So what is the great resignation race and will Australia be impacted?
There's been a lot of articles written about this in the past few months and it's a phenomenon that's been hitting other parts of the world such as US and the UK. It is expected to hit Australia the hardest between by March 2022 of next year according to recent research.
Some reports indicate that between 25% and 40% of people are looking for a new opportunity. Now that's a startling statistic to think about. If you lost between 25% and 40% of your employee base how would that impact your business and will you still be able to deliver on plan to your valuable clients?
Rather than wait for this to happen the time for action is now, as I believe the great resignation race has already hit our shores and the impact will increase in the coming months.
At risk of repeating myself, there are no silver bullets or one dimensional solutions to this problem. People are complicated and one solution isn't going to work for all therefore it's really important to understand your people in terms of what motivated them to join your business and what motivates them to stay in your business. Only then should you put strategies in place to address any gaps that might be in place.
PK People Solutions as an independent HR consultancy, is able to seek out the best solutions that are available, to the benefit of our clients.
To start with here are five top tips to help you:
- As a first step identify the key people in your business and make a list of those who would impact you the most if they left the business
- Use a structured approach to understand, strategies to retain your most valuable employees, before spending dollars on solutions that may not work
- Be prepared to challenge the norms on how these people have worked before and be open to various alternatives
- With Remote and hybrid working becoming part of the future, understand how the get the best from your people in this environment by using quality psychometric tools
- Monitor and measure the culture in your business which is your most valuable asset to aid future retention of your key people.
At PK People Solutions we provide, proactive, sustainable and innovate HR Solutions. Please get in touch for a no obligation first consultation.