To Retain Employees Amid ‘The Great Resignation,’ Companies Focus on Culture

·2 min read

The latest business survey by research firm i4cp revealed the changes in workforce management amid looming economic concerns and changes in corporate culture following the peak-pandemic period.

The firm said in its report that 66 percent of respondents offer or plan to offer employees more remote work opportunities. And 58.3 percent of those polled said their companies had expanded flexible work schedules, locations and times.

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The survey also found that more than 71 percent of respondents said their companies are placing more emphasis or plan to place more emphasis on corporate culture, which includes a greater commitment to diversity and inclusion and environmentally sound initiatives, as well as having a clearer purpose and mission.

Other findings in the survey include that more than 45 percent of those polled said their companies offer financial planning education for their employees, while 29 percent are improving health and wellness benefits. The survey also revealed that 20 percent of respondents have implemented inflation-related cost-of-living increases for employees.

Regarding paid time off, 18.5 percent of those polled said their companies are expanding PTO. And more than 22 percent of respondents said their companies have implemented higher bonuses.

All of these measures are aimed at retaining employees in a tight labor market.

Initially pegged as “The Great Resignation,” the trend of employees resetting their priorities and leaving their jobs for other pursuits continues to persist. In a report from McKinsey & Co. last week, the consulting firm said a more accurate term for the trend is “The Great Attrition.” And for employers, it is “The Great Renegotiation.”

“It’s the quitting trend that just won’t quit,” the McKinsey authors said in their report. “People are switching jobs and industries, moving from traditional to nontraditional roles, retiring early, or starting their own businesses. They are taking a time-out to tend to their personal lives or embarking on sabbaticals.”

The report went on to note that competition for talent remains fierce. “For certain categories of workers, the barriers to switching employers have dropped dramatically. In the United States alone, there were 11.3 million open jobs at the end of May — up substantially from 9.3 million open jobs in April 2021. Even as employers scramble to fill these positions, the voluntary quit rate is 25 percent higher than pre-pandemic levels.”

The firm said at the current and projected pace of hiring, quitting and job creation, “openings likely won’t return to normal levels for some time,” despite the possibility of a recession.

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