Amid the steady revival of the Indian economy, one of the pandemic's aftermaths is ‘The Great Resignation’. The term refers to the global phenomenon where millions of employees have been re-evaluating their career choices and leaving their jobs. However, the phenomenon which began as a fad, has evolved into ‘The Great Reshuffle’, with most people opting for a job move rather than dropping out.
Competitive income, flexible working hours, a pleasant environment, and growth opportunities are just a few of the elements that drive an employee to seek a new job. Looking at the current circumstances, employee retention has become a worry for businesses. It means management must intervene and understand the reasons when an employee expresses his desire to move on. This scenario presents a unique opportunity for HR Leaders to shape the future of work in ways not previously considered a possible win-win for both employees and employers.
Over the years, organizations have talked about redefining performance management.
Expectations from leaders have changed. Organizations are on the lookout for leaders who are not only decisive, agile, and bold, but also compassionate and empathetic. In order to retain talent, it is the job of the managers to understand and listen to their employees and come up with solutions. With remote working, managers have realized how much their employees have on their plates outside of the office work. This realization will reflect in their behavior, hence making them more empathetic.
Focus on Employees’ Wellness
Since the last two years, people throughout the world have been traumatized by the COVID-19 outbreak. The pandemic has affected almost everyone, either directly or indirectly, be it from getting the virus or losing a loved one to wearing masks and being subjected to social isolation. Hence, employers' attention to their employees' health, safety, and well-being has never been more important than it is now. Organizations must devote additional resources to these areas in order to foster employee trust, long term workforce resilience, and maintain high levels of motivation and morale by reassessing support offerings to drive health and wellbeing and not just performance.
Lead by Example
The ability to "walk the talk" is a sign of a great leader. To lead by example, leaders must guide others through their actions rather than their words. Their goal should be to motivate the employees to follow their actions. This entails matching your daily routines, habits, and behaviors to their basic principles. A successful leader understands that their actions have an impact on employee satisfaction, performance, morale, and attitude. HR Leaders need to build a more humane employer employee connect and work to meet employees’ demands to be heard and valued.
Culture of Recognition
Everybody strives for recognition. Recognition of employees has always been a keystone of successful management. Employees who feel valued are more engaged, motivated, and willing to go above and beyond for their company. It shows in their work when they know they are valued and appreciated. As a result, they are motivated to put in more effort. What is noticed indeed tends to be repeated.
Companies use cross-functional collaboration to connect employees from different departments together, integrating their skills, expertise, and experience. "Work-interdependency" is paramount here. People who think in new ways are more likely to make smart decisions, take better risks, and be more innovative and creative. It is a terrific method to get creative brains to collaborate on ideas, hence leading to higher employee satisfaction and better communication. This also helps to utilize the diverse skill set and improve equity and inclusion in the organization.
Training and Development
With on-the-job training and development, employees can further learn new skills, polish old ones, improve their performances and efficiency, and become better leaders through training. Organizations need to use a dynamic approach to manage shifting skills needs. Upskilling your employees can help them overcome their shortcomings and help them acquire new skills. Since an organization is the sum of its employees’ accomplishments, companies should invest in their employees to perform at their best.
In addition to this, continuous performance management requires focusing on various aspects involving employees and organizational culture regularly, throughout the year. it is important to emphasize the need for a holistic approach that includes regular check-ins and frequent feedback from employers to help businesses achieve better results. This will also enable employees to take on greater accountability for driving innovation and executing business transformation.