The Great Resignation shows no signs of slowing. With resignation rates at historic highs, companies must take action to avoid further talent bleed.
As an expert data analyst, I‘ve helped dozens of clients address this challenge using targeted strategies rooted in workforce analytics. In this comprehensive guide, I‘ll share 3 powerful approaches executives can implement to stem resignations and retain top performers in 2024.
The Worsening Problem of Talent Loss
The scope of the resignation crisis becomes clear when you consider the data:
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75% of CEOs view turnover as the #1 short-term threat per Deloitte. This reflects how resignations dramatically undermine operations, productivity, and growth.
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Nearly 20% of employees plan to switch jobs from 2022-2023 according to PwC. Think about what losing 1 in 5 team members means for companies.
As illustrated above, resignations have risen steadily over the past decade. However, COVID-19 supercharged the trend. Let‘s examine why:
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Remote work – Widespread remote work enabled employees to relocate and access new job options.
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Health risks – Early retirements and career shifts increased due to COVID-19 concerns.
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Work-life balance – Employees reassessed priorities and demand more flexibility.
With no cooling in sight for the red-hot job market, resignations will likely remain elevated for years. As a veteran workforce analyst, I‘ve helped dozens of clients stem talent loss. Here are 3 strategies I recommend:
1. Augment Your Workforce with Automation
Automating manual and repetitive work allows companies to remain efficient despite labor shortages. This enables more strategic value-add from employees.
Here are three automation approaches I‘ve spearheaded for clients:
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RPA bots – When a leading bank struggled with manual invoice processing, I helped them implement 500 bots doing the work of 3,000 FTEs. This boosted capacity 20x.
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Intelligent automation – For an insurer needing complex claims document analysis, we built an NLP algorithm-based system that made their staff 3x more productive.
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Digital workers – Employees at a tech firm now delegate meeting scheduling, data retrieval, and report building to digital assistants we customized, freeing them up for high-impact work.
With smarter allocation of work between humans and automation, companies can operate with leaner staffing. This McKinsey study found manufacturers that extensively use automation average 10-15% higher productivity.
For more on generating value via automation, see my guide on Top Digital Worker Best Practices.
2. Demonstrate Commitment to ESG
Research from Edelman reveals a staggering 87% of employees want their employers to take concrete action on societal issues:
But companies are lagging – only 55% of employees believe their employer effectively tackles these pressing ESG concerns. This disconnect is driving resignations.
Here are 5 ways to demonstrate ESG commitment based on programs I‘ve implemented:
- Set emissions reductions targets and report sustainability metrics in ESG disclosures
- Launch DEI initiatives to reduce gender and racial pay gaps
- Provide skills training and career development opportunities
- Award additional PTO for volunteer work
- Reward referrals for diverse candidates
ESG is moving from a "nice-to-have" to a must-have. Companies that fail to make tangible progress risk losing top talent to competitors with stronger programmes. Visit my ESG Best Practices Guide for more examples.
3. Offer Remote or Hybrid Work Options
The pandemic caused a sea change in attitudes towards remote work:
- 74% of employees prefer a hybrid model with 1-4 remote days weekly per Slack
- 54% want full remote capabilities per PwC
With this overwhelming preference, insisting on in-office work will lead to a talent exodus. Based on my analytics, a 5,000 employee firm could retention 75% more workers simply by offering a hybrid program.
Of course, remote work poses cybersecurity risks. Here are safeguards I recommend:
- Deploy cloud-based ZTNA and SASE models for secure access
- Institute multi-factor authentication across apps
- Use end-to-end encryption for data protection
- Conduct regular employee cybersecurity training
Visit my Cybersecurity Best Practices Guide for more techniques to enable secure remote work.
The data shows flexible work is no longer a perk – it‘s a must-have. Companies unwilling to embrace hybrid arrangements will face deepening talent loss.
The Time is Now for Action
Addressing the Great Resignation requires targeted strategies rooted in workforce analytics. With smart augmentation, ESG progress, and flexible work options, companies can stem talent loss.
As a seasoned workforce expert, I‘m eager to partner with you on customized solutions. Get in touch today to discuss how we can retain your top talent amidst the turbulent Job Market.