
The key is that most employees aren’t dropping out of the labor force. They’re leaving to take jobs that better fit their lifestyle, needs and wants; they want an upgrade. While this may sound like only an opportunity for employees, it’s also an opportunity for you as an employer. Here’s how:
- Upskilling
As we mentioned, employees are resigning to obtain better jobs. For many, this means a promotion, professional growth, education, a defined career path and the like. By upskilling current employees — teaching them new skills to successfully take on a new or expanded role — you can fulfill their desire for an upgrade and fill vacated positions. Additionally, by doing so you’re filling these positions with people who already know your company’s culture, vision, expectations and products/services.
- Goodbye, underperformers. Hello, top talent.
Far too often, employees get bored in their jobs or experience burnout and their performance wanes. Chances are, many of these employees left amid The Great Resignation, and that’s an opportunity for your organization to fill those roles with people who want that job, people who are motivated and people who see your business as an upgrade, and that all translates to high performance and engagement.
- Leverage job seekers’ “noise.”
While job seekers may have the “upper hand” in today’s market, you are ultimately in control of your ability to land top performers. One of the ways to do so is to upgrade your total compensation program. Well, that seems obvious, but what may not be so apparent is that now is the opportune time. Why? Because job seekers everywhere know they have that upper hand, so they’re shouting from the roof tops what they want and need from their employer of choice. There’s less need for you to do extensive research and definitely no need to guess. Take advantage of the “noise” to determine in what areas you need to up your total compensation game. You may be thinking this means spending more money, but not necessarily; there are many ways to get creative with total compensation packages and stay ahead of your competition.
- Upgrade your leaders with professional coaching.
Bring in professional leadership coaches to work with your C-Suite executives and senior leaders to — in the simplest of terms — be the best leaders they can be. This coaching will enable them to make smarter business decisions and become more effective and relatable leaders. Yes, relatable is important, as one of the keys to attracting and retaining top talent is a positive employee experience. And studies show that a critical element of that experience is quality employee-leadership relationships. In short, leadership coaching upgrades your leadership and your business’ internal relationships.