Rebuilding employee trust is quite essential in a company to avoid lots of employees tendering their resignation. With the Great Resignation in full swing, there are lots of reason why employee might feel they’ve had enough at their current workplace, from current attitudes around benefits and company ethics to the biggest reasons employees leave their jobs.
Based on these findings, we’ve put together some guidance for rebuilding employee trust, earning loyalty, and combating the effects of the Great Resignation within your own company.
Let’s start with answering the question, “What do today’s employees really want from their employer?”
The highest number appears to be among Millennials and Gen Z. One likely reason young workers lead in resignations is because Millennials and Gen Zers were some of the hardest hit financially over the last two years, with almost a third of Millennials reporting they have more credit card debt than savings and close to half of Gen Zers with less emergency savings now than before the pandemic.
Young workers aren’t the only generation with financial security high on their list of priorities—61 percent of all survey respondents said “a livable wage” is the most important thing they value about their company or their work environment.
When workers consider a new industry, they also care about work-life balance, flexibility (hybrid, remote, etc.), and benefits. So if your company can’t offer a higher base wage than your competitors, there’s still plenty it can do to draw in and keep talented candidates, especially by crafting a complete compensation package and supportive culture.
Naturally, employees want more profitable career paths, but money isn’t the only thing that matters. In fact, if we remove compensation from the equation, the most important thing of the workplace is working in a positive or uplifting environment.
While the virus has slowed, stress has not. Employees are still struggling with burnout, with over a quarter of Gen Z and Millennials reporting the strain on their mental health was making them consider leaving their current employer.
Because burnout is so debilitating on a personal and organizational level, there really is no overstating the importance of a healthy workplace. Lack of support can cause employees to quit even when they don’t have another job lined up.
While offering subscriptions to mental health and discounts on gym memberships are nice ways to pad already-robust benefits, these are the benefits to add when your core plan is meeting the needs of your workforce. They’re the sort of things your employees will appreciate, helping to boost your employer brand, but they’re not what they look for first when evaluating potential employers. The benefits employees look at first are:
Ultimately, you can assume that your employees and prospective hires are taking note of the actions of your company, leadership, management, and even other employees. They’re comparing those actions with leaderships’ words and the company values, and making their career decisions accordingly, so it’s more important than ever for companies to be true to their values and build their culture on that ethical foundation.
This is an unusual time in business, and it may be the first time we’ve seen employees prioritize their own wellbeing over a regular paycheck. But with a few strategic shifts in company policy and HR processes, any organization can create a more welcoming work environment. Your organization’s greatest asset will always be its employees, so doing what it takes to keep them is well worth the effort.